[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is marketing Contingent Income Auto-Callable Securities (principal at risk notes) linked to one Class A subordinate voting share of Shopify Inc. (SHOP). The securities are expected to price on or about 27 Jun 2025, settle 2 Jul 2025 and mature, if not previously called, on 30 Jun 2028.
Coupon mechanics: on each quarterly coupon observation date the holder will earn a contingent coupon of at least $39.75 per $1,000 principal (rate to be set on the pricing date) provided Shopify’s closing price is at or above the downside threshold (50% of the initial share price). If the condition is not met, the coupon for that quarter is $0.00. Coupons cease after an automatic call.
Automatic call: if on any of the twelve scheduled observation dates (starting 29 Sep 2025) the underlying closes at or above its initial price, the note is redeemed early at 100% of principal plus the due coupon, and no further payments are made.
Maturity payment: • If the final share price is ≥ the 50% threshold, investors receive $1,000 plus the final coupon. • If it is < the threshold, repayment equals $1,000 × (final/initial price), exposing the investor to a partial or total loss of principal. The note offers no participation in upside beyond coupons.
Valuation & risk disclosure: the preliminary estimated value is $910-$970, below the $1,000 offering price, reflecting embedded fees and hedging costs. The notes are unsecured obligations of GS Finance Corp., rank pari-passu with its other senior debt, and carry the credit risk of both the issuer and guarantor. Key risks highlighted include potential loss of entire investment, contingent (and possibly zero) income, secondary-market and liquidity uncertainty, conflicts of interest from Goldman’s trading activities, and potential adverse tax treatment (including FATCA).
This Free Writing Prospectus must be read together with the preliminary pricing supplement dated 20 Jun 2025, general terms supplement no. 17,741, prospectus supplement and base prospectus, all available on the SEC’s EDGAR system.
GS Finance Corp., garantita interamente da The Goldman Sachs Group, Inc., sta offrendo titoli Contingent Income Auto-Callable (note con rischio sul capitale) legati a una azione subordinata di Classe A con diritto di voto di Shopify Inc. (SHOP). I titoli dovrebbero essere quotati intorno al 27 giugno 2025, con regolamento il 2 luglio 2025 e scadenza, se non richiamati anticipatamente, il 30 giugno 2028.
Meccanismo della cedola: in ciascuna data di osservazione trimestrale, il detentore riceverà una cedola condizionata di almeno 39,75 USD per 1.000 USD di capitale (tasso da definire alla data di prezzo), a condizione che il prezzo di chiusura di Shopify sia pari o superiore alla soglia di ribasso (50% del prezzo iniziale dell’azione). Se la condizione non è soddisfatta, la cedola per quel trimestre sarà 0,00 USD. Le cedole cessano dopo un richiamo automatico.
Richiamo automatico: se in una delle dodici date di osservazione programmate (a partire dal 29 settembre 2025) il prezzo di chiusura sottostante è pari o superiore al prezzo iniziale, la nota viene rimborsata anticipatamente al 100% del capitale più la cedola dovuta, senza ulteriori pagamenti.
Pagamento a scadenza: • Se il prezzo finale dell’azione è ≥ alla soglia del 50%, gli investitori ricevono 1.000 USD più l’ultima cedola. • Se è < alla soglia, il rimborso sarà pari a 1.000 USD × (prezzo finale/prezzo iniziale), esponendo l’investitore a una perdita parziale o totale del capitale. La nota non offre partecipazione al rialzo oltre le cedole.
Valutazione e rischi: il valore preliminare stimato è tra 910 e 970 USD, inferiore al prezzo di offerta di 1.000 USD, a riflettere costi incorporati e spese di copertura. Le note sono obbligazioni non garantite di GS Finance Corp., hanno pari rango con altri debiti senior e comportano il rischio di credito sia dell’emittente che del garante. I rischi principali includono possibile perdita totale dell’investimento, reddito condizionato (anche nullo), incertezza sul mercato secondario e liquidità, conflitti di interesse derivanti dalle attività di trading di Goldman e possibili trattamenti fiscali sfavorevoli (incluso FATCA).
Questo Free Writing Prospectus deve essere letto insieme al supplemento preliminare di prezzo datato 20 giugno 2025, al supplemento termini generali n. 17.741, al supplemento al prospetto e al prospetto base, tutti disponibili nel sistema EDGAR della SEC.
