[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., plans to issue Market-Linked Securities titled 鈥淎utocallable with Contingent Coupon and Contingent Downside Principal-at-Risk Securities鈥� linked to the common stock of NVIDIA Corporation (NVDA).
Key terms:
- Pricing / issue / maturity: expected 7 Jul 2025 / 10 Jul 2025 / 12 Jul 2028
- Face amount: $1,000 per note; CUSIP 40058JKY0
- Contingent coupon: 鈮� $33.625 quarterly (鈮� 13.45% p.a.) paid only if NVDA closes 鈮� 60 % of its starting price on the relevant calculation day
- Automatic call: quarterly from Oct 2025; triggered when NVDA closes 鈮� starting price. Holder then receives face value plus final coupon
- Downside protection: only to 60 % of starting price. If final price < 60 %, repayment = $1,000 脳 performance factor, exposing investor to losses > 40 % and up to 100 %
- Estimated value on pricing date: $925-$955 (92.5-95.5 % of face)
- Underwriting discount: up to 2.325 %; WFS may grant a 1.75 % concession to Wells Fargo Advisors and up to 0.075 % distribution fee
Risk highlights: investors bear full credit risk of both GS Finance Corp. and Goldman Sachs; potential total loss of principal; uncertain tax treatment; limited secondary market liquidity. The product offers no participation in NVDA upside beyond coupon payments.
The securities form part of GS鈥檚 Medium-Term Notes, Series F program. Full details, including extensive risk factors, appear in the preliminary pricing supplement dated 27 Jun 2025, WFS product supplement no. 5 and related prospectus documents on the SEC鈥檚 EDGAR system.
GS Finance Corp., interamente garantita da The Goldman Sachs Group, Inc., prevede di emettere titoli Market-Linked denominati 鈥淎utocallable con Cedola Contingente e Principale a Rischio Contingente鈥� collegati alle azioni ordinarie di NVIDIA Corporation (NVDA).
Termini principali:
- Prezzo / emissione / scadenza: previsti rispettivamente 7 lug 2025 / 10 lug 2025 / 12 lug 2028
- Valore nominale: $1.000 per nota; CUSIP 40058JKY0
- Cedola contingente: 鈮� $33,625 trimestrale (鈮� 13,45% annuo) pagata solo se NVDA chiude 鈮� 60% del prezzo iniziale nel giorno di calcolo rilevante
- Richiamo automatico: trimestrale da ott 2025; attivato se NVDA chiude 鈮� prezzo iniziale. Il detentore riceve quindi il valore nominale pi霉 la cedola finale
- Protezione al ribasso: solo fino al 60% del prezzo iniziale. Se il prezzo finale 猫 < 60%, il rimborso = $1.000 脳 fattore di performance, esponendo l鈥檌nvestitore a perdite superiori al 40% e fino al 100%
- Valore stimato alla data di prezzo: $925-$955 (92,5-95,5% del nominale)
- Sconto di sottoscrizione: fino al 2,325%; WFS pu貌 concedere una concessione dell鈥�1,75% a Wells Fargo Advisors e una commissione di distribuzione fino allo 0,075%
Rischi principali: gli investitori assumono il rischio di credito completo sia di GS Finance Corp. che di Goldman Sachs; possibile perdita totale del capitale; trattamento fiscale incerto; liquidit脿 limitata sul mercato secondario. Il prodotto non offre partecipazione all鈥檃umento di valore di NVDA oltre alle cedole.
I titoli fanno parte del programma Medium-Term Notes, Serie F di GS. Dettagli completi, inclusi i rischi estesi, sono disponibili nel supplemento preliminare di prezzo datato 27 giu 2025, nel supplemento prodotto WFS n. 5 e nei documenti di prospetto correlati sul sistema EDGAR della SEC.
GS Finance Corp., totalmente garantizada por The Goldman Sachs Group, Inc., planea emitir Valores Vinculados al Mercado titulados 鈥淎utocallable con Cup贸n Contingente y Principal en Riesgo Contingente鈥� vinculados a las acciones ordinarias de NVIDIA Corporation (NVDA).
