[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs Group Inc. (GS), through issuer GS Finance Corp. and with a full and unconditional guarantee from the parent, has filed a Free Writing Prospectus for Market-Linked Securities — Autocallable with Contingent Coupon and Contingent Downside that reference the Class A common stock of Rivian Automotive, Inc. (RIVN). The notes are part of the Medium-Term Notes, Series F program.
Key economic terms: investors purchase $1,000 face-value notes that may pay a monthly contingent coupon of at least $18.00 (≥21.60% p.a.) whenever RIVN closes on the relevant calculation day at or above the Coupon Threshold Price (60 % of the starting price). Starting in December 2025, the notes are subject to automatic call if RIVN closes at or above the starting price, in which case investors receive par plus the final coupon and forego further payments.
At maturity on 29 June 2026, if not previously called, investors receive: (i) par if RIVN’s Ending Price is ≥ the Downside Threshold (50 % of the starting price); or (ii) par × Performance Factor if the Ending Price is below that threshold, exposing holders to the full downside of RIVN beyond a 50 % drawdown, up to a total loss of principal.
Risk / valuation: Estimated value on the pricing date is expected between $925 – $955 per $1,000, implying 4.5 %-7.5 % issuance premium. Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The product’s high headline coupon is directly linked to RIVN’s elevated volatility and limited trading history; coupons are not guaranteed, and missed coupons do not accrue. Underwriting discount is up to 1.575 %, with additional 0.20 % selling concessions possible.
Bottom line: The structure offers attractive current income potential and early-call probability if RIVN remains flat or appreciates. However, upside is capped at coupons, while downside is significant once the stock falls more than 50 %, making the risk-reward profile suitable only for investors comfortable with single-stock volatility, product complexity, and GS credit exposure.
Goldman Sachs Group Inc. (GS), tramite l'emittente GS Finance Corp. e con garanzia piena e incondizionata da parte della capogruppo, ha depositato un Free Writing Prospectus per Market-Linked Securities — Autocallable con Cedola Contingente e Rischio Downside Contingente che fanno riferimento alle azioni ordinarie di Classe A di Rivian Automotive, Inc. (RIVN). Le obbligazioni fanno parte del programma Medium-Term Notes, Serie F.
Termini economici chiave: gli investitori acquistano titoli con valore nominale di 1.000 $ che possono pagare una cedola mensile contingente di almeno 18,00 $ (≥21,60% annuo) ogni volta che RIVN chiude nella giornata di calcolo rilevante a o sopra la Coupon Threshold Price (60% del prezzo iniziale). A partire da dicembre 2025, i titoli sono soggetti a richiamo automatico se RIVN chiude a o sopra il prezzo iniziale, in tal caso gli investitori ricevono il valore nominale più l'ultima cedola e rinunciano ai pagamenti successivi.
Alla scadenza il 29 giugno 2026, se non richiamati precedentemente, gli investitori riceveranno: (i) il valore nominale se il Prezzo Finale è ≥ della Soglia Downside (50% del prezzo iniziale); oppure (ii) valore nominale × Fattore di Performance se il Prezzo Finale è sotto tale soglia, esponendo i detentori all'intero ribasso di RIVN oltre un calo del 50%, fino a una perdita totale del capitale.
Rischi / valutazione: Il valore stimato alla data di prezzo è previsto tra 925 $ e 955 $ per ogni 1.000 $, implicando un premio di emissione del 4,5%-7,5%. Gli investitori sono esposti al rischio di credito sia di GS Finance Corp. che di The Goldman Sachs Group, Inc. L'elevata cedola nominale è direttamente collegata all'elevata volatilità di RIVN e alla sua storia di trading limitata; le cedole non sono garantite e quelle mancanti non si accumulano. Lo sconto di sottoscrizione è fino all'1,575%, con ulteriori concessioni di vendita possibili dello 0,20%.