GS Finance Corp., garantizada totalmente por The Goldman Sachs Group, Inc., está comercializando valores Contingent Income Auto-Callable (notas con riesgo de principal) vinculados a una acción subordinada Clase A con derecho a voto de Shopify Inc. (SHOP). Se espera que los valores se valoren alrededor del 27 de junio de 2025, se liquiden el 2 de julio de 2025 y venzan, si no son llamados antes, el 30 de junio de 2028.
Mecánica del cupón: en cada fecha trimestral de observación del cupón, el tenedor ganará un cupón contingente de al menos $39.75 por cada $1,000 de principal (tasa que se establecerá en la fecha de precio), siempre que el precio de cierre de Shopify esté en o por encima del umbral a la baja (50% del precio inicial de la acción). Si la condición no se cumple, el cupón de ese trimestre será $0.00. Los cupones cesan tras un llamado automático.
Llamado automático: si en cualquiera de las doce fechas programadas de observación (a partir del 29 de septiembre de 2025) el subyacente cierra en o por encima de su precio inicial, la nota se redime anticipadamente al 100% del principal más el cupón adeudado, sin pagos adicionales.
Pago al vencimiento: • Si el precio final de la acción es ≥ al umbral del 50%, los inversores reciben $1,000 más el cupón final. • Si es < al umbral, el reembolso será $1,000 × (precio final/inicial), exponiendo al inversor a una pérdida parcial o total del principal. La nota no ofrece participación en ganancias más allá de los cupones.
Valoración y riesgos: el valor preliminar estimado es de $910-$970, por debajo del precio de oferta de $1,000, reflejando costos incorporados y gastos de cobertura. Las notas son obligaciones no garantizadas de GS Finance Corp., tienen rango paritario con su otra deuda senior y conllevan riesgo crediticio tanto del emisor como del garante. Los riesgos clave incluyen posible pérdida total de la inversión, ingreso contingente (y posiblemente nulo), incertidumbre en el mercado secundario y liquidez, conflictos de interés derivados de las actividades comerciales de Goldman y posible tratamiento fiscal adverso (incluyendo FATCA).
Este Free Writing Prospectus debe leerse junto con el suplemento preliminar de precios fechado el 20 de junio de 2025, suplemento de términos generales n.º 17,741, suplemento de prospecto y prospecto base, todos disponibles en el sistema EDGAR de la SEC.
GS 파이낸스 코퍼레이션은 골드만삭스 그룹, Inc.가 전액 보증하는 컨틴전트 인컴 오토콜러블 증권(원금 위험 노트)을 마케팅하고 있으며, 이는 Shopify Inc. (SHOP)의 클래스 A 하위 의결권 주식 1주에 연계되어 있습니다. 해당 증권은 2025년 6월 27일경에 가격이 책정되고, 2025년 7월 2일에 결제되며, 조기 상환되지 않을 경우 2028년 6월 30일에 만기됩니다.
쿠폰 메커니즘: 각 분기별 쿠폰 관찰일에 보유자는 Shopify 종가가 초기 주가의 50%인 하락 한계선 이상일 경우 1,000달러 원금당 최소 39.75달러의 조건부 쿠폰(가격 책정일에 확정된 비율)을 받습니다. 조건이 충족되지 않으면 해당 분기의 쿠폰은 0달러입니다. 자동 상환 후 쿠폰 지급은 중단됩니다.
자동 상환: 12회 예정된 관찰일 중 어느 날이든(첫 관찰일은 2025년 9월 29일) 기초자산 종가가 초기 가격 이상이면, 노트는 원금 100%와 해당 쿠폰 지급으로 조기 상환되며 추가 지급은 없습니다.
만기 지급: • 최종 주가가 50% 한계선 이상이면 투자자는 1,000달러와 마지막 쿠폰을 받습니다. • 최종 주가가 한계선 미만이면 상환금은 1,000달러 × (최종가/초기가)로, 투자자는 원금의 일부 또는 전액 손실 위험에 노출됩니다. 노트는 쿠폰 외 추가 상승 참여는 제공하지 않습니다.
평가 및 위험 공시: 예비 추정 가치는 910~970달러로, 1,000달러 공모가보다 낮으며 내재 비용과 헤지 비용이 반영되어 있습니다. 이 노트는 GS 파이낸스 코퍼레이션의 무담보 채무이며, 다른 선순위 부채와 동등한 순위이며, 발행자와 보증인의 신용 위험을 포함합니다. 주요 위험으로는 전액 손실 가능성, 조건부(때로는 0인) 수입, 2차 시장 및 유동성 불확실성, 골드만삭스의 거래 활동으로 인한 이해 상충, 불리한 세금 처리 가능성(FATCA 포함)이 있습니다.