T茅rminos clave:
- Precio / emisi贸n / vencimiento: previstos para 7 jul 2025 / 10 jul 2025 / 12 jul 2028
- Valor nominal: $1,000 por nota; CUSIP 40058JKY0
- Cup贸n contingente: 鈮� $33.625 trimestral (鈮� 13.45% anual) pagado solo si NVDA cierra 鈮� 60% de su precio inicial en el d铆a de c谩lculo correspondiente
- Llamada autom谩tica: trimestral desde oct 2025; activada cuando NVDA cierra 鈮� precio inicial. El tenedor recibe entonces el valor nominal m谩s el cup贸n final
- Protecci贸n a la baja: solo hasta el 60% del precio inicial. Si el precio final < 60%, el reembolso = $1,000 脳 factor de rendimiento, exponiendo al inversor a p茅rdidas superiores al 40% y hasta el 100%
- Valor estimado en la fecha de precio: $925-$955 (92.5-95.5% del nominal)
- Descuento de suscripci贸n: hasta 2.325%; WFS puede otorgar una concesi贸n del 1.75% a Wells Fargo Advisors y hasta 0.075% de comisi贸n de distribuci贸n
Aspectos de riesgo: los inversores asumen el riesgo crediticio total tanto de GS Finance Corp. como de Goldman Sachs; posible p茅rdida total del capital; tratamiento fiscal incierto; liquidez limitada en el mercado secundario. El producto no ofrece participaci贸n en la subida de NVDA m谩s all谩 de los pagos de cup贸n.
Los valores forman parte del programa Medium-Term Notes, Serie F de GS. Los detalles completos, incluidos los factores de riesgo extensos, est谩n disponibles en el suplemento preliminar de precios fechado el 27 de jun 2025, suplemento de producto WFS n.潞 5 y documentos de prospecto relacionados en el sistema EDGAR de la SEC.
GS 韺岇澊雮胳姢 旖旐嵓霠堨澊靺�鞚赌 瓿摐毵� 靷姢 攴鸽９, Inc.鞚� 鞝勳暋 氤挫鞚� 氚涭晞 NVIDIA Corporation (NVDA) 氤错喌欤检棎 鞐瓣硠霅� 鈥滌“瓯措秬 炜犿彴 氚� 臁瓣贝攵� 頃橂澖 鞙勴棙 鞗愱笀鞚� 鞛愲彊 靸來櫂 臧�電� 歃濌秾鈥濎澊霛茧姅 鞝滊鞚� 鞁滌灔 鞐瓣硠 歃濌秾鞚� 氚滍枆頃� 瓿勴殟鞛呺媹雼�.
欤检殧 臁瓣贝:
- 臧�瓴� 毂呾爼 / 氚滍枆 / 毵岅赴: 2025雲� 7鞗� 7鞚� / 2025雲� 7鞗� 10鞚� / 2028雲� 7鞗� 12鞚� 鞓堨爼
- 鞎‰┐臧�: 臧� 雲疙姼雼� $1,000; CUSIP 40058JKY0
- 臁瓣贝攵� 炜犿彴: 攵勱赴氤� $33.625 鞚挫儊 (鞐� 13.45% 鞚挫儊), 頃措嫻 靷办爼鞚检棎 NVDA臧� 鞁滌瀾 臧�瓴╈潣 60% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎鞐愲 歆�旮�
- 鞛愲彊 靸來櫂: 2025雲� 10鞗旊秬韯� 攵勱赴氤�; NVDA臧� 鞁滌瀾 臧�瓴� 鞚挫儊鞙茧 毵堦皭頃� 霑� 氚滊彊. 氤挫湢鞛愲姅 鞎‰┐臧�鞕� 斓滌 炜犿彴鞚� 靾橂牴
- 頃橂澖 氤错樃: 鞁滌瀾 臧�瓴╈潣 60%旯岇. 斓滌 臧�瓴╈澊 60% 氙鸽鞚� 瓴届毎 靸來櫂鞎§澏� $1,000 脳 靹标臣 歆�靾橂, 韴瀽鞛愲姅 40% 齑堦臣鞐愳劀 斓滊寑 100%旯岇 靻愳嫟 鞙勴棙鞐� 雲胳稖霅�
- 臧�瓴� 毂呾爼鞚� 鞓堨儊 臧�旃�: $925-$955 (鞎‰┐臧�鞚� 92.5-95.5%)
- 鞚胳垬 靾橃垬耄�: 斓滊寑 2.325%; WFS電� Wells Fargo Advisors鞐� 1.75% 頃犾澑 氚� 斓滊寑 0.075% 氚绊彫 靾橃垬耄岆ゼ 鞝滉车頃� 靾� 鞛堨潓
鞙勴棙 鞖旍暯: 韴瀽鞛愲姅 GS 韺岇澊雮胳姢 旖旐嵓霠堨澊靺橁臣 瓿摐毵� 靷姢鞚� 鞁犾毄 鞙勴棙鞚� 鞝勳爜鞙茧 攵�雼错晿氅�, 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚, 攵堩檿鞁ろ暅 靹戈笀 觳橂Μ, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹膘棎 雲胳稖霅╇媹雼�. 鞚� 靸來拡鞚赌 NVDA 欤缄皜 靸侅姽鞐� 雽�頃� 彀胳棳毳� 炜犿彴 歆�旮� 鞕胳棎電� 鞝滉车頃橃 鞎婌姷雼堧嫟.
氤� 歃濌秾鞚赌 GS鞚� 欷戧赴毂勱秾(Medium-Term Notes), 鞁滊Μ歃� F 頂勲攴鸽灗鞚� 鞚茧秬鞛呺媹雼�. 鞛愳劯頃� 雮挫毄瓿� 甏戨矓鞙勴暅 鞙勴棙 鞖旍澑鞚赌 2025雲� 6鞗� 27鞚检瀽 鞓堧箘 臧�瓴� 氤挫订靹�, WFS 鞝滍拡 氤挫订靹� 5順� 氚� SEC EDGAR 鞁滌姢韰滌潣 甏�霠� 靹る獏靹滌棎靹� 頇曥澑頃� 靾� 鞛堨姷雼堧嫟.
GS Finance Corp., enti猫rement garantie par The Goldman Sachs Group, Inc., pr茅voit d鈥櫭﹎ettre des titres li茅s au march茅 intitul茅s 芦 Autocallable avec Coupon Conditionnel et Principal 脿 Risque Conditionnel 禄 li茅s aux actions ordinaires de NVIDIA Corporation (NVDA).
Principaux termes :
- Prix / 茅mission / 茅ch茅ance : pr茅vus les 7 juil. 2025 / 10 juil. 2025 / 12 juil. 2028
- Montant nominal : 1 000 $ par note ; CUSIP 40058JKY0
- Coupon conditionnel : 鈮� 33,625 $ trimestriel (鈮� 13,45 % p.a.) vers茅 uniquement si NVDA cl么ture 鈮� 60 % de son prix de d茅part le jour de calcul pertinent
- Rappel automatique : trimestriel 脿 partir d鈥檕ct. 2025 ; d茅clench茅 lorsque NVDA cl么ture 鈮� prix de d茅part. Le d茅tenteur re莽oit alors la valeur nominale plus le coupon final
- Protection 脿 la baisse : uniquement jusqu鈥櫭� 60 % du prix de d茅part. Si le prix final < 60 %, le remboursement = 1 000 $ 脳 facteur de performance, exposant l鈥檌nvestisseur 脿 des pertes sup茅rieures 脿 40 % et jusqu鈥櫭� 100 %
- Valeur estim茅e 脿 la date de tarification : 925-955 $ (92,5-95,5 % du nominal)
- Remise de souscription : jusqu鈥櫭� 2,325 % ; WFS peut accorder une concession de 1,75 % 脿 Wells Fargo Advisors et jusqu鈥櫭� 0,075 % de frais de distribution
Points cl茅s de risque : les investisseurs supportent le risque de cr茅dit complet de GS Finance Corp. et Goldman Sachs ; perte totale potentielle du capital ; traitement fiscal incertain ; liquidit茅 limit茅e sur le march茅 secondaire. Le produit n鈥檕ffre aucune participation 脿 la hausse de NVDA au-del脿 des paiements de coupon.
