[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs (GS) has filed an FWP for a new structured note鈥擬arket Linked Securities, Series F鈥攖ied to the EURO STOXX 50庐 Index and due July 27, 2028. The $1,000-denominated notes combine three key features: (1) 150% leveraged upside on index appreciation if the securities are not called, (2) a one-time automatic call on July 27, 2026 that provides a minimum 10.40% call premium if the index closes at or above its initial level, and (3) a 15% downside buffer that absorbs index losses down to 85% of the starting level. Below that threshold, investors are exposed to 1-for-1 downside participation up to an 85% maximum loss of principal at maturity.
Key economic terms:
- Pricing date: expected July 22, 2025; Issue date: July 25, 2025; Maturity: July 27, 2028
- Starting level: closing level on pricing date; Threshold: 85% of starting level
- Estimated value: $925 鈥� $955 per $1,000 face amount (4.5-7.5% discount to issue price)
- Underwriting discount: up to 2.575%; additional dealer fees up to 0.3%
Payoff structure: If automatically called, payment equals $1,000 + call premium (鈮�$104). If not called and the index rises, maturity payment equals $1,000 + (150% 脳 index return). If the index ends 0-15% lower, principal is returned; below the 85% threshold, repayment is reduced dollar-for-dollar beyond the 15% buffer.
Risk highlights: Investors face full issuer and guarantor credit risk, no periodic interest, a capped return if called, and potential loss of up to 85% of principal. The secondary market value may be volatile and is expected to start below par, as the bank鈥檚 model-based estimated value is $925鈥�$955. Tax treatment is uncertain; FATCA withholding could apply.
The securities are offered under the GS Finance Corp. medium-term note program and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Prospective investors should review the preliminary pricing supplement dated July 10, 2025, WFS product supplement no. 5, underlier supplement no. 45, prospectus supplement, and base prospectus for complete terms and risk factors.
Goldman Sachs (GS) ha presentato un FWP per una nuova nota strutturata鈥擬arket Linked Securities, Serie F鈥攃ollegata all'indice EURO STOXX 50庐 con scadenza il 27 luglio 2028. Le note denominate $1.000 combinano tre caratteristiche principali: (1) rendimento positivo con leva 150% sull'apprezzamento dell'indice se i titoli non vengono richiamati, (2) un richiamo automatico una tantum il 27 luglio 2026 che offre un premio minimo del 10,40% se l'indice chiude al livello iniziale o superiore, e (3) un buffer di protezione del 15% che assorbe le perdite dell'indice fino all'85% del livello iniziale. Al di sotto di questa soglia, gli investitori sono esposti a una partecipazione alle perdite 1 a 1 fino a una perdita massima dell'85% del capitale a scadenza.
Termini economici principali:
- Data di prezzo: prevista 22 luglio 2025; Data di emissione: 25 luglio 2025; Scadenza: 27 luglio 2028
- Livello iniziale: livello di chiusura alla data di prezzo; Soglia: 85% del livello iniziale
- Valore stimato: $925 鈥� $955 per ogni $1.000 di valore nominale (sconto del 4,5-7,5% rispetto al prezzo di emissione)
- Sconto di sottoscrizione: fino al 2,575%; commissioni dealer aggiuntive fino allo 0,3%
Struttura del rendimento: Se richiamata automaticamente, il pagamento sar脿 pari a $1.000 + premio di richiamo (鈮�$104). Se non richiamata e l'indice sale, il pagamento a scadenza sar脿 $1.000 + (150% 脳 rendimento dell'indice). Se l'indice chiude tra 0 e -15%, il capitale 猫 restituito; sotto la soglia dell'85%, il rimborso viene ridotto proporzionalmente oltre il buffer del 15%.
Rischi principali: Gli investitori affrontano il rischio completo di credito dell'emittente e del garante, nessun interesse periodico, rendimento limitato in caso di richiamo e possibile perdita fino all'85% del capitale. Il valore sul mercato secondario potrebbe essere volatile e si prevede inizi sotto la pari, dato che il valore stimato basato sul modello della banca 猫 tra $925 e $955. Il trattamento fiscale 猫 incerto; potrebbe applicarsi la ritenuta FATCA.
I titoli sono offerti nell'ambito del programma di note a medio termine di GS Finance Corp. e sono garantiti in modo pieno e incondizionato da The Goldman Sachs Group, Inc. Gli investitori interessati dovrebbero consultare il supplemento preliminare al prezzo datato 10 luglio 2025, il supplemento prodotto WFS n. 5, il supplemento sottostante n. 45, il supplemento al prospetto e il prospetto base per i termini completi e i fattori di rischio.
Goldman Sachs (GS) ha presentado un FWP para una nueva nota estructurada鈥擬arket Linked Securities, Serie F鈥攙inculada al 铆ndice EURO STOXX 50庐 con vencimiento el 27 de julio de 2028. Las notas denominadas en $1,000 combinan tres caracter铆sticas clave: (1) apreciaci贸n apalancada al 150% sobre el 铆ndice si los valores no son llamados, (2) un llamado autom谩tico 煤nico el 27 de julio de 2026 que ofrece un premio m铆nimo de llamada del 10,40% si el 铆ndice cierra en o por encima del nivel inicial, y (3) un amortiguador a la baja del 15% que absorbe p茅rdidas del 铆ndice hasta el 85% del nivel inicial. Por debajo de ese umbral, los inversionistas est谩n expuestos a una participaci贸n a la baja 1 a 1 hasta una p茅rdida m谩xima del 85% del principal al vencimiento.