이 프리 라이팅 설명서는 2025년 6월 20일자 예비 가격 보충서, 일반 약관 보충서 번호 17,741, 설명서 보충서 및 기본 설명서와 함께 SEC의 EDGAR 시스템에서 확인해야 합니다.
GS Finance Corp., entièrement garantie par The Goldman Sachs Group, Inc., commercialise des titres Contingent Income Auto-Callable (notes avec risque de principal) liés à une action subordonnée de Classe A avec droit de vote de Shopify Inc. (SHOP). Les titres devraient être prix autour du 27 juin 2025, réglés le 2 juillet 2025 et arriver à échéance, s’ils ne sont pas rappelés auparavant, le 30 juin 2028.
Mécanique du coupon : à chaque date d’observation trimestrielle du coupon, le détenteur percevra un coupon conditionnel d’au moins 39,75 $ par 1 000 $ de principal (taux fixé à la date de prix), à condition que le cours de clôture de Shopify soit au moins égal au seuil de baisse (50 % du cours initial de l’action). Si cette condition n’est pas remplie, le coupon pour ce trimestre sera de 0,00 $. Les coupons cessent après un rappel automatique.
Rappel automatique : si, lors de l’une des douze dates d’observation prévues (à partir du 29 septembre 2025), le sous-jacent clôture au moins au prix initial, la note est remboursée par anticipation à 100 % du principal plus le coupon dû, sans paiements supplémentaires.
Paiement à l’échéance : • Si le cours final de l’action est ≥ au seuil de 50 %, les investisseurs reçoivent 1 000 $ plus le dernier coupon. • S’il est < au seuil, le remboursement est égal à 1 000 $ × (prix final/prix initial), exposant l’investisseur à une perte partielle ou totale du capital. La note ne donne pas de participation à la hausse au-delà des coupons.
Évaluation et divulgation des risques : la valeur estimée préliminaire est de 910 à 970 $, inférieure au prix d’offre de 1 000 $, reflétant les frais intégrés et les coûts de couverture. Les notes sont des obligations non garanties de GS Finance Corp., de rang égal à ses autres dettes senior, et comportent le risque de crédit de l’émetteur et du garant. Les principaux risques incluent la perte totale possible de l’investissement, un revenu conditionnel (et potentiellement nul), l’incertitude du marché secondaire et de la liquidité, les conflits d’intérêts liés aux activités de trading de Goldman, et un traitement fiscal potentiellement défavorable (y compris FATCA).
Ce Free Writing Prospectus doit être lu conjointement avec le supplément de prix préliminaire daté du 20 juin 2025, le supplément des conditions générales n° 17 741, le supplément au prospectus et le prospectus de base, tous disponibles sur le système EDGAR de la SEC.
GS Finance Corp., vollständig garantiert von The Goldman Sachs Group, Inc., bietet Contingent Income Auto-Callable Securities (Notes mit Kapitalschutzrisiko) an, die an eine nachrangige stimmberechtigte Klasse-A-Aktie von Shopify Inc. (SHOP) gebunden sind. Die Wertpapiere sollen am oder um den 27. Juni 2025 bepreist werden, am 2. Juli 2025 abgewickelt und, falls nicht vorher vorzeitig zurückgerufen, am 30. Juni 2028 fällig werden.
Kuponmechanik: An jedem quartalsweisen Kuponbeobachtungstag erhält der Inhaber einen bedingten Kupon von mindestens 39,75 USD pro 1.000 USD Nominal (Satz wird am Preisfeststellungstag festgelegt), sofern der Schlusskurs von Shopify auf oder über der Abschwung-Schwelle (50 % des Anfangskurses) liegt. Wird die Bedingung nicht erfüllt, beträgt der Kupon für dieses Quartal 0,00 USD. Kuponzahlungen enden nach einem automatischen Rückruf.
Automatischer Rückruf: Wenn an einem der zwölf geplanten Beobachtungstermine (beginnend am 29. September 2025) der Basiswert auf oder über seinem Anfangskurs schließt, wird die Note vorzeitig zu 100 % des Kapitals plus dem fälligen Kupon zurückgezahlt, und es erfolgen keine weiteren Zahlungen.