Les titres font partie du programme Medium-Term Notes, S茅rie F de GS. Les d茅tails complets, y compris les facteurs de risque 茅tendus, figurent dans le suppl茅ment pr茅liminaire de tarification dat茅 du 27 juin 2025, le suppl茅ment produit WFS n掳 5 et les documents de prospectus associ茅s sur le syst猫me EDGAR de la SEC.
GS Finance Corp., vollst盲ndig garantiert von The Goldman Sachs Group, Inc., plant die Emission von marktgebundenen Wertpapieren mit dem Titel 鈥濧utocallable mit bedingtem Kupon und bedingtem Risiko des Kapitalr眉ckzahlungsbetrags鈥�, die an die Stammaktien von NVIDIA Corporation (NVDA) gekoppelt sind.
Wichtige Bedingungen:
- Preisfestsetzung / Ausgabe / F盲lligkeit: voraussichtlich 7. Juli 2025 / 10. Juli 2025 / 12. Juli 2028
- Nennbetrag: 1.000 $ pro Note; CUSIP 40058JKY0
- Bedingter Kupon: 鈮� 33,625 $ viertelj盲hrlich (鈮� 13,45 % p.a.), zahlbar nur, wenn NVDA am jeweiligen Berechnungstag 鈮� 60 % des Startpreises schlie脽t
- Automatischer R眉ckruf: viertelj盲hrlich ab Okt. 2025; ausgel枚st, wenn NVDA 鈮� Startpreis schlie脽t. Anleger erhalten dann Nennwert plus letzte Kuponzahlung
- Abw盲rtsschutz: nur bis 60 % des Startpreises. Liegt der Endpreis unter 60 %, erfolgt die R眉ckzahlung = 1.000 $ 脳 Performancefaktor, wodurch der Anleger Verluste von 眉ber 40 % bis zu 100 % tragen kann
- Gesch盲tzter Wert am Preisfestsetzungstag: 925-955 $ (92,5-95,5 % des Nennwerts)
- Underwriting-Discount: bis zu 2,325 %; WFS kann Wells Fargo Advisors einen Nachlass von 1,75 % gew盲hren und eine Vertriebsgeb眉hr von bis zu 0,075 %
Risikohinweise: Anleger tragen das volle Kreditrisiko von GS Finance Corp. und Goldman Sachs; potenzieller Totalverlust des Kapitals; unsichere steuerliche Behandlung; eingeschr盲nkte Liquidit盲t am Sekund盲rmarkt. Das Produkt bietet keine Partizipation an Kurssteigerungen von NVDA 眉ber die Kuponzahlungen hinaus.
Die Wertpapiere sind Teil des Medium-Term Notes-Programms, Serie F von GS. Vollst盲ndige Details, einschlie脽lich ausf眉hrlicher Risikofaktoren, finden sich im vorl盲ufigen Preiszusatz vom 27. Juni 2025, im WFS-Produktsupplement Nr. 5 sowie in den zugeh枚rigen Prospektunterlagen im EDGAR-System der SEC.
- High contingent coupon rate of at least 13.45 % per annum provides potentially attractive income.
- Automatic call feature could return principal early with final coupon if NVDA trades at or above starting price.
- Principal-at-risk structure exposes investors to losses greater than 40 % and up to 100 % if NVDA ends below the 60 % barrier.
- Estimated value (92.5-95.5 % of face) underscores an initial mark-to-market discount to buyers.
- Credit risk of GS Finance Corp. and Goldman Sachs applies; payments depend on issuer and guarantor solvency.
- No upside participation; investors cannot benefit from NVDA price appreciation beyond receiving scheduled coupons.
Insights
TL;DR Structured note offers 鈮�13.45 % coupon with 60 % barrier; high income balanced by material principal risk and call feature.