Conclusione: La struttura offre un potenziale interessante di reddito corrente e una probabilità di richiamo anticipato se RIVN resta stabile o sale. Tuttavia, il guadagno è limitato alle cedole, mentre il rischio al ribasso è significativo se il titolo scende oltre il 50%, rendendo il profilo rischio-rendimento adatto solo a investitori che tollerano la volatilità di un singolo titolo, la complessità del prodotto e l'esposizione al rischio di credito di GS.
Goldman Sachs Group Inc. (GS), a través del emisor GS Finance Corp. y con una garantía total e incondicional de la matriz, ha presentado un Free Writing Prospectus para Valores Vinculados al Mercado — Autollamables con Cupón Contingente y Riesgo Contingente a la Baja que hacen referencia a las acciones ordinarias Clase A de Rivian Automotive, Inc. (RIVN). Los bonos forman parte del programa Medium-Term Notes, Serie F.
Términos económicos clave: los inversores compran bonos con valor nominal de 1.000 $ que pueden pagar un cupón mensual contingente de al menos 18,00 $ (≥21,60% anual) siempre que RIVN cierre en el día de cálculo relevante en o por encima del Precio Umbral del Cupón (60 % del precio inicial). A partir de diciembre de 2025, los bonos están sujetos a llamada automática si RIVN cierra en o por encima del precio inicial, en cuyo caso los inversores reciben el valor nominal más el cupón final y renuncian a pagos adicionales.
Al vencimiento el 29 de junio de 2026, si no se ha llamado antes, los inversores reciben: (i) el valor nominal si el Precio Final es ≥ el Umbral a la Baja (50 % del precio inicial); o (ii) valor nominal × Factor de Rendimiento si el Precio Final está por debajo de ese umbral, exponiendo a los tenedores a la caída total de RIVN más allá de una caída del 50%, hasta una pérdida total del capital.
Riesgo / valoración: Se espera que el valor estimado en la fecha de precio esté entre
Conclusión: La estructura ofrece un atractivo potencial de ingresos actuales y probabilidad de llamada anticipada si RIVN se mantiene estable o sube. Sin embargo, el potencial de ganancia está limitado a los cupones, mientras que la caída es significativa si la acción baja más del 50%, haciendo que el perfil riesgo-recompensa sea adecuado solo para inversores cómodos con la volatilidad de una acción individual, la complejidad del producto y la exposición crediticia de GS.
골드만 삭스 그룹 주식회사(GS)는 발행사 GS 파이낸스 코퍼레이션을 통해 모회사로부터 전면적이고 무조건적인 보증을 받으며, 시장 연계 증권 — 자동 콜 가능, 조건부 쿠폰 및 조건부 하락 위험에 대한 Free Writing Prospectus를 제출했습니다. 이 증권은 리비안 오토모티브, Inc.(RIVN)의 클래스 A 보통주를 참조합니다. 이 노트는 중기 채권 시리즈 F 프로그램의 일부입니다.
주요 경제 조건: 투자자는 액면가 1,000달러의 노트를 구매하며, RIVN이 해당 산출일에 쿠폰 기준 가격(시작 가격의 60%) 이상으로 마감할 경우 최소 18.00달러의 월별 조건부 쿠폰(연 21.60% 이상)을 받을 수 있습니다. 2025년 12월부터는 RIVN이 시작 가격 이상으로 마감하면 자동 콜이 발동되어 투자자는 원금과 마지막 쿠폰을 받고 이후 지급은 받지 않습니다.
만기일인 2026년 6월 29일에 이전에 콜되지 않은 경우, 투자자는 (i) RIVN의 종료 가격이 하락 기준선(시작 가격의 50%) 이상이면 원금을 받고, (ii) 종료 가격이 그 기준선 미만이면 원금 × 성과 지수를 받아 50% 이상의 하락에 따른 전면적인 손실 위험에 노출됩니다.