Rückzahlung bei Fälligkeit: • Liegt der Schlusskurs der Aktie ≥ der 50 % Schwelle, erhalten Anleger 1.000 USD plus den letzten Kupon. • Liegt er unter der Schwelle, beträgt die Rückzahlung 1.000 USD × (Schlusskurs/Anfangskurs), was den Anleger einem teilweisen oder vollständigen Kapitalverlust aussetzt. Die Note bietet keine Beteiligung an Kurssteigerungen über die Kupons hinaus.
Bewertung & Risikohinweis: Der vorläufige geschätzte Wert liegt bei 910–970 USD, unter dem Ausgabepreis von 1.000 USD, was eingebettete Gebühren und Absicherungskosten widerspiegelt. Die Notes sind ungesicherte Verbindlichkeiten von GS Finance Corp., ranggleich mit anderen Senior-Schulden und tragen das Kreditrisiko des Emittenten und des Garanten. Wesentliche Risiken umfassen den möglichen Totalverlust der Investition, bedingte (und möglicherweise keine) Erträge, Unsicherheiten im Sekundärmarkt und bei der Liquidität, Interessenkonflikte durch Goldmans Handelsaktivitäten sowie mögliche nachteilige steuerliche Behandlung (einschließlich FATCA).
Dieser Free Writing Prospectus ist zusammen mit dem vorläufigen Preiszusatz vom 20. Juni 2025, dem allgemeinen Ergänzungsblatt Nr. 17.741, dem Prospektergänzungsblatt und dem Basisprospekt zu lesen, die alle im EDGAR-System der SEC verfügbar sind.
- Above-market contingent income: minimum $39.75 per $1,000 each quarter when conditions are met, implying potentially high cash yield.
- 50% downside threshold offers partial principal protection compared with direct equity ownership.
- Automatic call can return capital early at par plus coupon if Shopify trades at or above the initial price, boosting annualised return.
- Principal at risk: if Shopify closes <50% of initial price at maturity, investors lose the same percentage of principal, up to 100%.
- Contingent coupons: payments may be skipped entirely if the underlying remains below the threshold on any observation date.
- Estimated value $910-$970 is materially below the $1,000 issue price, indicating negative carry from inception.
- Unsecured credit exposure to GS Finance Corp. and Goldman Sachs; repayment depends on issuer and guarantor solvency.
Insights
TL;DR: High coupon, 50% buffer note offers income only if Shopify holds up; full principal risk and GS credit exposure keep reward balanced.
The offering provides an above-market headline yield with quarterly contingent coupons of ≥ 3.975% of par, attractive in a low-rate environment. A 50% downside threshold cushions moderate equity declines, and the auto-call feature could shorten duration, enhancing annualised yield. However, investors face several material drawbacks: (1) capital is fully at risk below the threshold, making the security behave like a short put spread on Shopify; (2) coupons are not fixed and could be zero for the entire term if the stock underperforms; (3) valuation is immediately negative ($910-$970 vs $1,000) implying a 3-9% upfront cost; (4) liquidity is expected to be limited and issuer-driven; (5) all payments depend on Goldman’s credit. Overall, risk and reward appear roughly balanced—suitable only for investors comfortable with single-stock volatility and unsecured issuer exposure.
GS Finance Corp., garantita interamente da The Goldman Sachs Group, Inc., sta offrendo titoli Contingent Income Auto-Callable (note con rischio sul capitale) legati a una azione subordinata di Classe A con diritto di voto di Shopify Inc. (SHOP). I titoli dovrebbero essere quotati intorno al 27 giugno 2025, con regolamento il 2 luglio 2025 e scadenza, se non richiamati anticipatamente, il 30 giugno 2028.
Meccanismo della cedola: in ciascuna data di osservazione trimestrale, il detentore riceverà una cedola condizionata di almeno 39,75 USD per 1.000 USD di capitale (tasso da definire alla data di prezzo), a condizione che il prezzo di chiusura di Shopify sia pari o superiore alla soglia di ribasso (50% del prezzo iniziale dell’azione). Se la condizione non è soddisfatta, la cedola per quel trimestre sarà 0,00 USD. Le cedole cessano dopo un richiamo automatico.
Richiamo automatico: se in una delle dodici date di osservazione programmate (a partire dal 29 settembre 2025) il prezzo di chiusura sottostante è pari o superiore al prezzo iniziale, la nota viene rimborsata anticipatamente al 100% del capitale più la cedola dovuta, senza ulteriori pagamenti.