The note provides attractive headline income via a quarterly contingent coupon set at a minimum 13.45 % annual rate, reflecting elevated implied volatility in NVDA. Automatic call from October 2025 limits tenor if NVDA trades at or above the starting price, capping investor upside but reducing issuer exposure. Downside protection is thin; once NVDA falls below 60 % at maturity, losses become linear, potentially wiping out the entire $1,000 principal. Estimated value of $925-$955 confirms a 4.5-7.5 % issuer/ distributor spread plus hedging costs. For Goldman Sachs, the deal adds fee income and balance-sheet funding at an effective rate comparable to senior unsecured debt; impact on overall earnings is immaterial. For investors, risk-reward is appropriate only for those seeking high current income and willing to accept equity-linked downside and credit risk.
TL;DR Note shifts NVDA volatility and GS credit risk to investors; no share ownership benefits.
Investors face two independent risk vectors: (1) market risk鈥攊f NVDA closes < 60 % on the final date, principal loss is proportionate; and (2) credit risk鈥攑ayment depends on GS Finance Corp. and Goldman Sachs solvency. The contingent coupon does not track interim NVDA performance; missing a single threshold results in zero coupon for that quarter. The product鈥檚 complexity and limited secondary liquidity could result in sizable mark-to-market discounts before maturity. Tax treatment remains uncertain, adding an administrative burden. From a systemic standpoint, such issuance is routine for Goldman Sachs and does not materially alter its risk profile.
GS Finance Corp., interamente garantita da The Goldman Sachs Group, Inc., prevede di emettere titoli Market-Linked denominati 鈥淎utocallable con Cedola Contingente e Principale a Rischio Contingente鈥� collegati alle azioni ordinarie di NVIDIA Corporation (NVDA).
Termini principali:
- Prezzo / emissione / scadenza: previsti rispettivamente 7 lug 2025 / 10 lug 2025 / 12 lug 2028
- Valore nominale: $1.000 per nota; CUSIP 40058JKY0
- Cedola contingente: 鈮� $33,625 trimestrale (鈮� 13,45% annuo) pagata solo se NVDA chiude 鈮� 60% del prezzo iniziale nel giorno di calcolo rilevante
- Richiamo automatico: trimestrale da ott 2025; attivato se NVDA chiude 鈮� prezzo iniziale. Il detentore riceve quindi il valore nominale pi霉 la cedola finale
- Protezione al ribasso: solo fino al 60% del prezzo iniziale. Se il prezzo finale 猫 < 60%, il rimborso = $1.000 脳 fattore di performance, esponendo l鈥檌nvestitore a perdite superiori al 40% e fino al 100%
- Valore stimato alla data di prezzo: $925-$955 (92,5-95,5% del nominale)
- Sconto di sottoscrizione: fino al 2,325%; WFS pu貌 concedere una concessione dell鈥�1,75% a Wells Fargo Advisors e una commissione di distribuzione fino allo 0,075%
Rischi principali: gli investitori assumono il rischio di credito completo sia di GS Finance Corp. che di Goldman Sachs; possibile perdita totale del capitale; trattamento fiscale incerto; liquidit脿 limitata sul mercato secondario. Il prodotto non offre partecipazione all鈥檃umento di valore di NVDA oltre alle cedole.
I titoli fanno parte del programma Medium-Term Notes, Serie F di GS. Dettagli completi, inclusi i rischi estesi, sono disponibili nel supplemento preliminare di prezzo datato 27 giu 2025, nel supplemento prodotto WFS n. 5 e nei documenti di prospetto correlati sul sistema EDGAR della SEC.
GS Finance Corp., totalmente garantizada por The Goldman Sachs Group, Inc., planea emitir Valores Vinculados al Mercado titulados 鈥淎utocallable con Cup贸n Contingente y Principal en Riesgo Contingente鈥� vinculados a las acciones ordinarias de NVIDIA Corporation (NVDA).