T茅rminos econ贸micos clave:
- Fecha de precio: prevista para el 22 de julio de 2025; Fecha de emisi贸n: 25 de julio de 2025; Vencimiento: 27 de julio de 2028
- Nivel inicial: nivel de cierre en la fecha de precio; Umbral: 85% del nivel inicial
- Valor estimado: $925 鈥� $955 por cada $1,000 de valor nominal (descuento del 4.5-7.5% respecto al precio de emisi贸n)
- Descuento de suscripci贸n: hasta 2.575%; tarifas adicionales de intermediarios hasta 0.3%
Estructura del pago: Si es llamado autom谩ticamente, el pago ser谩 $1,000 + prima de llamada (鈮�$104). Si no es llamado y el 铆ndice sube, el pago al vencimiento ser谩 $1,000 + (150% 脳 rendimiento del 铆ndice). Si el 铆ndice termina entre 0 y -15%, se devuelve el principal; por debajo del umbral del 85%, el reembolso se reduce d贸lar por d贸lar m谩s all谩 del amortiguador del 15%.
Aspectos de riesgo: Los inversionistas enfrentan riesgo total de cr茅dito del emisor y garante, sin intereses peri贸dicos, rendimiento limitado si es llamado y posible p茅rdida de hasta el 85% del principal. El valor en mercado secundario puede ser vol谩til y se espera que comience por debajo del valor nominal, ya que el valor estimado basado en el modelo del banco es de $925 a $955. El tratamiento fiscal es incierto; podr铆a aplicarse retenci贸n FATCA.
Los valores se ofrecen bajo el programa de notas a mediano plazo de GS Finance Corp. y est谩n garantizados total e incondicionalmente por The Goldman Sachs Group, Inc. Los inversionistas potenciales deben revisar el suplemento preliminar de precios fechado el 10 de julio de 2025, el suplemento de producto WFS n.潞 5, el suplemento subyacente n.潞 45, el suplemento de prospecto y el prospecto base para conocer los t茅rminos completos y factores de riesgo.
瓿摐毵� 靷姢(GS)電� EURO STOXX 50庐 歆�靾橃棎 鞐半彊霅� 靸堧鞖� 甑“頇� 靸來拡鞚� Market Linked Securities, 鞁滊Μ歃� F鞐� 雽�頃� FWP毳� 鞝滌稖頄堨溂氅�, 毵岅赴電� 2028雲� 7鞗� 27鞚检瀰雼堧嫟. $1,000 雼渼搿� 氚滍枆霅橂姅 鞚� 雲疙姼電� 靹� 臧�歆� 欤检殧 韸轨鞚� 瓴绊暕頃╇媹雼�: (1) 歆�靾� 靸侅姽鞐� 雽�頃� 150% 霠堧矂毽 靸侅姽 (歃濌秾鞚� 旖滊悩歆� 鞎婌潉 瓴届毎), (2) 2026雲� 7鞗� 27鞚检棎 雼� 頃� 氩堨潣 鞛愲彊 旖�鞚� 氚滌儩頃橂┌, 鞚� 霑� 歆�靾橁皜 斓滌磮 靾橃 鞚挫儊鞙茧 毵堦皭頃橂┐ 斓滌唽 10.40% 旖� 頂勲Μ氙胳梽鞚� 歆�旮夒悩瓿�, (3) 歆�靾橁皜 斓滌磮 靾橃鞚� 85%旯岇 頃橂澖頃橂姅 靻愳嫟鞚� 頋§垬頃橂姅 15% 頃橂澖 氚╈柎靹�鞚� 鞛堨姷雼堧嫟. 鞚� 鞛勱硠臧� 鞎勲灅鞐愳劀電� 韴瀽鞛愱皜 1雽�1 頃橂澖 彀胳棳毳� 頃橂┌, 毵岅赴 鞁� 斓滊寑 85% 鞗愱笀 靻愳嫟鞐� 雲胳稖霅╇媹雼�.
欤检殧 瓴届牅 臁瓣贝:
- 臧�瓴� 瓴办爼鞚�: 2025雲� 7鞗� 22鞚� 鞓堨爼; 氚滍枆鞚�: 2025雲� 7鞗� 25鞚�; 毵岅赴: 2028雲� 7鞗� 27鞚�
- 鞁滌瀾 靾橃: 臧�瓴� 瓴办爼鞚� 膦呹皜; 鞛勱硠臧�: 鞁滌瀾 靾橃鞚� 85%
- 鞓堨儊 臧�旃�: $925 鈥� $955 (鞎‰┐臧� $1,000雼� 4.5~7.5% 頃犾澑)
- 鞚胳垬 靾橃垬耄�: 斓滊寑 2.575%; 於旉皜 霐滊煬 靾橃垬耄� 斓滊寑 0.3%
歆�旮� 甑“: 鞛愲彊 旖� 鞁� 歆�旮夓暋鞚� $1,000 + 旖� 頂勲Μ氙胳梽(鈮�$104)鞛呺媹雼�. 旖滊悩歆� 鞎婈碃 歆�靾橁皜 靸侅姽頃橂┐ 毵岅赴 歆�旮夓暋鞚� $1,000 + (150% 脳 歆�靾� 靾橃澋毳�)鞛呺媹雼�. 歆�靾橁皜 0~15% 頃橂澖頃橂┐ 鞗愱笀鞚� 氚橅櫂霅橂┌, 85% 鞛勱硠臧� 鞎勲灅鞐愳劀電� 15% 氚╈柎靹犾潉 齑堦臣頃橂姅 靻愳嫟鞐� 雽�頃� 1雽�1搿� 鞗愱笀鞚� 臧愳暋霅╇媹雼�.