Pagamento a scadenza: • Se il prezzo finale dell’azione è ≥ alla soglia del 50%, gli investitori ricevono 1.000 USD più l’ultima cedola. • Se è < alla soglia, il rimborso sarà pari a 1.000 USD × (prezzo finale/prezzo iniziale), esponendo l’investitore a una perdita parziale o totale del capitale. La nota non offre partecipazione al rialzo oltre le cedole.
Valutazione e rischi: il valore preliminare stimato è tra 910 e 970 USD, inferiore al prezzo di offerta di 1.000 USD, a riflettere costi incorporati e spese di copertura. Le note sono obbligazioni non garantite di GS Finance Corp., hanno pari rango con altri debiti senior e comportano il rischio di credito sia dell’emittente che del garante. I rischi principali includono possibile perdita totale dell’investimento, reddito condizionato (anche nullo), incertezza sul mercato secondario e liquidità, conflitti di interesse derivanti dalle attività di trading di Goldman e possibili trattamenti fiscali sfavorevoli (incluso FATCA).
Questo Free Writing Prospectus deve essere letto insieme al supplemento preliminare di prezzo datato 20 giugno 2025, al supplemento termini generali n. 17.741, al supplemento al prospetto e al prospetto base, tutti disponibili nel sistema EDGAR della SEC.
GS Finance Corp., garantizada totalmente por The Goldman Sachs Group, Inc., está comercializando valores Contingent Income Auto-Callable (notas con riesgo de principal) vinculados a una acción subordinada Clase A con derecho a voto de Shopify Inc. (SHOP). Se espera que los valores se valoren alrededor del 27 de junio de 2025, se liquiden el 2 de julio de 2025 y venzan, si no son llamados antes, el 30 de junio de 2028.
Mecánica del cupón: en cada fecha trimestral de observación del cupón, el tenedor ganará un cupón contingente de al menos $39.75 por cada $1,000 de principal (tasa que se establecerá en la fecha de precio), siempre que el precio de cierre de Shopify esté en o por encima del umbral a la baja (50% del precio inicial de la acción). Si la condición no se cumple, el cupón de ese trimestre será $0.00. Los cupones cesan tras un llamado automático.
Llamado automático: si en cualquiera de las doce fechas programadas de observación (a partir del 29 de septiembre de 2025) el subyacente cierra en o por encima de su precio inicial, la nota se redime anticipadamente al 100% del principal más el cupón adeudado, sin pagos adicionales.
Pago al vencimiento: • Si el precio final de la acción es ≥ al umbral del 50%, los inversores reciben $1,000 más el cupón final. • Si es < al umbral, el reembolso será $1,000 × (precio final/inicial), exponiendo al inversor a una pérdida parcial o total del principal. La nota no ofrece participación en ganancias más allá de los cupones.
Valoración y riesgos: el valor preliminar estimado es de $910-$970, por debajo del precio de oferta de $1,000, reflejando costos incorporados y gastos de cobertura. Las notas son obligaciones no garantizadas de GS Finance Corp., tienen rango paritario con su otra deuda senior y conllevan riesgo crediticio tanto del emisor como del garante. Los riesgos clave incluyen posible pérdida total de la inversión, ingreso contingente (y posiblemente nulo), incertidumbre en el mercado secundario y liquidez, conflictos de interés derivados de las actividades comerciales de Goldman y posible tratamiento fiscal adverso (incluyendo FATCA).
Este Free Writing Prospectus debe leerse junto con el suplemento preliminar de precios fechado el 20 de junio de 2025, suplemento de términos generales n.º 17,741, suplemento de prospecto y prospecto base, todos disponibles en el sistema EDGAR de la SEC.
GS 파이낸스 코퍼레이션은 골드만삭스 그룹, Inc.가 전액 보증하는 컨틴전트 인컴 오토콜러블 증권(원금 위험 노트)을 마케팅하고 있으며, 이는 Shopify Inc. (SHOP)의 클래스 A 하위 의결권 주식 1주에 연계되어 있습니다. 해당 증권은 2025년 6월 27일경에 가격이 책정되고, 2025년 7월 2일에 결제되며, 조기 상환되지 않을 경우 2028년 6월 30일에 만기됩니다.
쿠폰 메커니즘: 각 분기별 쿠폰 관찰일에 보유자는 Shopify 종가가 초기 주가의 50%인 하락 한계선 이상일 경우 1,000달러 원금당 최소 39.75달러의 조건부 쿠폰(가격 책정일에 확정된 비율)을 받습니다. 조건이 충족되지 않으면 해당 분기의 쿠폰은 0달러입니다. 자동 상환 후 쿠폰 지급은 중단됩니다.