T茅rminos clave:
- Precio / emisi贸n / vencimiento: previstos para 7 jul 2025 / 10 jul 2025 / 12 jul 2028
- Valor nominal: $1,000 por nota; CUSIP 40058JKY0
- Cup贸n contingente: 鈮� $33.625 trimestral (鈮� 13.45% anual) pagado solo si NVDA cierra 鈮� 60% de su precio inicial en el d铆a de c谩lculo correspondiente
- Llamada autom谩tica: trimestral desde oct 2025; activada cuando NVDA cierra 鈮� precio inicial. El tenedor recibe entonces el valor nominal m谩s el cup贸n final
- Protecci贸n a la baja: solo hasta el 60% del precio inicial. Si el precio final < 60%, el reembolso = $1,000 脳 factor de rendimiento, exponiendo al inversor a p茅rdidas superiores al 40% y hasta el 100%
- Valor estimado en la fecha de precio: $925-$955 (92.5-95.5% del nominal)
- Descuento de suscripci贸n: hasta 2.325%; WFS puede otorgar una concesi贸n del 1.75% a Wells Fargo Advisors y hasta 0.075% de comisi贸n de distribuci贸n
Aspectos de riesgo: los inversores asumen el riesgo crediticio total tanto de GS Finance Corp. como de Goldman Sachs; posible p茅rdida total del capital; tratamiento fiscal incierto; liquidez limitada en el mercado secundario. El producto no ofrece participaci贸n en la subida de NVDA m谩s all谩 de los pagos de cup贸n.
Los valores forman parte del programa Medium-Term Notes, Serie F de GS. Los detalles completos, incluidos los factores de riesgo extensos, est谩n disponibles en el suplemento preliminar de precios fechado el 27 de jun 2025, suplemento de producto WFS n.潞 5 y documentos de prospecto relacionados en el sistema EDGAR de la SEC.
GS 韺岇澊雮胳姢 旖旐嵓霠堨澊靺�鞚赌 瓿摐毵� 靷姢 攴鸽９, Inc.鞚� 鞝勳暋 氤挫鞚� 氚涭晞 NVIDIA Corporation (NVDA) 氤错喌欤检棎 鞐瓣硠霅� 鈥滌“瓯措秬 炜犿彴 氚� 臁瓣贝攵� 頃橂澖 鞙勴棙 鞗愱笀鞚� 鞛愲彊 靸來櫂 臧�電� 歃濌秾鈥濎澊霛茧姅 鞝滊鞚� 鞁滌灔 鞐瓣硠 歃濌秾鞚� 氚滍枆頃� 瓿勴殟鞛呺媹雼�.
欤检殧 臁瓣贝:
- 臧�瓴� 毂呾爼 / 氚滍枆 / 毵岅赴: 2025雲� 7鞗� 7鞚� / 2025雲� 7鞗� 10鞚� / 2028雲� 7鞗� 12鞚� 鞓堨爼
- 鞎‰┐臧�: 臧� 雲疙姼雼� $1,000; CUSIP 40058JKY0
- 臁瓣贝攵� 炜犿彴: 攵勱赴氤� $33.625 鞚挫儊 (鞐� 13.45% 鞚挫儊), 頃措嫻 靷办爼鞚检棎 NVDA臧� 鞁滌瀾 臧�瓴╈潣 60% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎鞐愲 歆�旮�
- 鞛愲彊 靸來櫂: 2025雲� 10鞗旊秬韯� 攵勱赴氤�; NVDA臧� 鞁滌瀾 臧�瓴� 鞚挫儊鞙茧 毵堦皭頃� 霑� 氚滊彊. 氤挫湢鞛愲姅 鞎‰┐臧�鞕� 斓滌 炜犿彴鞚� 靾橂牴
- 頃橂澖 氤错樃: 鞁滌瀾 臧�瓴╈潣 60%旯岇. 斓滌 臧�瓴╈澊 60% 氙鸽鞚� 瓴届毎 靸來櫂鞎§澏� $1,000 脳 靹标臣 歆�靾橂, 韴瀽鞛愲姅 40% 齑堦臣鞐愳劀 斓滊寑 100%旯岇 靻愳嫟 鞙勴棙鞐� 雲胳稖霅�
- 臧�瓴� 毂呾爼鞚� 鞓堨儊 臧�旃�: $925-$955 (鞎‰┐臧�鞚� 92.5-95.5%)
- 鞚胳垬 靾橃垬耄�: 斓滊寑 2.325%; WFS電� Wells Fargo Advisors鞐� 1.75% 頃犾澑 氚� 斓滊寑 0.075% 氚绊彫 靾橃垬耄岆ゼ 鞝滉车頃� 靾� 鞛堨潓
鞙勴棙 鞖旍暯: 韴瀽鞛愲姅 GS 韺岇澊雮胳姢 旖旐嵓霠堨澊靺橁臣 瓿摐毵� 靷姢鞚� 鞁犾毄 鞙勴棙鞚� 鞝勳爜鞙茧 攵�雼错晿氅�, 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚, 攵堩檿鞁ろ暅 靹戈笀 觳橂Μ, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹膘棎 雲胳稖霅╇媹雼�. 鞚� 靸來拡鞚赌 NVDA 欤缄皜 靸侅姽鞐� 雽�頃� 彀胳棳毳� 炜犿彴 歆�旮� 鞕胳棎電� 鞝滉车頃橃 鞎婌姷雼堧嫟.
