[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is marketing Contingent Income Auto-Callable Securities linked to the Class A common stock of Rivian Automotive, Inc. (RIVN). The notes are expected to price on or about July 17 2025, settle on July 22 2025 and, unless automatically called, mature on July 20 2028.
The securities pay a contingent quarterly coupon of at least $61.875 per $1,000 face value if, on the relevant observation date, Rivian鈥檚 share price is at or above the 60 % downside threshold. No coupon is paid if the threshold is breached. Beginning with the first observation date on October 17 2025, the notes will be automatically called if Rivian鈥檚 closing price is at or above the initial share price; in that event investors receive the $1,000 principal plus the due coupon, and no further payments.
At maturity, investors receive (i) the full principal plus the final coupon if Rivian closes at or above 60 % of the initial price, or (ii) principal multiplied by the share-performance factor if the stock finishes below the threshold, exposing holders to losses in line with the underlying鈥攑otentially down to zero. The estimated value at pricing is $900鈥�$960, below the $1,000 issue price. Other disclosed risks include issuer and guarantor credit exposure, Rivian鈥檚 limited trading history, the possibility of no coupon payments, limited liquidity and adverse tax treatment.
GS Finance Corp., garantita da The Goldman Sachs Group, Inc., sta offrendo titoli Contingent Income Auto-Callable collegati alle azioni ordinarie di Classe A di Rivian Automotive, Inc. (RIVN). Le obbligazioni dovrebbero essere quotate intorno al 17 luglio 2025, con regolamento previsto per il 22 luglio 2025 e, salvo richiamo automatico, scadenza il 20 luglio 2028.
I titoli pagano un coupon trimestrale condizionato di almeno $61,875 ogni $1.000 di valore nominale se, alla data di osservazione rilevante, il prezzo delle azioni Rivian 猫 pari o superiore alla soglia di ribasso del 60%. Nessun coupon viene corrisposto se la soglia viene superata al ribasso. A partire dalla prima data di osservazione del 17 ottobre 2025, le obbligazioni saranno richiamate automaticamente se il prezzo di chiusura di Rivian 猫 pari o superiore al prezzo iniziale; in tal caso gli investitori ricevono il capitale di $1.000 pi霉 il coupon dovuto, senza ulteriori pagamenti.
Alla scadenza, gli investitori riceveranno (i) il capitale completo pi霉 l鈥檜ltimo coupon se Rivian chiude al di sopra del 60% del prezzo iniziale, oppure (ii) il capitale moltiplicato per il fattore di performance delle azioni se il titolo termina al di sotto della soglia, esponendo i detentori a perdite proporzionali all鈥檃ndamento del sottostante, potenzialmente fino a zero. Il valore stimato al momento della quotazione 猫 tra $900 e $960, inferiore al prezzo di emissione di $1.000. Altri rischi dichiarati includono l鈥檈sposizione al rischio di credito dell鈥檈mittente e del garante, la limitata storia di negoziazione di Rivian, la possibilit脿 di assenza di pagamenti di coupon, la scarsa liquidit脿 e un trattamento fiscale sfavorevole.
GS Finance Corp., garantizada por The Goldman Sachs Group, Inc., est谩 ofreciendo Valores Contingent Income Auto-Callable vinculados a las acciones ordinarias Clase A de Rivian Automotive, Inc. (RIVN). Se espera que las notas se valoren alrededor del 17 de julio de 2025, se liquiden el 22 de julio de 2025 y, salvo que sean llamadas autom谩ticamente, venzan el 20 de julio de 2028.
Los valores pagan un cup贸n trimestral contingente de al menos $61.875 por cada $1,000 de valor nominal si, en la fecha de observaci贸n correspondiente, el precio de la acci贸n de Rivian est谩 en o por encima del umbral de ca铆da del 60%. No se paga cup贸n si se supera el umbral a la baja. A partir de la primera fecha de observaci贸n el 17 de octubre de 2025, las notas ser谩n llamadas autom谩ticamente si el precio de cierre de Rivian est谩 en o por encima del precio inicial; en ese caso, los inversores reciben el principal de $1,000 m谩s el cup贸n debido, sin pagos adicionales.