자동 상환: 12회 예정된 관찰일 중 어느 날이든(첫 관찰일은 2025년 9월 29일) 기초자산 종가가 초기 가격 이상이면, 노트는 원금 100%와 해당 쿠폰 지급으로 조기 상환되며 추가 지급은 없습니다.
만기 지급: • 최종 주가가 50% 한계선 이상이면 투자자는 1,000달러와 마지막 쿠폰을 받습니다. • 최종 주가가 한계선 미만이면 상환금은 1,000달러 × (최종가/초기가)로, 투자자는 원금의 일부 또는 전액 손실 위험에 노출됩니다. 노트는 쿠폰 외 추가 상승 참여는 제공하지 않습니다.
평가 및 위험 공시: 예비 추정 가치는 910~970달러로, 1,000달러 공모가보다 낮으며 내재 비용과 헤지 비용이 반영되어 있습니다. 이 노트는 GS 파이낸스 코퍼레이션의 무담보 채무이며, 다른 선순위 부채와 동등한 순위이며, 발행자와 보증인의 신용 위험을 포함합니다. 주요 위험으로는 전액 손실 가능성, 조건부(때로는 0인) 수입, 2차 시장 및 유동성 불확실성, 골드만삭스의 거래 활동으로 인한 이해 상충, 불리한 세금 처리 가능성(FATCA 포함)이 있습니다.
이 프리 라이팅 설명서는 2025년 6월 20일자 예비 가격 보충서, 일반 약관 보충서 번호 17,741, 설명서 보충서 및 기본 설명서와 함께 SEC의 EDGAR 시스템에서 확인해야 합니다.
GS Finance Corp., entièrement garantie par The Goldman Sachs Group, Inc., commercialise des titres Contingent Income Auto-Callable (notes avec risque de principal) liés à une action subordonnée de Classe A avec droit de vote de Shopify Inc. (SHOP). Les titres devraient être prix autour du 27 juin 2025, réglés le 2 juillet 2025 et arriver à échéance, s’ils ne sont pas rappelés auparavant, le 30 juin 2028.
Mécanique du coupon : à chaque date d’observation trimestrielle du coupon, le détenteur percevra un coupon conditionnel d’au moins 39,75 $ par 1 000 $ de principal (taux fixé à la date de prix), à condition que le cours de clôture de Shopify soit au moins égal au seuil de baisse (50 % du cours initial de l’action). Si cette condition n’est pas remplie, le coupon pour ce trimestre sera de 0,00 $. Les coupons cessent après un rappel automatique.
Rappel automatique : si, lors de l’une des douze dates d’observation prévues (à partir du 29 septembre 2025), le sous-jacent clôture au moins au prix initial, la note est remboursée par anticipation à 100 % du principal plus le coupon dû, sans paiements supplémentaires.
Paiement à l’échéance : • Si le cours final de l’action est ≥ au seuil de 50 %, les investisseurs reçoivent 1 000 $ plus le dernier coupon. • S’il est < au seuil, le remboursement est égal à 1 000 $ × (prix final/prix initial), exposant l’investisseur à une perte partielle ou totale du capital. La note ne donne pas de participation à la hausse au-delà des coupons.
Évaluation et divulgation des risques : la valeur estimée préliminaire est de 910 à 970 $, inférieure au prix d’offre de 1 000 $, reflétant les frais intégrés et les coûts de couverture. Les notes sont des obligations non garanties de GS Finance Corp., de rang égal à ses autres dettes senior, et comportent le risque de crédit de l’émetteur et du garant. Les principaux risques incluent la perte totale possible de l’investissement, un revenu conditionnel (et potentiellement nul), l’incertitude du marché secondaire et de la liquidité, les conflits d’intérêts liés aux activités de trading de Goldman, et un traitement fiscal potentiellement défavorable (y compris FATCA).
Ce Free Writing Prospectus doit être lu conjointement avec le supplément de prix préliminaire daté du 20 juin 2025, le supplément des conditions générales n° 17 741, le supplément au prospectus et le prospectus de base, tous disponibles sur le système EDGAR de la SEC.