위험 / 평가: 가격 산정일 기준 예상 가치는 액면가 1,000달러당 925~955달러로, 4.5%~7.5%의 발행 프리미엄을 내포합니다. 투자자는 GS 파이낸스 코퍼레이션과 골드만 삭스 그룹 주식회사의 신용 위험에 직면합니다. 높은 명목 쿠폰은 RIVN의 높은 변동성과 제한된 거래 이력에 직접 연동되며, 쿠폰은 보장되지 않고 미지급 쿠폰은 누적되지 않습니다. 인수 수수료는 최대 1.575%이며 추가 판매 수수료 0.20%가 가능할 수 있습니다.
요약: 이 구조는 현재 수익 잠재력과 RIVN이 횡보하거나 상승할 경우 조기 상환 가능성을 제공합니다. 그러나 상승 잠재력은 쿠폰으로 제한되며, 주가가 50% 이상 하락할 경우 하락 위험이 커서 단일 주식 변동성, 상품 복잡성, GS 신용 위험에 익숙한 투자자에게 적합한 위험-보상 프로필입니다.
Goldman Sachs Group Inc. (GS), via l’émetteur GS Finance Corp. et avec une garantie pleine et inconditionnelle de la maison mère, a déposé un Free Writing Prospectus pour des Valeurs liées au marché — Autocallables avec coupon conditionnel et risque baissier conditionnel qui référencent les actions ordinaires de classe A de Rivian Automotive, Inc. (RIVN). Les billets font partie du programme Medium-Term Notes, série F.
Principaux termes économiques : les investisseurs achètent des billets d’une valeur nominale de 1 000 $ qui peuvent verser un coupon mensuel conditionnel d’au moins 18,00 $ (≥21,60 % par an) lorsque RIVN clôture à la date de calcul pertinente au-dessus ou à égalité du seuil du coupon (60 % du prix de départ). À partir de décembre 2025, les billets sont soumis à un appel automatique si RIVN clôture au-dessus ou à égalité du prix de départ, auquel cas les investisseurs reçoivent la valeur nominale plus le dernier coupon et renoncent aux paiements ultérieurs.
À l’échéance du 29 juin 2026, s’ils n’ont pas été rappelés auparavant, les investisseurs reçoivent : (i) la valeur nominale si le prix de clôture final est ≥ au seuil baissier (50 % du prix de départ) ; ou (ii) valeur nominale × facteur de performance si le prix final est inférieur à ce seuil, exposant les détenteurs à la baisse totale de RIVN au-delà d’une chute de 50 %, jusqu’à une perte totale du capital.
Risque / valorisation : La valeur estimée à la date de tarification est attendue entre 925 $ et 955 $ pour 1 000 $, impliquant une prime d’émission de 4,5 % à 7,5 %. Les investisseurs sont exposés au risque de crédit de GS Finance Corp. et de The Goldman Sachs Group, Inc. Le coupon élevé est directement lié à la volatilité élevée de RIVN et à son historique de trading limité ; les coupons ne sont pas garantis et les coupons manqués ne s’accumulent pas. La décote de souscription peut atteindre 1,575 %, avec des concessions supplémentaires de vente possibles de 0,20 %.
Conclusion : La structure offre un potentiel attractif de revenu courant et une probabilité d’appel anticipé si RIVN reste stable ou progresse. Cependant, le potentiel de hausse est limité aux coupons, tandis que le risque à la baisse est important si le titre chute de plus de 50 %, rendant le profil risque-rendement adapté uniquement aux investisseurs à l’aise avec la volatilité d’une action individuelle, la complexité du produit et l’exposition au risque de crédit de GS.
Goldman Sachs Group Inc. (GS) hat über den Emittenten GS Finance Corp. und mit einer vollständigen und bedingungslosen Garantie der Muttergesellschaft einen Free Writing Prospectus für marktgebundene Wertpapiere — Autocallable mit bedingtem Kupon und bedingtem Abwärtsrisiko eingereicht, die sich auf die Stammaktien der Klasse A von Rivian Automotive, Inc. (RIVN) beziehen. Die Notes sind Teil des Medium-Term Notes Programms, Serie F.