氤� 歃濌秾鞚赌 GS鞚� 欷戧赴毂勱秾(Medium-Term Notes), 鞁滊Μ歃� F 頂勲攴鸽灗鞚� 鞚茧秬鞛呺媹雼�. 鞛愳劯頃� 雮挫毄瓿� 甏戨矓鞙勴暅 鞙勴棙 鞖旍澑鞚赌 2025雲� 6鞗� 27鞚检瀽 鞓堧箘 臧�瓴� 氤挫订靹�, WFS 鞝滍拡 氤挫订靹� 5順� 氚� SEC EDGAR 鞁滌姢韰滌潣 甏�霠� 靹る獏靹滌棎靹� 頇曥澑頃� 靾� 鞛堨姷雼堧嫟.
GS Finance Corp., enti猫rement garantie par The Goldman Sachs Group, Inc., pr茅voit d鈥櫭﹎ettre des titres li茅s au march茅 intitul茅s 芦 Autocallable avec Coupon Conditionnel et Principal 脿 Risque Conditionnel 禄 li茅s aux actions ordinaires de NVIDIA Corporation (NVDA).
Principaux termes :
- Prix / 茅mission / 茅ch茅ance : pr茅vus les 7 juil. 2025 / 10 juil. 2025 / 12 juil. 2028
- Montant nominal : 1 000 $ par note ; CUSIP 40058JKY0
- Coupon conditionnel : 鈮� 33,625 $ trimestriel (鈮� 13,45 % p.a.) vers茅 uniquement si NVDA cl么ture 鈮� 60 % de son prix de d茅part le jour de calcul pertinent
- Rappel automatique : trimestriel 脿 partir d鈥檕ct. 2025 ; d茅clench茅 lorsque NVDA cl么ture 鈮� prix de d茅part. Le d茅tenteur re莽oit alors la valeur nominale plus le coupon final
- Protection 脿 la baisse : uniquement jusqu鈥櫭� 60 % du prix de d茅part. Si le prix final < 60 %, le remboursement = 1 000 $ 脳 facteur de performance, exposant l鈥檌nvestisseur 脿 des pertes sup茅rieures 脿 40 % et jusqu鈥櫭� 100 %
- Valeur estim茅e 脿 la date de tarification : 925-955 $ (92,5-95,5 % du nominal)
- Remise de souscription : jusqu鈥櫭� 2,325 % ; WFS peut accorder une concession de 1,75 % 脿 Wells Fargo Advisors et jusqu鈥櫭� 0,075 % de frais de distribution
Points cl茅s de risque : les investisseurs supportent le risque de cr茅dit complet de GS Finance Corp. et Goldman Sachs ; perte totale potentielle du capital ; traitement fiscal incertain ; liquidit茅 limit茅e sur le march茅 secondaire. Le produit n鈥檕ffre aucune participation 脿 la hausse de NVDA au-del脿 des paiements de coupon.
Les titres font partie du programme Medium-Term Notes, S茅rie F de GS. Les d茅tails complets, y compris les facteurs de risque 茅tendus, figurent dans le suppl茅ment pr茅liminaire de tarification dat茅 du 27 juin 2025, le suppl茅ment produit WFS n掳 5 et les documents de prospectus associ茅s sur le syst猫me EDGAR de la SEC.