GS Finance Corp., vollständig garantiert von The Goldman Sachs Group, Inc., bietet Contingent Income Auto-Callable Securities (Notes mit Kapitalschutzrisiko) an, die an eine nachrangige stimmberechtigte Klasse-A-Aktie von Shopify Inc. (SHOP) gebunden sind. Die Wertpapiere sollen am oder um den 27. Juni 2025 bepreist werden, am 2. Juli 2025 abgewickelt und, falls nicht vorher vorzeitig zurückgerufen, am 30. Juni 2028 fällig werden.
Kuponmechanik: An jedem quartalsweisen Kuponbeobachtungstag erhält der Inhaber einen bedingten Kupon von mindestens 39,75 USD pro 1.000 USD Nominal (Satz wird am Preisfeststellungstag festgelegt), sofern der Schlusskurs von Shopify auf oder über der Abschwung-Schwelle (50 % des Anfangskurses) liegt. Wird die Bedingung nicht erfüllt, beträgt der Kupon für dieses Quartal 0,00 USD. Kuponzahlungen enden nach einem automatischen Rückruf.
Automatischer Rückruf: Wenn an einem der zwölf geplanten Beobachtungstermine (beginnend am 29. September 2025) der Basiswert auf oder über seinem Anfangskurs schließt, wird die Note vorzeitig zu 100 % des Kapitals plus dem fälligen Kupon zurückgezahlt, und es erfolgen keine weiteren Zahlungen.
Rückzahlung bei Fälligkeit: • Liegt der Schlusskurs der Aktie ≥ der 50 % Schwelle, erhalten Anleger 1.000 USD plus den letzten Kupon. • Liegt er unter der Schwelle, beträgt die Rückzahlung 1.000 USD × (Schlusskurs/Anfangskurs), was den Anleger einem teilweisen oder vollständigen Kapitalverlust aussetzt. Die Note bietet keine Beteiligung an Kurssteigerungen über die Kupons hinaus.
Bewertung & Risikohinweis: Der vorläufige geschätzte Wert liegt bei 910–970 USD, unter dem Ausgabepreis von 1.000 USD, was eingebettete Gebühren und Absicherungskosten widerspiegelt. Die Notes sind ungesicherte Verbindlichkeiten von GS Finance Corp., ranggleich mit anderen Senior-Schulden und tragen das Kreditrisiko des Emittenten und des Garanten. Wesentliche Risiken umfassen den möglichen Totalverlust der Investition, bedingte (und möglicherweise keine) Erträge, Unsicherheiten im Sekundärmarkt und bei der Liquidität, Interessenkonflikte durch Goldmans Handelsaktivitäten sowie mögliche nachteilige steuerliche Behandlung (einschließlich FATCA).
Dieser Free Writing Prospectus ist zusammen mit dem vorläufigen Preiszusatz vom 20. Juni 2025, dem allgemeinen Ergänzungsblatt Nr. 17.741, dem Prospektergänzungsblatt und dem Basisprospekt zu lesen, die alle im EDGAR-System der SEC verfügbar sind.
Free Writing Prospectus pursuant to Rule 433 dated June 20, 2025 / Registration Statement No. 333-284538
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
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GS Finance Corp. |
Contingent Income Auto-Callable Securities Based on the Performance of a Class A Subordinate Voting Share of Shopify Inc. due June 30, 2028 |
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Principal at Risk Securities The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. 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. |
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Coupon observation dates |
Coupon payment dates |
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September 29, 2025 |
October 2, 2025 |
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December 29, 2025 |
January 2, 2026 |
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March 27, 2026 |
April 1, 2026 |
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June 29, 2026 |
July 2, 2026 |
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September 28, 2026 |
October 1, 2026 |
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KEY TERMS |
December 28, 2026 |
December 31, 2026 |
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Company (Issuer) / Guarantor: |
GS Finance Corp. / The Goldman Sachs Group, Inc. |
March 29, 2027 |
April 1, 2027 |
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Underlying stock: |
a Class A subordinate voting share of Shopify Inc. (current Bloomberg ticker: “SHOP UW”) |
June 28, 2027 |
July 1, 2027 |
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Pricing date: |
expected to price on or about June 27, 2025 |
September 27, 2027 |
September 30, 2027 |
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Original issue date: |
expected to be July 2, 2025 |
December 27, 2027 |
December 30, 2027 |
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Coupon observation dates: |
as set forth under “Coupon observation dates” |
March 27, 2028 |
March 30, 2028 |
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Coupon payment dates: |
as set forth under “Coupon payment dates” |
June 27, 2028 (determination date) |
June 30, 2028 (stated maturity date) |
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Stated maturity date: |
expected to be June 30, 2028 |
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Payment at maturity (for each $1,000 stated principal amount of your securities): |
• if the final share price is greater than or equal to the downside threshold price, $1,000 plus the final contingent quarterly coupon; or • if the final share price is less than the downside threshold price, $1,000 × the share performance factor |
Hypothetical Payment Amount At Maturity |
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The Securities Have Not Been Automatically Called |
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Initial share price: |
the closing price of the underlying stock on the pricing date |
Hypothetical Final Share Price (as Percentage of Initial Share Price) |
Hypothetical Payment at Maturity (as Percentage of Principal Amount) |
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Final share price: |
the closing price of the underlying stock on the determination date |
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Call observation dates: |
each coupon observation date specified in the table commencing on September 29, 2025 and ending on March 27, 2028 |
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Call payment dates: |
the coupon payment date immediately after the applicable call observation date |
175.000% |
100.000%* |
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150.000% |