Wesentliche wirtschaftliche Bedingungen: Investoren erwerben Notes mit einem Nennwert von 1.000 $, die einen monatlichen bedingten Kupon von mindestens 18,00 $ (≥21,60 % p.a.) zahlen können, wenn RIVN am relevanten Berechnungstag auf oder über dem Coupon-Schwellenpreis (60 % des Startpreises) schließt. Ab Dezember 2025 unterliegen die Notes einem automatischen Rückruf, falls RIVN auf oder über dem Startpreis schließt, in diesem Fall erhalten Investoren den Nennwert plus den letzten Kupon und verzichten auf weitere Zahlungen.
Bei Fälligkeit am 29. Juni 2026, sofern nicht vorher zurückgerufen, erhalten Investoren: (i) den Nennwert, wenn der Endpreis ≥ der Abwärts-Schwelle (50 % des Startpreises) ist; oder (ii) Nennwert × Performance-Faktor, wenn der Endpreis unter dieser Schwelle liegt, wodurch die Inhaber dem vollen Abwärtsrisiko von RIVN über einen 50%igen Rückgang hinaus ausgesetzt sind, bis hin zum Totalverlust des Kapitals.
Risiko / Bewertung: Der geschätzte Wert am Preistag wird zwischen
Fazit: Die Struktur bietet attraktives laufendes Ertragspotenzial und eine Wahrscheinlichkeit für einen vorzeitigen Rückruf, wenn RIVN stabil bleibt oder steigt. Der Aufwärtsspielraum ist jedoch auf die Kupons begrenzt, während das Abwärtsrisiko erheblich ist, wenn die Aktie mehr als 50 % fällt, was das Risiko-Ertrags-Profil nur für Investoren geeignet macht, die mit Einzelaktienvolatilität, Produktkomplexität und GS-Kreditrisiko vertraut sind.
- High contingent coupon rate ≥21.60% p.a. offers attractive income potential if Rivian stock remains above the 60 % threshold.
- Automatic call feature could return principal early with full coupon if RIVN is flat or higher, shortening duration and credit exposure.
- Full downside exposure below 50 % barrier can lead to significant or total loss of principal at maturity.
- Estimated fair value ($925–$955) is materially below the $1,000 issue price, indicating an immediate mark-to-model discount.
- No participation in stock appreciation; upside is capped at coupons, while downside is uncapped past the threshold.
- Credit risk of GS Finance Corp. and Goldman Sachs Group adds issuer-level risk beyond market performance.
Insights
TL;DR: ≥21% contingent coupon lures yield seekers, but capped upside and 50% buffer leave investors exposed to Rivian volatility and GS credit risk.
The notes monetize Rivian’s high implied volatility: investors receive double-digit coupons provided RIVN stays ≥60 % of spot, while Goldman benefits from issuing debt below par economics. Automatic call beginning December 2025 means most returns are front-loaded if the stock holds ground; if rallies, investors are called out and lose further upside. The $925–$955 fair-value range indicates a 45–75 bp margin capture for GS after underwriting, typical but non-trivial. Credit-spread compensation is embedded, yet noteholders rank as GS senior unsecured creditors. Given Rivian’s limited history and EV industry cyclicality, breaching the 50 % barrier is plausible; beyond that, losses are linear. Overall, impact is neutral for GS shareholders (routine funding) and mixed for buyers, skewing negative if RIVN underperforms.
Goldman Sachs Group Inc. (GS), tramite l'emittente GS Finance Corp. e con garanzia piena e incondizionata da parte della capogruppo, ha depositato un Free Writing Prospectus per Market-Linked Securities — Autocallable con Cedola Contingente e Rischio Downside Contingente che fanno riferimento alle azioni ordinarie di Classe A di Rivian Automotive, Inc. (RIVN). Le obbligazioni fanno parte del programma Medium-Term Notes, Serie F.
Termini economici chiave: gli investitori acquistano titoli con valore nominale di 1.000 $ che possono pagare una cedola mensile contingente di almeno 18,00 $ (≥21,60% annuo) ogni volta che RIVN chiude nella giornata di calcolo rilevante a o sopra la Coupon Threshold Price (60% del prezzo iniziale). A partire da dicembre 2025, i titoli sono soggetti a richiamo automatico se RIVN chiude a o sopra il prezzo iniziale, in tal caso gli investitori ricevono il valore nominale più l'ultima cedola e rinunciano ai pagamenti successivi.