GS Finance Corp., vollst盲ndig garantiert von The Goldman Sachs Group, Inc., plant die Emission von marktgebundenen Wertpapieren mit dem Titel 鈥濧utocallable mit bedingtem Kupon und bedingtem Risiko des Kapitalr眉ckzahlungsbetrags鈥�, die an die Stammaktien von NVIDIA Corporation (NVDA) gekoppelt sind.
Wichtige Bedingungen:
- Preisfestsetzung / Ausgabe / F盲lligkeit: voraussichtlich 7. Juli 2025 / 10. Juli 2025 / 12. Juli 2028
- Nennbetrag: 1.000 $ pro Note; CUSIP 40058JKY0
- Bedingter Kupon: 鈮� 33,625 $ viertelj盲hrlich (鈮� 13,45 % p.a.), zahlbar nur, wenn NVDA am jeweiligen Berechnungstag 鈮� 60 % des Startpreises schlie脽t
- Automatischer R眉ckruf: viertelj盲hrlich ab Okt. 2025; ausgel枚st, wenn NVDA 鈮� Startpreis schlie脽t. Anleger erhalten dann Nennwert plus letzte Kuponzahlung
- Abw盲rtsschutz: nur bis 60 % des Startpreises. Liegt der Endpreis unter 60 %, erfolgt die R眉ckzahlung = 1.000 $ 脳 Performancefaktor, wodurch der Anleger Verluste von 眉ber 40 % bis zu 100 % tragen kann
- Gesch盲tzter Wert am Preisfestsetzungstag: 925-955 $ (92,5-95,5 % des Nennwerts)
- Underwriting-Discount: bis zu 2,325 %; WFS kann Wells Fargo Advisors einen Nachlass von 1,75 % gew盲hren und eine Vertriebsgeb眉hr von bis zu 0,075 %
Risikohinweise: Anleger tragen das volle Kreditrisiko von GS Finance Corp. und Goldman Sachs; potenzieller Totalverlust des Kapitals; unsichere steuerliche Behandlung; eingeschr盲nkte Liquidit盲t am Sekund盲rmarkt. Das Produkt bietet keine Partizipation an Kurssteigerungen von NVDA 眉ber die Kuponzahlungen hinaus.
Die Wertpapiere sind Teil des Medium-Term Notes-Programms, Serie F von GS. Vollst盲ndige Details, einschlie脽lich ausf眉hrlicher Risikofaktoren, finden sich im vorl盲ufigen Preiszusatz vom 27. Juni 2025, im WFS-Produktsupplement Nr. 5 sowie in den zugeh枚rigen Prospektunterlagen im EDGAR-System der SEC.
Free Writing Prospectus pursuant to Rule 433 dated June 27, 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 Common Stock of NVIDIA Corporation due July 12, 2028 |
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 40%, 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 27, 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 27, 2025 ● WFS product supplement no. 5 dated February 14, 2025 ● Prospectus supplement dated February 14, 2025 ● Prospectus dated February 14, 2025
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Market Measure (the “underlying stock”): |
the common stock of NVIDIA Corporation. (current Bloomberg ticker: “NVDA UW”) |
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Pricing date: |
expected to be July 7, 2025 |
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Issue date: |
expected to be July 10, 2025 |
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Final calculation day: |
expected to be July 7, 2028 |
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Stated maturity date: |
expected to be July 12, 2028 |
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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 October 2025 calculation day. |
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Downside threshold price: |
60% 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 $33.625 (equivalent to a contingent coupon rate of at least 13.45% 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 October 2025 and ending in April 2028 |
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Call settlement date: |
the contingent coupon payment date immediately following the applicable call date |
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Calculation days: |
quarterly, on the 7th day of each January, April, July and October, commencing in October 2025 and ending in April 2028, and the final calculation day |
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Contingent coupon payment dates: |
quarterly, 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 2.325% 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 2.325% 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 1.75% 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: |
40058JKY0 |
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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 0.3% 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 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.
Source:
FAQ
What is the contingent coupon rate on Goldman Sachs (GS) NVDA-linked notes?
When can the GS autocallable notes be automatically redeemed?
What downside protection is provided on these NVDA-linked securities?
How does the estimated value compare with the issue price?
Who bears credit risk for the securities?