100.000%* |
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Determination date: |
the last coupon observation date, expected to be June 27, 2028 |
125.000% |
100.000%* |
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Downside threshold price: |
50.00% of the initial share price |
110.000% |
100.000%* |
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100.000% |
100.000%* |
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Automatic call feature: |
if, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price, your securities will be automatically called and, in addition to the contingent quarterly coupon then due, you will receive $1,000 for each $1,000 principal amount. No payments will be made after the call payment date. |
85.000% |
100.000%* |
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75.000% |
100.000%* |
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50.000% |
100.000%* |
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49.999% |
49.999% |
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Contingent quarterly coupon (set on the pricing date): |
subject to the automatic call feature, on each coupon payment date, for each $1,000 of the outstanding principal amount, the company will pay an amount in cash equal to: • if the closing price of the underlying stock on the applicable coupon observation date is greater than or equal to the downside threshold price, (i) the product of at least $39.75 (set on the pricing date) times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus (ii) the sum of all contingent quarterly coupons previously paid, if any; or • if the closing price of the underlying stock on the applicable coupon observation date is less than the downside threshold price, $0.00 |
45.000% |
45.000% |
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30.000% |
30.000% |
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25.000% |
25.000% |
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0.000% |
0.000% |
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* Does not include the final contingent quarterly coupon |
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Share performance factor: |
final share price / initial share price |
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CUSIP / ISIN: |
40058JFB6 / US40058JFB61 |
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Estimated value range: |
$910 to $970 (which is less than the original issue price; see the accompanying preliminary pricing supplement) |
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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 (including historical underlying stock closing prices), the terms of the securities and certain risks.
About Your Securities |
The amount that you will be paid on your securities is based on the performance of a Class A subordinate voting share of Shopify Inc. The securities will mature on the stated maturity date unless they are automatically called on any call observation date. If the final share price is greater than or equal to the downside threshold price, you will receive your $1,000 principal amount of your securities plus a contingent quarterly coupon. You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold price, you will not receive a coupon payment and you will lose a significant portion or all of your investment.
Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon then due.
The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon observation date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold price, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment. If the closing price of the underlying stock on any coupon observation date is less than the downside threshold price, you will not receive a contingent quarterly coupon payment on the applicable coupon payment date.
The securities are for investors who seek to earn a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities.
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, general terms supplement no. 17,741 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, general terms supplement no. 17,741 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, general terms supplement no. 17,741 and preliminary pricing supplement if you so request by calling (212) 357-4612.
The securities are notes that 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:
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 (including historical underlying stock closing prices), the terms of the securities and certain risks.
RISK FACTORS |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,741, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,741, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying stock. You should carefully consider whether the offered securities are appropriate given your particular circumstances.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Risks Related to Tax
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 (including historical underlying stock closing prices), the terms of the securities and certain risks.
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,741:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Risks Related to Tax
The following risk factors are discussed in greater detail in the accompanying prospectus 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 (including historical underlying stock closing prices), the terms of the securities and certain risks.
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements
TAX CONSIDERATIONS |
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Supplemental Discussion of U.S. Federal Income Tax Consequences” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax advisor.
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 (including historical underlying stock closing prices), the terms of the securities and certain risks.
FAQ
What is the downside threshold for the GS Contingent Income Securities linked to SHOP?
How does the automatic call feature work on these GS securities?
What is the size of the contingent quarterly coupon?
When do the notes mature if not called?
Are these GS notes protected from Goldman Sachs credit risk?