Al vencimiento, los inversores reciben (i) el principal completo m谩s el cup贸n final si Rivian cierra en o por encima del 60% del precio inicial, o (ii) el principal multiplicado por el factor de desempe帽o de la acci贸n si la acci贸n termina por debajo del umbral, exponiendo a los tenedores a p茅rdidas proporcionales al comportamiento del subyacente, potencialmente hasta cero. El valor estimado en la fijaci贸n de precio es de $900鈥�$960, por debajo del precio de emisi贸n de $1,000. Otros riesgos divulgados incluyen la exposici贸n al cr茅dito del emisor y garante, el historial limitado de negociaci贸n de Rivian, la posibilidad de no recibir pagos de cup贸n, la liquidez limitada y un tratamiento fiscal adverso.
GS Finance Corp.電� The Goldman Sachs Group, Inc.鞚� 氤挫鞚� 氚涭晞 Rivian Automotive, Inc. (RIVN)鞚� 韥措灅鞀� A 氤错喌欤检檧 鞐瓣硠霅� Contingent Income Auto-Callable 歃濌秾鞚� 毵堨紑韺呿晿瓿� 鞛堨姷雼堧嫟. 鞚� 雲疙姼電� 2025雲� 7鞗� 17鞚缄步 臧�瓴╈澊 毂呾爼霅橁碃, 2025雲� 7鞗� 22鞚�鞐� 瓴办牅霅橂┌, 鞛愲彊 靸來櫂霅橃 鞎婌潉 瓴届毎 2028雲� 7鞗� 20鞚�鞐� 毵岅赴臧� 霃勲灅頃� 鞓堨爼鞛呺媹雼�.
鞚� 歃濌秾鞚� 頃措嫻 甏�彀办澕鞐� Rivian 欤缄皜臧� 60% 頃橂澖 頃滉硠靹� 鞚挫儊鞚� 瓴届毎, 鞎‰┐臧� $1,000雼� 斓滌唽 攵勱赴氤� 臁瓣贝攵� 炜犿彴 $61.875毳� 歆�旮夗暕雼堧嫟. 頃滉硠靹犾潉 頃橅殞頃橂┐ 炜犿彴鞚� 歆�旮夒悩歆� 鞎婌姷雼堧嫟. 觳� 甏�彀办澕鞚� 2025雲� 10鞗� 17鞚�攵�韯半姅 Rivian 膦呹皜臧� 齑堦赴 欤缄皜 鞚挫儊鞚措┐ 鞛愲彊 靸來櫂霅橂┌, 鞚� 瓴届毎 韴瀽鞛愲姅 $1,000 鞗愱笀瓿� 頃措嫻 炜犿彴鞚� 氚涥碃 於旉皜 歆�旮夓潃 鞐嗢姷雼堧嫟.
毵岅赴 鞁� 韴瀽鞛愲姅 (i) Rivian鞚� 齑堦赴 臧�瓴╈潣 60% 鞚挫儊鞐愳劀 毵堦皭頃橂┐ 鞗愱笀 鞝勳暋瓿� 毵堨毵� 炜犿彴鞚� 氚涥卑雮�, (ii) 欤缄皜臧� 頃滉硠靹� 鞎勲灅搿� 毵堦皭頃橂┐ 欤缄皜 靹标臣 瓿勳垬毳� 瓿表暅 鞗愱笀鞚� 氚涥矊 霅橃柎, 韴瀽鞛愲姅 旮办磮鞛愳偘瓿� 鞐半彊霅� 靻愳嫟 鞙勴棙鞐� 雲胳稖霅橂┌ 斓滌晠鞚� 瓴届毎 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚霃� 鞛堨姷雼堧嫟. 臧�瓴� 毂呾爼 鞁� 於旍爼 臧�旃橂姅 $900~$960鞙茧, $1,000鞚� 氚滍枆臧�氤措嫟 雮姷雼堧嫟. 旮绊儉 瓿店皽霅� 鞙勴棙 鞖旍唽搿滊姅 氚滍枆鞚� 氚� 氤挫鞚� 鞁犾毄 鞙勴棙, Rivian鞚� 鞝滍暅霅� 瓯半灅 鞚措牓, 炜犿彴 氙胳旮� 臧�電レ劚, 鞝滍暅霅� 鞙犽彊靹� 氚� 攵堧Μ頃� 靹戈笀 觳橂Μ臧� 韽暔霅╇媹雼�.