鞙勴棙 鞖旍暯: 韴瀽鞛愲姅 氚滍枆鞛� 氚� 氤挫鞚胳潣 鞁犾毄 鞙勴棙鞚� 鞝勳爜鞙茧 攵�雼错晿氅�, 鞝曣赴 鞚挫瀽電� 鞐嗞碃, 旖� 鞁� 靾橃澋鞚� 鞝滍暅霅橂┌, 斓滊寑 85% 鞗愱笀 靻愳嫟 臧�電レ劚鞚� 鞛堨姷雼堧嫟. 2彀� 鞁滌灔 臧�旃橂姅 氤�霃欖劚鞚� 韥� 靾� 鞛堦碃, 鞚�頄� 氇嵏鞐� 霐半ジ 於旍爼 臧�旃橂姅 $925~$955搿� 鞎‰┐臧� 鞚错晿鞐愳劀 鞁滌瀾頃� 瓴冹溂搿� 鞓堨儊霅╇媹雼�. 靹戈笀 觳橂Μ 氚╈嫕鞚� 攵堩檿鞁ろ晿氅� FATCA 鞗愳矞歆曥垬臧� 鞝侅毄霅� 靾� 鞛堨姷雼堧嫟.
鞚� 歃濌秾鞚� GS Finance Corp.鞚� 欷戧赴 雲疙姼 頂勲攴鸽灗 頃橃棎 鞝滉车霅橂┌, The Goldman Sachs Group, Inc.臧� 鞝勳暋 氚� 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 鞛犾灛 韴瀽鞛愲姅 2025雲� 7鞗� 10鞚检瀽 鞓堧箘 臧�瓴� 攵�搿�, WFS 鞝滍拡 攵�搿� 5順�, 旮办磮 鞛愳偘 攵�搿� 45順�, 靹る獏靹� 攵�搿� 氚� 旮半掣 靹る獏靹滊ゼ 瓴�韱犿晿鞐� 鞝勳泊 臁瓣贝瓿� 鞙勴棙 鞖旍唽毳� 頇曥澑頃挫暭 頃╇媹雼�.
Goldman Sachs (GS) a d茅pos茅 un FWP pour une nouvelle note structur茅e鈥擬arket Linked Securities, S茅rie F鈥攍i茅e 脿 l'indice EURO STOXX 50庐 avec 茅ch茅ance au 27 juillet 2028. Les notes libell茅es en $1 000 combinent trois caract茅ristiques cl茅s : (1) une hausse 脿 effet de levier de 150% sur l'appr茅ciation de l'indice si les titres ne sont pas rappel茅s, (2) un appel automatique unique le 27 juillet 2026 offrant une prime d'appel minimale de 10,40% si l'indice cl么ture au niveau initial ou au-dessus, et (3) un tampon de protection 脿 la baisse de 15% absorbant les pertes de l'indice jusqu'脿 85% du niveau de d茅part. En dessous de ce seuil, les investisseurs supportent une participation 脿 la baisse de 1 pour 1 jusqu'脿 une perte maximale de 85% du capital 脿 l'茅ch茅ance.
Principaux termes 茅conomiques :
- Date de tarification : pr茅vue le 22 juillet 2025 ; Date d'茅mission : 25 juillet 2025 ; 脡ch茅ance : 27 juillet 2028
- Niveau de d茅part : niveau de cl么ture 脿 la date de tarification ; Seuil : 85% du niveau de d茅part
- Valeur estim茅e : 925 $ 鈥� 955 $ par montant nominal de 1 000 $ (d茅cote de 4,5 脿 7,5 % par rapport au prix d'茅mission)
- Remise de souscription : jusqu鈥櫭� 2,575 % ; frais suppl茅mentaires des courtiers jusqu鈥櫭� 0,3 %
Structure de paiement : En cas d'appel automatique, le paiement est 茅gal 脿 1 000 $ + prime d'appel (鈮�104 $). Si non appel茅 et que l'indice augmente, le paiement 脿 l'茅ch茅ance est de 1 000 $ + (150 % 脳 rendement de l'indice). Si l'indice termine entre 0 et -15 %, le principal est rembours茅 ; en dessous du seuil de 85 %, le remboursement est r茅duit dollar pour dollar au-del脿 du tampon de 15 %.
Points cl茅s sur les risques : Les investisseurs sont expos茅s au risque de cr茅dit complet de l鈥櫭﹎etteur et du garant, ne per莽oivent pas d鈥檌nt茅r锚ts p茅riodiques, ont un rendement plafonn茅 en cas d鈥檃ppel, et peuvent subir une perte allant jusqu鈥櫭� 85 % du capital. La valeur sur le march茅 secondaire peut 锚tre volatile et devrait commencer en dessous de la valeur nominale, la valeur estim茅e par le mod猫le de la banque 茅tant de 925 $ 脿 955 $. Le traitement fiscal est incertain ; une retenue FATCA pourrait s鈥檃ppliquer.
Les titres sont offerts dans le cadre du programme d鈥檕bligations 脿 moyen terme de GS Finance Corp. et sont enti猫rement et inconditionnellement garantis par The Goldman Sachs Group, Inc. Les investisseurs potentiels doivent consulter le suppl茅ment pr茅liminaire de tarification dat茅 du 10 juillet 2025, le suppl茅ment produit WFS n掳 5, le suppl茅ment sous-jacent n掳 45, le suppl茅ment de prospectus et le prospectus de base pour conna卯tre les conditions compl猫tes et les facteurs de risque.