Alla scadenza il 29 giugno 2026, se non richiamati precedentemente, gli investitori riceveranno: (i) il valore nominale se il Prezzo Finale è ≥ della Soglia Downside (50% del prezzo iniziale); oppure (ii) valore nominale × Fattore di Performance se il Prezzo Finale è sotto tale soglia, esponendo i detentori all'intero ribasso di RIVN oltre un calo del 50%, fino a una perdita totale del capitale.
Rischi / valutazione: Il valore stimato alla data di prezzo è previsto tra 925 $ e 955 $ per ogni 1.000 $, implicando un premio di emissione del 4,5%-7,5%. Gli investitori sono esposti al rischio di credito sia di GS Finance Corp. che di The Goldman Sachs Group, Inc. L'elevata cedola nominale è direttamente collegata all'elevata volatilità di RIVN e alla sua storia di trading limitata; le cedole non sono garantite e quelle mancanti non si accumulano. Lo sconto di sottoscrizione è fino all'1,575%, con ulteriori concessioni di vendita possibili dello 0,20%.
Conclusione: La struttura offre un potenziale interessante di reddito corrente e una probabilità di richiamo anticipato se RIVN resta stabile o sale. Tuttavia, il guadagno è limitato alle cedole, mentre il rischio al ribasso è significativo se il titolo scende oltre il 50%, rendendo il profilo rischio-rendimento adatto solo a investitori che tollerano la volatilità di un singolo titolo, la complessità del prodotto e l'esposizione al rischio di credito di GS.
Goldman Sachs Group Inc. (GS), a través del emisor GS Finance Corp. y con una garantía total e incondicional de la matriz, ha presentado un Free Writing Prospectus para Valores Vinculados al Mercado — Autollamables con Cupón Contingente y Riesgo Contingente a la Baja que hacen referencia a las acciones ordinarias Clase A de Rivian Automotive, Inc. (RIVN). Los bonos forman parte del programa Medium-Term Notes, Serie F.
Términos económicos clave: los inversores compran bonos con valor nominal de 1.000 $ que pueden pagar un cupón mensual contingente de al menos 18,00 $ (≥21,60% anual) siempre que RIVN cierre en el día de cálculo relevante en o por encima del Precio Umbral del Cupón (60 % del precio inicial). A partir de diciembre de 2025, los bonos están sujetos a llamada automática si RIVN cierra en o por encima del precio inicial, en cuyo caso los inversores reciben el valor nominal más el cupón final y renuncian a pagos adicionales.
Al vencimiento el 29 de junio de 2026, si no se ha llamado antes, los inversores reciben: (i) el valor nominal si el Precio Final es ≥ el Umbral a la Baja (50 % del precio inicial); o (ii) valor nominal × Factor de Rendimiento si el Precio Final está por debajo de ese umbral, exponiendo a los tenedores a la caída total de RIVN más allá de una caída del 50%, hasta una pérdida total del capital.
Riesgo / valoración: Se espera que el valor estimado en la fecha de precio esté entre
Conclusión: La estructura ofrece un atractivo potencial de ingresos actuales y probabilidad de llamada anticipada si RIVN se mantiene estable o sube. Sin embargo, el potencial de ganancia está limitado a los cupones, mientras que la caída es significativa si la acción baja más del 50%, haciendo que el perfil riesgo-recompensa sea adecuado solo para inversores cómodos con la volatilidad de una acción individual, la complejidad del producto y la exposición crediticia de GS.
골드만 삭스 그룹 주식회사(GS)는 발행사 GS 파이낸스 코퍼레이션을 통해 모회사로부터 전면적이고 무조건적인 보증을 받으며, 시장 연계 증권 — 자동 콜 가능, 조건부 쿠폰 및 조건부 하락 위험에 대한 Free Writing Prospectus를 제출했습니다. 이 증권은 리비안 오토모티브, Inc.(RIVN)의 클래스 A 보통주를 참조합니다. 이 노트는 중기 채권 시리즈 F 프로그램의 일부입니다.