GS Finance Corp., garantie par The Goldman Sachs Group, Inc., commercialise des titres Contingent Income Auto-Callable li茅s aux actions ordinaires de Classe A de Rivian Automotive, Inc. (RIVN). Les notes devraient 锚tre 茅mises vers le 17 juillet 2025, r茅gl茅es le 22 juillet 2025 et, sauf rappel automatique, arriver 脿 茅ch茅ance le 20 juillet 2028.
Les titres versent un coupon trimestriel conditionnel d'au moins 61,875 $ par tranche de 1 000 $ de valeur nominale si, 脿 la date d'observation pertinente, le cours de l'action Rivian est 茅gal ou sup茅rieur au seuil de baisse de 60 %. Aucun coupon n鈥檈st vers茅 si ce seuil est franchi 脿 la baisse. 脌 partir de la premi猫re date d鈥檕bservation le 17 octobre 2025, les notes seront rappel茅es automatiquement si le cours de cl么ture de Rivian est 茅gal ou sup茅rieur au cours initial ; dans ce cas, les investisseurs re莽oivent le principal de 1 000 $ plus le coupon d没, sans paiements suppl茅mentaires.
脌 l鈥櫭ヽh茅ance, les investisseurs re莽oivent (i) le principal int茅gral plus le coupon final si Rivian cl么ture 脿 ou au-dessus de 60 % du prix initial, ou (ii) le principal multipli茅 par le facteur de performance de l鈥檃ction si le titre termine en dessous du seuil, exposant les d茅tenteurs 脿 des pertes proportionnelles 脿 la performance du sous-jacent, pouvant aller jusqu鈥櫭� z茅ro. La valeur estim茅e lors de la tarification est comprise entre 900 $ et 960 $, inf茅rieure au prix d鈥櫭﹎ission de 1 000 $. Parmi les autres risques mentionn茅s figurent l鈥檈xposition au risque de cr茅dit de l鈥櫭﹎etteur et du garant, l鈥檋istorique de n茅gociation limit茅 de Rivian, la possibilit茅 de non-paiement des coupons, la liquidit茅 limit茅e et un traitement fiscal d茅favorable.
GS Finance Corp., garantiert durch The Goldman Sachs Group, Inc., bietet Contingent Income Auto-Callable Securities an, die an die Stammaktien der Klasse A von Rivian Automotive, Inc. (RIVN) gekoppelt sind. Die Notes sollen etwa am 17. Juli 2025 bepreist werden, die Abwicklung erfolgt am 22. Juli 2025, und sofern sie nicht automatisch zur眉ckgerufen werden, laufen sie am 20. Juli 2028 aus.
Die Wertpapiere zahlen einen kontingenten viertelj盲hrlichen Kupon von mindestens $61,875 pro $1.000 Nennwert, sofern der Aktienkurs von Rivian am jeweiligen Beobachtungstag auf oder 眉ber der 60 % Abw盲rtsgrenze liegt. Wird die Schwelle unterschritten, erfolgt keine Kuponzahlung. Ab dem ersten Beobachtungstag am 17. Oktober 2025 werden die Notes automatisch zur眉ckgerufen, wenn der Schlusskurs von Rivian auf oder 眉ber dem Anfangskurs liegt; in diesem Fall erhalten Anleger das Kapital von $1.000 plus den f盲lligen Kupon, und es erfolgen keine weiteren Zahlungen.
Bei F盲lligkeit erhalten Anleger (i) das volle Kapital plus den letzten Kupon, wenn Rivian bei oder 眉ber 60 % des Anfangskurses schlie脽t, oder (ii) das Kapital multipliziert mit dem Aktien-Performance-Faktor, falls die Aktie unter der Schwelle schlie脽t, wodurch die Inhaber Verlustrisiken entsprechend der Wertentwicklung des Basiswerts tragen 鈥� potenziell bis auf null. Der gesch盲tzte Wert bei der Preisfestsetzung liegt bei $900鈥�$960, unter dem Ausgabepreis von $1.000. Weitere offengelegte Risiken umfassen Kreditrisiken des Emittenten und Garanten, die begrenzte Handelshistorie von Rivian, die M枚glichkeit von ausbleibenden Kuponzahlungen, eingeschr盲nkte Liquidit盲t und ung眉nstige steuerliche Behandlung.