Goldman Sachs (GS) hat ein FWP f眉r eine neue strukturierte Note 鈥� Market Linked Securities, Serie F 鈥� eingereicht, die an den EURO STOXX 50庐 Index gekoppelt ist und am 27. Juli 2028 f盲llig wird. Die auf $1.000 lautenden Notes vereinen drei Hauptmerkmale: (1) 150% gehebelte Aufw盲rtsrendite bei Indexsteigerung, sofern die Wertpapiere nicht vorzeitig zur眉ckgerufen werden, (2) einen einmaligen automatischen R眉ckruf am 27. Juli 2026 mit einem mindestens 10,40% R眉ckrufaufschlag, falls der Index auf oder 眉ber dem Anfangsniveau schlie脽t, und (3) einen 15% Abw盲rtspuffer, der Verluste des Index bis auf 85% des Startwerts abfedert. Unterhalb dieser Schwelle tragen Investoren eine 1:1 Abw盲rtsbeteiligung bis zu einem maximalen Kapitalverlust von 85% bei F盲lligkeit.
Wesentliche wirtschaftliche Bedingungen:
- Preisfeststellung: voraussichtlich 22. Juli 2025; Emission: 25. Juli 2025; F盲lligkeit: 27. Juli 2028
- Startniveau: Schlusskurs am Preisfeststellungstag; Schwelle: 85% des Startniveaus
- Gesch盲tzter Wert: $925 鈥� $955 pro $1.000 Nennwert (4,5-7,5% Abschlag auf den Ausgabepreis)
- Emissionsrabatt: bis zu 2,575%; zus盲tzliche H盲ndlergeb眉hren bis zu 0,3%
Auszahlungsstruktur: Bei automatischem R眉ckruf betr盲gt die Zahlung $1.000 plus R眉ckrufpr盲mie (鈮�$104). Wird nicht zur眉ckgerufen und steigt der Index, betr盲gt die Endzahlung $1.000 + (150% 脳 Indexrendite). Bei einem Indexstand zwischen 0 und -15% wird das Kapital zur眉ckgezahlt; unterhalb der 85%-Schwelle wird die R眉ckzahlung Dollar f眉r Dollar 眉ber den 15%-Puffer hinaus reduziert.
Risikohighlights: Investoren tragen das volle Emittenten- und Garantiegeber-Kreditrisiko, erhalten keine periodischen Zinsen, haben eine gedeckelte Rendite im Falle eines R眉ckrufs und k枚nnen bis zu 85% ihres Kapitals verlieren. Der Sekund盲rmarktwert kann volatil sein und wird voraussichtlich unter dem Nennwert beginnen, da der modellbasierte gesch盲tzte Wert der Bank $925鈥�$955 betr盲gt. Die steuerliche Behandlung ist unklar; FATCA-Quellensteuer k枚nnte anfallen.
Die Wertpapiere werden im Rahmen des Medium-Term-Note-Programms der GS Finance Corp. angeboten und sind uneingeschr盲nkt und unbefristet durch The Goldman Sachs Group, Inc. garantiert. Potenzielle Anleger sollten den vorl盲ufigen Preiszusatz vom 10. Juli 2025, den WFS-Produktsupplement Nr. 5, das Basiswert-Supplement Nr. 45, den Prospektzusatz und den Basisprospekt zur vollst盲ndigen Kenntnis der Bedingungen und Risikofaktoren pr眉fen.
- 150% upside participation allows enhanced exposure to EURO STOXX 50 gains if not called.
- 15% downside buffer protects principal against moderate index declines.
- Automatic call premium of at least 10.40% offers a fixed positive return after one year if market conditions trigger a call.
- Principal at risk: investors may lose up to 85% of their investment if the index falls more than 15%.
- Return cap applies if the note is called, limiting upside to the call premium despite market rally.
- Estimated fair value ($925鈥�$955) is significantly below the $1,000 issue price, implying an immediate economic cost.
- No periodic interest and illiquid secondary market could disadvantage investors.
- Credit exposure to GS Finance Corp. and The Goldman Sachs Group, Inc.
Insights
TL;DR: Routine GS structured note offers 150% upside, 15% buffer, but return cap on call and estimated value below par鈥攐verall neutral impact.
The note鈥檚 economics are standard for auto-callable equity-linked products. A 150% participation rate and 10.4% call premium align with comparable deals, while the 15% buffer provides modest downside protection. However, investors should note the 4.5-7.5% issuance discount versus fair value, embedded dealer fees up to 2.575%, and credit exposure to GS. Because this is a primary offering, not an earnings update, it has limited valuation impact on GS shares; proceeds likely support normal funding activities. Impact: neutral.
TL;DR: Product does not alter GS credit profile; risks are transferred to noteholders鈥攊ssuer impact immaterial.
From a credit standpoint, the issuance is a small addition to GS鈥檚 large MTN program and carries an unconditional guarantee from the parent. The structure shifts market risk to investors, leaving GS with standard hedge execution. There is no material change to leverage or liquidity metrics, so the transaction is non-impactful for existing GS debt or equity holders. Rating: neutral.
Goldman Sachs (GS) ha presentato un FWP per una nuova nota strutturata鈥擬arket Linked Securities, Serie F鈥攃ollegata all'indice EURO STOXX 50庐 con scadenza il 27 luglio 2028. Le note denominate $1.000 combinano tre caratteristiche principali: (1) rendimento positivo con leva 150% sull'apprezzamento dell'indice se i titoli non vengono richiamati, (2) un richiamo automatico una tantum il 27 luglio 2026 che offre un premio minimo del 10,40% se l'indice chiude al livello iniziale o superiore, e (3) un buffer di protezione del 15% che assorbe le perdite dell'indice fino all'85% del livello iniziale. Al di sotto di questa soglia, gli investitori sono esposti a una partecipazione alle perdite 1 a 1 fino a una perdita massima dell'85% del capitale a scadenza.