주요 경제 조건: 투자자는 액면가 1,000달러의 노트를 구매하며, RIVN이 해당 산출일에 쿠폰 기준 가격(시작 가격의 60%) 이상으로 마감할 경우 최소 18.00달러의 월별 조건부 쿠폰(연 21.60% 이상)을 받을 수 있습니다. 2025년 12월부터는 RIVN이 시작 가격 이상으로 마감하면 자동 콜이 발동되어 투자자는 원금과 마지막 쿠폰을 받고 이후 지급은 받지 않습니다.
만기일인 2026년 6월 29일에 이전에 콜되지 않은 경우, 투자자는 (i) RIVN의 종료 가격이 하락 기준선(시작 가격의 50%) 이상이면 원금을 받고, (ii) 종료 가격이 그 기준선 미만이면 원금 × 성과 지수를 받아 50% 이상의 하락에 따른 전면적인 손실 위험에 노출됩니다.
위험 / 평가: 가격 산정일 기준 예상 가치는 액면가 1,000달러당 925~955달러로, 4.5%~7.5%의 발행 프리미엄을 내포합니다. 투자자는 GS 파이낸스 코퍼레이션과 골드만 삭스 그룹 주식회사의 신용 위험에 직면합니다. 높은 명목 쿠폰은 RIVN의 높은 변동성과 제한된 거래 이력에 직접 연동되며, 쿠폰은 보장되지 않고 미지급 쿠폰은 누적되지 않습니다. 인수 수수료는 최대 1.575%이며 추가 판매 수수료 0.20%가 가능할 수 있습니다.
요약: 이 구조는 현재 수익 잠재력과 RIVN이 횡보하거나 상승할 경우 조기 상환 가능성을 제공합니다. 그러나 상승 잠재력은 쿠폰으로 제한되며, 주가가 50% 이상 하락할 경우 하락 위험이 커서 단일 주식 변동성, 상품 복잡성, GS 신용 위험에 익숙한 투자자에게 적합한 위험-보상 프로필입니다.
Goldman Sachs Group Inc. (GS), via l’émetteur GS Finance Corp. et avec une garantie pleine et inconditionnelle de la maison mère, a déposé un Free Writing Prospectus pour des Valeurs liées au marché — Autocallables avec coupon conditionnel et risque baissier conditionnel qui référencent les actions ordinaires de classe A de Rivian Automotive, Inc. (RIVN). Les billets font partie du programme Medium-Term Notes, série F.
Principaux termes économiques : les investisseurs achètent des billets d’une valeur nominale de 1 000 $ qui peuvent verser un coupon mensuel conditionnel d’au moins 18,00 $ (≥21,60 % par an) lorsque RIVN clôture à la date de calcul pertinente au-dessus ou à égalité du seuil du coupon (60 % du prix de départ). À partir de décembre 2025, les billets sont soumis à un appel automatique si RIVN clôture au-dessus ou à égalité du prix de départ, auquel cas les investisseurs reçoivent la valeur nominale plus le dernier coupon et renoncent aux paiements ultérieurs.
À l’échéance du 29 juin 2026, s’ils n’ont pas été rappelés auparavant, les investisseurs reçoivent : (i) la valeur nominale si le prix de clôture final est ≥ au seuil baissier (50 % du prix de départ) ; ou (ii) valeur nominale × facteur de performance si le prix final est inférieur à ce seuil, exposant les détenteurs à la baisse totale de RIVN au-delà d’une chute de 50 %, jusqu’à une perte totale du capital.