- High contingent coupon: at least $61.875 per quarter, significantly above current IG bond yields.
- 40 % downside buffer before principal is at risk, offering conditional protection.
- Automatic call feature allows early return of capital plus coupon if Rivian shares hold their level, potentially boosting annualised yield.
- Full and unconditional guarantee from The Goldman Sachs Group, Inc., mitigating issuer default risk.
- Principal at full equity risk below the 60 % threshold; loss can reach 100 %.
- Coupons are not fixed; investors could receive zero income for multiple quarters.
- Estimated value of $900鈥�$960 is below the $1,000 purchase price, indicating an immediate mark-to-model discount.
- Single-stock exposure to Rivian, which has a limited trading history and elevated volatility.
- Limited secondary market鈥攍iquidity depends on GS making a market and may reflect wide bid-ask spreads.
- Tax and credit risks highlighted; adverse future tax treatment and reliance on GS creditworthiness.
Insights
TL;DR: High coupons but full equity downside past 40% barrier; value priced below par鈥攔isk/return profile is aggressive.
Coupon & Call: A minimum $61.875 quarterly coupon equates to 6.1875 % of face each quarter, but is paid only when Rivian trades 鈮� 60 % of its initial price. The automatic call reset each quarter caps duration and reinvestment risk but may limit total income if the note is called early.
Principal Risk: Below the 60 % barrier, repayment tracks Rivian share performance, creating up-to-total principal loss. Investors give up any share upside beyond coupons.
Valuation & Liquidity: The issued price embeds distribution costs鈥攖he bank鈥檚 own model implies fair value of $900鈥�$960, so investors start with a 4鈥�10 % premium. Secondary market making is discretionary, adding exit-price uncertainty.
Credit & Concentration: Performance depends on both Rivian equity volatility and GS Group credit. Rivian鈥檚 short trading history heightens path-dependency risk, while GS鈥檚 guarantee does not mitigate market risk.
TL;DR: Instrument suits yield-hunters tolerant of single-stock and call risk; poor fit for conservative fixed-income allocations.
The note offers attractive headline income relative to conventional IG bonds, yet coupons may cease entirely during drawdowns. Automatic call could realise gains quickly, but forces reinvestment if rates fall. A 40 % buffer provides partial downside protection; however Rivian鈥檚 volatility makes breach plausible. Given the sub-par model value and GS issuer spread, investors should view the product as a tactical trade rather than core holding.
GS Finance Corp., garantita da The Goldman Sachs Group, Inc., sta offrendo titoli Contingent Income Auto-Callable collegati alle azioni ordinarie di Classe A di Rivian Automotive, Inc. (RIVN). Le obbligazioni dovrebbero essere quotate intorno al 17 luglio 2025, con regolamento previsto per il 22 luglio 2025 e, salvo richiamo automatico, scadenza il 20 luglio 2028.
I titoli pagano un coupon trimestrale condizionato di almeno $61,875 ogni $1.000 di valore nominale se, alla data di osservazione rilevante, il prezzo delle azioni Rivian 猫 pari o superiore alla soglia di ribasso del 60%. Nessun coupon viene corrisposto se la soglia viene superata al ribasso. A partire dalla prima data di osservazione del 17 ottobre 2025, le obbligazioni saranno richiamate automaticamente se il prezzo di chiusura di Rivian 猫 pari o superiore al prezzo iniziale; in tal caso gli investitori ricevono il capitale di $1.000 pi霉 il coupon dovuto, senza ulteriori pagamenti.
Alla scadenza, gli investitori riceveranno (i) il capitale completo pi霉 l鈥檜ltimo coupon se Rivian chiude al di sopra del 60% del prezzo iniziale, oppure (ii) il capitale moltiplicato per il fattore di performance delle azioni se il titolo termina al di sotto della soglia, esponendo i detentori a perdite proporzionali all鈥檃ndamento del sottostante, potenzialmente fino a zero. Il valore stimato al momento della quotazione 猫 tra $900 e $960, inferiore al prezzo di emissione di $1.000. Altri rischi dichiarati includono l鈥檈sposizione al rischio di credito dell鈥檈mittente e del garante, la limitata storia di negoziazione di Rivian, la possibilit脿 di assenza di pagamenti di coupon, la scarsa liquidit脿 e un trattamento fiscale sfavorevole.