Termini economici principali:
- Data di prezzo: prevista 22 luglio 2025; Data di emissione: 25 luglio 2025; Scadenza: 27 luglio 2028
- Livello iniziale: livello di chiusura alla data di prezzo; Soglia: 85% del livello iniziale
- Valore stimato: $925 鈥� $955 per ogni $1.000 di valore nominale (sconto del 4,5-7,5% rispetto al prezzo di emissione)
- Sconto di sottoscrizione: fino al 2,575%; commissioni dealer aggiuntive fino allo 0,3%
Struttura del rendimento: Se richiamata automaticamente, il pagamento sar脿 pari a $1.000 + premio di richiamo (鈮�$104). Se non richiamata e l'indice sale, il pagamento a scadenza sar脿 $1.000 + (150% 脳 rendimento dell'indice). Se l'indice chiude tra 0 e -15%, il capitale 猫 restituito; sotto la soglia dell'85%, il rimborso viene ridotto proporzionalmente oltre il buffer del 15%.
Rischi principali: Gli investitori affrontano il rischio completo di credito dell'emittente e del garante, nessun interesse periodico, rendimento limitato in caso di richiamo e possibile perdita fino all'85% del capitale. Il valore sul mercato secondario potrebbe essere volatile e si prevede inizi sotto la pari, dato che il valore stimato basato sul modello della banca 猫 tra $925 e $955. Il trattamento fiscale 猫 incerto; potrebbe applicarsi la ritenuta FATCA.
I titoli sono offerti nell'ambito del programma di note a medio termine di GS Finance Corp. e sono garantiti in modo pieno e incondizionato da The Goldman Sachs Group, Inc. Gli investitori interessati dovrebbero consultare il supplemento preliminare al prezzo datato 10 luglio 2025, il supplemento prodotto WFS n. 5, il supplemento sottostante n. 45, il supplemento al prospetto e il prospetto base per i termini completi e i fattori di rischio.
Goldman Sachs (GS) ha presentado un FWP para una nueva nota estructurada鈥擬arket Linked Securities, Serie F鈥攙inculada al 铆ndice EURO STOXX 50庐 con vencimiento el 27 de julio de 2028. Las notas denominadas en $1,000 combinan tres caracter铆sticas clave: (1) apreciaci贸n apalancada al 150% sobre el 铆ndice si los valores no son llamados, (2) un llamado autom谩tico 煤nico el 27 de julio de 2026 que ofrece un premio m铆nimo de llamada del 10,40% si el 铆ndice cierra en o por encima del nivel inicial, y (3) un amortiguador a la baja del 15% que absorbe p茅rdidas del 铆ndice hasta el 85% del nivel inicial. Por debajo de ese umbral, los inversionistas est谩n expuestos a una participaci贸n a la baja 1 a 1 hasta una p茅rdida m谩xima del 85% del principal al vencimiento.
T茅rminos econ贸micos clave:
- Fecha de precio: prevista para el 22 de julio de 2025; Fecha de emisi贸n: 25 de julio de 2025; Vencimiento: 27 de julio de 2028
- Nivel inicial: nivel de cierre en la fecha de precio; Umbral: 85% del nivel inicial
- Valor estimado: $925 鈥� $955 por cada $1,000 de valor nominal (descuento del 4.5-7.5% respecto al precio de emisi贸n)
- Descuento de suscripci贸n: hasta 2.575%; tarifas adicionales de intermediarios hasta 0.3%
Estructura del pago: Si es llamado autom谩ticamente, el pago ser谩 $1,000 + prima de llamada (鈮�$104). Si no es llamado y el 铆ndice sube, el pago al vencimiento ser谩 $1,000 + (150% 脳 rendimiento del 铆ndice). Si el 铆ndice termina entre 0 y -15%, se devuelve el principal; por debajo del umbral del 85%, el reembolso se reduce d贸lar por d贸lar m谩s all谩 del amortiguador del 15%.
Aspectos de riesgo: Los inversionistas enfrentan riesgo total de cr茅dito del emisor y garante, sin intereses peri贸dicos, rendimiento limitado si es llamado y posible p茅rdida de hasta el 85% del principal. El valor en mercado secundario puede ser vol谩til y se espera que comience por debajo del valor nominal, ya que el valor estimado basado en el modelo del banco es de $925 a $955. El tratamiento fiscal es incierto; podr铆a aplicarse retenci贸n FATCA.
Los valores se ofrecen bajo el programa de notas a mediano plazo de GS Finance Corp. y est谩n garantizados total e incondicionalmente por The Goldman Sachs Group, Inc. Los inversionistas potenciales deben revisar el suplemento preliminar de precios fechado el 10 de julio de 2025, el suplemento de producto WFS n.潞 5, el suplemento subyacente n.潞 45, el suplemento de prospecto y el prospecto base para conocer los t茅rminos completos y factores de riesgo.