Risque / valorisation : La valeur estimée à la date de tarification est attendue entre 925 $ et 955 $ pour 1 000 $, impliquant une prime d’émission de 4,5 % à 7,5 %. Les investisseurs sont exposés au risque de crédit de GS Finance Corp. et de The Goldman Sachs Group, Inc. Le coupon élevé est directement lié à la volatilité élevée de RIVN et à son historique de trading limité ; les coupons ne sont pas garantis et les coupons manqués ne s’accumulent pas. La décote de souscription peut atteindre 1,575 %, avec des concessions supplémentaires de vente possibles de 0,20 %.
Conclusion : La structure offre un potentiel attractif de revenu courant et une probabilité d’appel anticipé si RIVN reste stable ou progresse. Cependant, le potentiel de hausse est limité aux coupons, tandis que le risque à la baisse est important si le titre chute de plus de 50 %, rendant le profil risque-rendement adapté uniquement aux investisseurs à l’aise avec la volatilité d’une action individuelle, la complexité du produit et l’exposition au risque de crédit de GS.
Goldman Sachs Group Inc. (GS) hat über den Emittenten GS Finance Corp. und mit einer vollständigen und bedingungslosen Garantie der Muttergesellschaft einen Free Writing Prospectus für marktgebundene Wertpapiere — Autocallable mit bedingtem Kupon und bedingtem Abwärtsrisiko eingereicht, die sich auf die Stammaktien der Klasse A von Rivian Automotive, Inc. (RIVN) beziehen. Die Notes sind Teil des Medium-Term Notes Programms, Serie F.
Wesentliche wirtschaftliche Bedingungen: Investoren erwerben Notes mit einem Nennwert von 1.000 $, die einen monatlichen bedingten Kupon von mindestens 18,00 $ (≥21,60 % p.a.) zahlen können, wenn RIVN am relevanten Berechnungstag auf oder über dem Coupon-Schwellenpreis (60 % des Startpreises) schließt. Ab Dezember 2025 unterliegen die Notes einem automatischen Rückruf, falls RIVN auf oder über dem Startpreis schließt, in diesem Fall erhalten Investoren den Nennwert plus den letzten Kupon und verzichten auf weitere Zahlungen.
Bei Fälligkeit am 29. Juni 2026, sofern nicht vorher zurückgerufen, erhalten Investoren: (i) den Nennwert, wenn der Endpreis ≥ der Abwärts-Schwelle (50 % des Startpreises) ist; oder (ii) Nennwert × Performance-Faktor, wenn der Endpreis unter dieser Schwelle liegt, wodurch die Inhaber dem vollen Abwärtsrisiko von RIVN über einen 50%igen Rückgang hinaus ausgesetzt sind, bis hin zum Totalverlust des Kapitals.
Risiko / Bewertung: Der geschätzte Wert am Preistag wird zwischen
Fazit: Die Struktur bietet attraktives laufendes Ertragspotenzial und eine Wahrscheinlichkeit für einen vorzeitigen Rückruf, wenn RIVN stabil bleibt oder steigt. Der Aufwärtsspielraum ist jedoch auf die Kupons begrenzt, während das Abwärtsrisiko erheblich ist, wenn die Aktie mehr als 50 % fällt, was das Risiko-Ertrags-Profil nur für Investoren geeignet macht, die mit Einzelaktienvolatilität, Produktkomplexität und GS-Kreditrisiko vertraut sind.