瓿摐毵� 靷姢(GS)電� EURO STOXX 50庐 歆�靾橃棎 鞐半彊霅� 靸堧鞖� 甑“頇� 靸來拡鞚� Market Linked Securities, 鞁滊Μ歃� F鞐� 雽�頃� FWP毳� 鞝滌稖頄堨溂氅�, 毵岅赴電� 2028雲� 7鞗� 27鞚检瀰雼堧嫟. $1,000 雼渼搿� 氚滍枆霅橂姅 鞚� 雲疙姼電� 靹� 臧�歆� 欤检殧 韸轨鞚� 瓴绊暕頃╇媹雼�: (1) 歆�靾� 靸侅姽鞐� 雽�頃� 150% 霠堧矂毽 靸侅姽 (歃濌秾鞚� 旖滊悩歆� 鞎婌潉 瓴届毎), (2) 2026雲� 7鞗� 27鞚检棎 雼� 頃� 氩堨潣 鞛愲彊 旖�鞚� 氚滌儩頃橂┌, 鞚� 霑� 歆�靾橁皜 斓滌磮 靾橃 鞚挫儊鞙茧 毵堦皭頃橂┐ 斓滌唽 10.40% 旖� 頂勲Μ氙胳梽鞚� 歆�旮夒悩瓿�, (3) 歆�靾橁皜 斓滌磮 靾橃鞚� 85%旯岇 頃橂澖頃橂姅 靻愳嫟鞚� 頋§垬頃橂姅 15% 頃橂澖 氚╈柎靹�鞚� 鞛堨姷雼堧嫟. 鞚� 鞛勱硠臧� 鞎勲灅鞐愳劀電� 韴瀽鞛愱皜 1雽�1 頃橂澖 彀胳棳毳� 頃橂┌, 毵岅赴 鞁� 斓滊寑 85% 鞗愱笀 靻愳嫟鞐� 雲胳稖霅╇媹雼�.
欤检殧 瓴届牅 臁瓣贝:
- 臧�瓴� 瓴办爼鞚�: 2025雲� 7鞗� 22鞚� 鞓堨爼; 氚滍枆鞚�: 2025雲� 7鞗� 25鞚�; 毵岅赴: 2028雲� 7鞗� 27鞚�
- 鞁滌瀾 靾橃: 臧�瓴� 瓴办爼鞚� 膦呹皜; 鞛勱硠臧�: 鞁滌瀾 靾橃鞚� 85%
- 鞓堨儊 臧�旃�: $925 鈥� $955 (鞎‰┐臧� $1,000雼� 4.5~7.5% 頃犾澑)
- 鞚胳垬 靾橃垬耄�: 斓滊寑 2.575%; 於旉皜 霐滊煬 靾橃垬耄� 斓滊寑 0.3%
歆�旮� 甑“: 鞛愲彊 旖� 鞁� 歆�旮夓暋鞚� $1,000 + 旖� 頂勲Μ氙胳梽(鈮�$104)鞛呺媹雼�. 旖滊悩歆� 鞎婈碃 歆�靾橁皜 靸侅姽頃橂┐ 毵岅赴 歆�旮夓暋鞚� $1,000 + (150% 脳 歆�靾� 靾橃澋毳�)鞛呺媹雼�. 歆�靾橁皜 0~15% 頃橂澖頃橂┐ 鞗愱笀鞚� 氚橅櫂霅橂┌, 85% 鞛勱硠臧� 鞎勲灅鞐愳劀電� 15% 氚╈柎靹犾潉 齑堦臣頃橂姅 靻愳嫟鞐� 雽�頃� 1雽�1搿� 鞗愱笀鞚� 臧愳暋霅╇媹雼�.
鞙勴棙 鞖旍暯: 韴瀽鞛愲姅 氚滍枆鞛� 氚� 氤挫鞚胳潣 鞁犾毄 鞙勴棙鞚� 鞝勳爜鞙茧 攵�雼错晿氅�, 鞝曣赴 鞚挫瀽電� 鞐嗞碃, 旖� 鞁� 靾橃澋鞚� 鞝滍暅霅橂┌, 斓滊寑 85% 鞗愱笀 靻愳嫟 臧�電レ劚鞚� 鞛堨姷雼堧嫟. 2彀� 鞁滌灔 臧�旃橂姅 氤�霃欖劚鞚� 韥� 靾� 鞛堦碃, 鞚�頄� 氇嵏鞐� 霐半ジ 於旍爼 臧�旃橂姅 $925~$955搿� 鞎‰┐臧� 鞚错晿鞐愳劀 鞁滌瀾頃� 瓴冹溂搿� 鞓堨儊霅╇媹雼�. 靹戈笀 觳橂Μ 氚╈嫕鞚� 攵堩檿鞁ろ晿氅� FATCA 鞗愳矞歆曥垬臧� 鞝侅毄霅� 靾� 鞛堨姷雼堧嫟.
鞚� 歃濌秾鞚� GS Finance Corp.鞚� 欷戧赴 雲疙姼 頂勲攴鸽灗 頃橃棎 鞝滉车霅橂┌, The Goldman Sachs Group, Inc.臧� 鞝勳暋 氚� 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 鞛犾灛 韴瀽鞛愲姅 2025雲� 7鞗� 10鞚检瀽 鞓堧箘 臧�瓴� 攵�搿�, WFS 鞝滍拡 攵�搿� 5順�, 旮办磮 鞛愳偘 攵�搿� 45順�, 靹る獏靹� 攵�搿� 氚� 旮半掣 靹る獏靹滊ゼ 瓴�韱犿晿鞐� 鞝勳泊 臁瓣贝瓿� 鞙勴棙 鞖旍唽毳� 頇曥澑頃挫暭 頃╇媹雼�.
Goldman Sachs (GS) a d茅pos茅 un FWP pour une nouvelle note structur茅e鈥擬arket Linked Securities, S茅rie F鈥攍i茅e 脿 l'indice EURO STOXX 50庐 avec 茅ch茅ance au 27 juillet 2028. Les notes libell茅es en $1 000 combinent trois caract茅ristiques cl茅s : (1) une hausse 脿 effet de levier de 150% sur l'appr茅ciation de l'indice si les titres ne sont pas rappel茅s, (2) un appel automatique unique le 27 juillet 2026 offrant une prime d'appel minimale de 10,40% si l'indice cl么ture au niveau initial ou au-dessus, et (3) un tampon de protection 脿 la baisse de 15% absorbant les pertes de l'indice jusqu'脿 85% du niveau de d茅part. En dessous de ce seuil, les investisseurs supportent une participation 脿 la baisse de 1 pour 1 jusqu'脿 une perte maximale de 85% du capital 脿 l'茅ch茅ance.
Principaux termes 茅conomiques :
- Date de tarification : pr茅vue le 22 juillet 2025 ; Date d'茅mission : 25 juillet 2025 ; 脡ch茅ance : 27 juillet 2028
- Niveau de d茅part : niveau de cl么ture 脿 la date de tarification ; Seuil : 85% du niveau de d茅part
- Valeur estim茅e : 925 $ 鈥� 955 $ par montant nominal de 1 000 $ (d茅cote de 4,5 脿 7,5 % par rapport au prix d'茅mission)
- Remise de souscription : jusqu鈥櫭� 2,575 % ; frais suppl茅mentaires des courtiers jusqu鈥櫭� 0,3 %
Structure de paiement : En cas d'appel automatique, le paiement est 茅gal 脿 1 000 $ + prime d'appel (鈮�104 $). Si non appel茅 et que l'indice augmente, le paiement 脿 l'茅ch茅ance est de 1 000 $ + (150 % 脳 rendement de l'indice). Si l'indice termine entre 0 et -15 %, le principal est rembours茅 ; en dessous du seuil de 85 %, le remboursement est r茅duit dollar pour dollar au-del脿 du tampon de 15 %.
Points cl茅s sur les risques : Les investisseurs sont expos茅s au risque de cr茅dit complet de l鈥櫭﹎etteur et du garant, ne per莽oivent pas d鈥檌nt茅r锚ts p茅riodiques, ont un rendement plafonn茅 en cas d鈥檃ppel, et peuvent subir une perte allant jusqu鈥櫭� 85 % du capital. La valeur sur le march茅 secondaire peut 锚tre volatile et devrait commencer en dessous de la valeur nominale, la valeur estim茅e par le mod猫le de la banque 茅tant de 925 $ 脿 955 $. Le traitement fiscal est incertain ; une retenue FATCA pourrait s鈥檃ppliquer.
Les titres sont offerts dans le cadre du programme d鈥檕bligations 脿 moyen terme de GS Finance Corp. et sont enti猫rement et inconditionnellement garantis par The Goldman Sachs Group, Inc. Les investisseurs potentiels doivent consulter le suppl茅ment pr茅liminaire de tarification dat茅 du 10 juillet 2025, le suppl茅ment produit WFS n掳 5, le suppl茅ment sous-jacent n掳 45, le suppl茅ment de prospectus et le prospectus de base pour conna卯tre les conditions compl猫tes et les facteurs de risque.
Goldman Sachs (GS) hat ein FWP f眉r eine neue strukturierte Note 鈥� Market Linked Securities, Serie F 鈥� eingereicht, die an den EURO STOXX 50庐 Index gekoppelt ist und am 27. Juli 2028 f盲llig wird. Die auf $1.000 lautenden Notes vereinen drei Hauptmerkmale: (1) 150% gehebelte Aufw盲rtsrendite bei Indexsteigerung, sofern die Wertpapiere nicht vorzeitig zur眉ckgerufen werden, (2) einen einmaligen automatischen R眉ckruf am 27. Juli 2026 mit einem mindestens 10,40% R眉ckrufaufschlag, falls der Index auf oder 眉ber dem Anfangsniveau schlie脽t, und (3) einen 15% Abw盲rtspuffer, der Verluste des Index bis auf 85% des Startwerts abfedert. Unterhalb dieser Schwelle tragen Investoren eine 1:1 Abw盲rtsbeteiligung bis zu einem maximalen Kapitalverlust von 85% bei F盲lligkeit.
Wesentliche wirtschaftliche Bedingungen:
- Preisfeststellung: voraussichtlich 22. Juli 2025; Emission: 25. Juli 2025; F盲lligkeit: 27. Juli 2028
- Startniveau: Schlusskurs am Preisfeststellungstag; Schwelle: 85% des Startniveaus
- Gesch盲tzter Wert: $925 鈥� $955 pro $1.000 Nennwert (4,5-7,5% Abschlag auf den Ausgabepreis)
- Emissionsrabatt: bis zu 2,575%; zus盲tzliche H盲ndlergeb眉hren bis zu 0,3%
Auszahlungsstruktur: Bei automatischem R眉ckruf betr盲gt die Zahlung $1.000 plus R眉ckrufpr盲mie (鈮�$104). Wird nicht zur眉ckgerufen und steigt der Index, betr盲gt die Endzahlung $1.000 + (150% 脳 Indexrendite). Bei einem Indexstand zwischen 0 und -15% wird das Kapital zur眉ckgezahlt; unterhalb der 85%-Schwelle wird die R眉ckzahlung Dollar f眉r Dollar 眉ber den 15%-Puffer hinaus reduziert.
Risikohighlights: Investoren tragen das volle Emittenten- und Garantiegeber-Kreditrisiko, erhalten keine periodischen Zinsen, haben eine gedeckelte Rendite im Falle eines R眉ckrufs und k枚nnen bis zu 85% ihres Kapitals verlieren. Der Sekund盲rmarktwert kann volatil sein und wird voraussichtlich unter dem Nennwert beginnen, da der modellbasierte gesch盲tzte Wert der Bank $925鈥�$955 betr盲gt. Die steuerliche Behandlung ist unklar; FATCA-Quellensteuer k枚nnte anfallen.