Free Writing Prospectus pursuant to Rule 433 dated June 20, 2025
Registration Statement No. 333-284538
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Market Linked Securities — Autocallable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the Class A Common Stock of Rivian Automotive, Inc. due June 29, 2026 |
Summary of Terms |
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Company (Issuer) and Guarantor: |
GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor) |
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Hypothetical Payout Profile (Maturity Payment Amount)
If the securities are not automatically called prior to stated maturity and the ending price is less than the downside threshold price, you will lose more than 50%, and possibly all, of the face amount of your securities at stated maturity. Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of the underlying stock, but you will have full downside exposure to the underlying stock if the ending price is less than the downside threshold price. You should read the accompanying preliminary pricing supplement dated June 20, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The securities are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following: ● Preliminary pricing supplement dated June 20, 2025 ● WFS product supplement no. 5 dated February 14, 2025 ● Prospectus supplement dated February 14, 2025 ● Prospectus dated February 14, 2025 |
Market Measure (the “underlying stock”): |
the Class A common stock of Rivian Automotive, Inc. (current Bloomberg ticker: “RIVN UW”) |
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Pricing date: |
expected to be June 24, 2025 |
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Issue date: |
expected to be June 27, 2025 |
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Final calculation day: |
expected to be June 24, 2026 |
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Stated maturity date: |
expected to be June 29, 2026 |
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Starting price: |
the stock closing price of the underlying stock on the pricing date |
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Ending price: |
the stock closing price of the underlying stock on the final calculation day |
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Performance factor: |
the ending price divided by the starting price (expressed as a percentage) |
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Automatic call: |
If the stock closing price of the underlying stock on any call date is greater than or equal to the starting price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment. The securities will not be subject to automatic call until the December 2025 calculation day. |
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Downside threshold price: |
50% of the starting price |
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Contingent coupon payment: |
Subject to the automatic call, on each contingent coupon payment date, for each $1,000 of the outstanding face amount, you will receive a contingent coupon payment equal to at least $18.00 (equivalent to a contingent coupon rate of at least 21.60% per annum) (set on the pricing date) if, and only if, the stock closing price of the underlying stock on the related calculation day is greater than or equal to the coupon threshold price. |
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Coupon threshold price: |
60% of the starting price |
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Call dates: |
each calculation day commencing in December 2025 and ending in May 2026 |
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Call settlement date: |
the contingent coupon payment date immediately following the applicable call date |
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Calculation days: |
monthly, on the 24th day of each month, commencing in July 2025 and ending in May 2026, and the final calculation day |
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Contingent coupon payment dates: |
monthly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date |
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Maturity payment amount (for each $1,000 face amount of your securities): |
• if the ending price is greater than or equal to the downside threshold price: $1,000; or • if the ending price is less than the downside threshold price: $1,000 × performance factor |
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The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities. |
Underwriting discount: |
up to 1.575% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 1.575% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 1.00% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells. |
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CUSIP: |
40058JF75 |
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Tax consequences: |
See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement |
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* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.20% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. |
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The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.
About Your Securities |
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement, and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement if you so request by calling (212) 357-4612.
Risk Factors |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full “Selected Risk Considerations” in the accompanying preliminary pricing supplement, “Risk Factors” in the accompanying WFS product supplement no. 5, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales ▪ The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Offering Price Of Your Securities ▪ The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor ▪ You May Lose Your Entire Investment in the Securities ▪ The Return on Your Securities May Change Significantly Despite Only a Small Change in the Price of the Underlying Stock ▪ You May Not Receive a Contingent Coupon on Any Contingent Coupon Payment Date ▪ A Higher Contingent Coupon, a Lower Coupon Threshold Price and/or a Lower Downside Threshold Price May Reflect Greater Expected Volatility of the Underlying Stock, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Price of the Underlying Stock and, Potentially, a Significant Loss at Maturity |
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▪ Your Securities Are Subject to Automatic Redemption ▪ The Contingent Coupon Does Not Reflect the Actual Performance of the Underlying Stock from the Pricing Date to Any Calculation Day or from Calculation Day to Calculation Day ▪ The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors ▪ We Will Not Hold Shares of the Underlying Stock for Your Benefit ▪ You Have No Shareholder Rights or Rights to Receive the Underlying Stock Additional Risks Related to the Underlying Stock ▪ The Underlying Stock Has a Very Limited Trading History Risks Related to Tax ▪ Certain Considerations for Insurance Companies and Employee Benefit Plans ▪ The Tax Consequences of an Investment in Your Securities Are Uncertain ▪ Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities |
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.
FAQ
What coupon does the GS autocallable note tied to RIVN pay?
When can the Rivian-linked notes be automatically called?
What happens at maturity if Rivian stock falls more than 50 %?
What is the estimated value versus the $1,000 issue price?
Do investors have any shareholder rights in Rivian?
Who bears the credit risk for these securities?