Die Wertpapiere werden im Rahmen des Medium-Term-Note-Programms der GS Finance Corp. angeboten und sind uneingeschr盲nkt und unbefristet durch The Goldman Sachs Group, Inc. garantiert. Potenzielle Anleger sollten den vorl盲ufigen Preiszusatz vom 10. Juli 2025, den WFS-Produktsupplement Nr. 5, das Basiswert-Supplement Nr. 45, den Prospektzusatz und den Basisprospekt zur vollst盲ndigen Kenntnis der Bedingungen und Risikofaktoren pr眉fen.
Free Writing Prospectus pursuant to Rule 433 dated July 10, 2025
Registration Statement No. 333-284538
F
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Market Linked Securities — Auto-Callable with Leveraged Upside Participation and Fixed Percentage Buffered Downside Principal at Risk Securities Linked to the EURO STOXX 50® Index due July 27, 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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CUSIP: |
40058JN84 |
Market measure: |
the EURO STOXX 50® Index (the “underlier”) |
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Tax |
See “Supplemental Discussion of U.S. |
Pricing date: |
expected to be July 22, 2025 |
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consequences: |
Federal Income Tax Considerations” in |
Issue date: |
expected to be July 25, 2025 |
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the accompanying preliminary pricing supplement |
Calculation day: |
expected to be July 24, 2028 |
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Stated maturity date: |
expected to be July 27, 2028 |
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Hypothetical Payout Profile* |
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Starting level: |
the closing level of the underlier on the pricing date |
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Ending level: |
the closing level of the underlier on the calculation day |
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Underlier return: |
ending level – starting level starting level |
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Upside participation rate: |
150.00% |
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Threshold level: |
85% of the starting level |
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Buffer amount: |
15% |
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Call date: |
expected to be July 27, 2026 |
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Call premium: |
at least 10.40% of the face amount (at least $104.00 per security) |
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Call settlement date: |
three business days after the call date |
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Automatic call: |
if the closing level of the underlier on the call date is greater than or equal to the starting level, the securities will be automatically called, and on the call settlement date the company will pay, for each $1,000 of the outstanding face amount, an amount in cash equal to $1,000 plus the call premium |
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* assumes a call premium of 10.40% of the face amount. If the securities are automatically called, the positive return on the securities will be limited to the call premium, even if the closing level of the underlier on the call date significantly exceeds the starting level. If the securities are automatically called, you will not have the opportunity to participate in any appreciation of the underlier at the upside participation rate. If the securities are not automatically called and the ending level is less than the threshold level, you will have 1-to-1 downside exposure to the decrease in the level of the underlier in excess of the buffer amount and will lose some, and possibly up to 85%, of the face amount of your securities at maturity.
You should read the accompanying preliminary pricing supplement dated July 10, 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 July 10, 2025 ● WFS product supplement no. 5 dated February 14, 2025 ● Underlier Supplement No. 45 dated June 23, 2025 ● Prospectus supplement dated February 14, 2025 ● Prospectus dated February 14, 2025 |
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Payment amount at maturity (for each $1,000 face amount of your securities): |
• if the ending level is greater than the starting level: $1,000 plus: $1,000 × underlier return × upside participation rate; • if the ending level is less than or equal to the starting level but greater than or equal to the threshold level: $1,000; or • if the ending level is less than the threshold level: $1,000 + [$1,000 × (underlier return + buffer amount)] |
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Underwriting discount: |
up to 2.575% 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 2.575% 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 2.00% 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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* 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 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. |
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 underlier, 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, underlier supplement no. 45, 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, underlier supplement no. 45, 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, underlier supplement no. 45, 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 underlier supplement no. 45, 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 underlier supplement no. 45, 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, “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 45, 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 ▪ The Call Premium You Will Receive on the Call Settlement Date If Your Securities Are Automatically Called and the Amount You Will Receive on the Stated Maturity Date If Your Securities Are Not Automatically Called is Not Linked to the Closing Level of the Underlier at Any Time Other Than on the Call Date or the Calculation Day, as the Case May Be ▪ You May Lose a Substantial Portion of Your Investment in the Securities ▪ The Amount You Will Receive on the Call Settlement Date Will Be Capped Due to the Call Premium ▪ Your Securities Are Subject to Automatic Redemption ▪ Your Securities Do Not Bear Interest |
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▪ You Have No Shareholder Rights or Rights to Receive Any Underlier Stock ▪ The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors Additional Risks Related to the Underlier ▪ An Investment in the Offered Securities Is Subject to Risks Associated with Foreign Securities ▪ Government Regulatory Action, Including Legislative Acts and Executive Orders, Could Result in Material Changes to the Composition of an Underlier with Underlier Stocks from One or More Foreign Securities Markets and Could Negatively Affect Your Investment in the Securities. 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 |
For details about the license agreement between the underlier sponsor and the issuer, see “The Underliers - EURO STOXX 50® Index” on page S-36 of the accompanying underlier supplement no. 45.
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 underlier, the terms of the securities and certain risks.
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FAQ
What is the CUSIP for Goldman Sachs' new structured note?
How much upside participation do GS market-linked securities provide?
What downside protection is offered by the GS Auto-Callable notes?
When can the notes be automatically called by Goldman Sachs?
What is the estimated value of the securities at pricing?
Do the GS structured notes pay periodic interest?