GS Finance Corp., garantizada por The Goldman Sachs Group, Inc., est谩 ofreciendo Valores Contingent Income Auto-Callable vinculados a las acciones ordinarias Clase A de Rivian Automotive, Inc. (RIVN). Se espera que las notas se valoren alrededor del 17 de julio de 2025, se liquiden el 22 de julio de 2025 y, salvo que sean llamadas autom谩ticamente, venzan el 20 de julio de 2028.
Los valores pagan un cup贸n trimestral contingente de al menos $61.875 por cada $1,000 de valor nominal si, en la fecha de observaci贸n correspondiente, el precio de la acci贸n de Rivian est谩 en o por encima del umbral de ca铆da del 60%. No se paga cup贸n si se supera el umbral a la baja. A partir de la primera fecha de observaci贸n el 17 de octubre de 2025, las notas ser谩n llamadas autom谩ticamente si el precio de cierre de Rivian est谩 en o por encima del precio inicial; en ese caso, los inversores reciben el principal de $1,000 m谩s el cup贸n debido, sin pagos adicionales.
Al vencimiento, los inversores reciben (i) el principal completo m谩s el cup贸n final si Rivian cierra en o por encima del 60% del precio inicial, o (ii) el principal multiplicado por el factor de desempe帽o de la acci贸n si la acci贸n termina por debajo del umbral, exponiendo a los tenedores a p茅rdidas proporcionales al comportamiento del subyacente, potencialmente hasta cero. El valor estimado en la fijaci贸n de precio es de $900鈥�$960, por debajo del precio de emisi贸n de $1,000. Otros riesgos divulgados incluyen la exposici贸n al cr茅dito del emisor y garante, el historial limitado de negociaci贸n de Rivian, la posibilidad de no recibir pagos de cup贸n, la liquidez limitada y un tratamiento fiscal adverso.
GS Finance Corp.電� The Goldman Sachs Group, Inc.鞚� 氤挫鞚� 氚涭晞 Rivian Automotive, Inc. (RIVN)鞚� 韥措灅鞀� A 氤错喌欤检檧 鞐瓣硠霅� Contingent Income Auto-Callable 歃濌秾鞚� 毵堨紑韺呿晿瓿� 鞛堨姷雼堧嫟. 鞚� 雲疙姼電� 2025雲� 7鞗� 17鞚缄步 臧�瓴╈澊 毂呾爼霅橁碃, 2025雲� 7鞗� 22鞚�鞐� 瓴办牅霅橂┌, 鞛愲彊 靸來櫂霅橃 鞎婌潉 瓴届毎 2028雲� 7鞗� 20鞚�鞐� 毵岅赴臧� 霃勲灅頃� 鞓堨爼鞛呺媹雼�.
鞚� 歃濌秾鞚� 頃措嫻 甏�彀办澕鞐� Rivian 欤缄皜臧� 60% 頃橂澖 頃滉硠靹� 鞚挫儊鞚� 瓴届毎, 鞎‰┐臧� $1,000雼� 斓滌唽 攵勱赴氤� 臁瓣贝攵� 炜犿彴 $61.875毳� 歆�旮夗暕雼堧嫟. 頃滉硠靹犾潉 頃橅殞頃橂┐ 炜犿彴鞚� 歆�旮夒悩歆� 鞎婌姷雼堧嫟. 觳� 甏�彀办澕鞚� 2025雲� 10鞗� 17鞚�攵�韯半姅 Rivian 膦呹皜臧� 齑堦赴 欤缄皜 鞚挫儊鞚措┐ 鞛愲彊 靸來櫂霅橂┌, 鞚� 瓴届毎 韴瀽鞛愲姅 $1,000 鞗愱笀瓿� 頃措嫻 炜犿彴鞚� 氚涥碃 於旉皜 歆�旮夓潃 鞐嗢姷雼堧嫟.
毵岅赴 鞁� 韴瀽鞛愲姅 (i) Rivian鞚� 齑堦赴 臧�瓴╈潣 60% 鞚挫儊鞐愳劀 毵堦皭頃橂┐ 鞗愱笀 鞝勳暋瓿� 毵堨毵� 炜犿彴鞚� 氚涥卑雮�, (ii) 欤缄皜臧� 頃滉硠靹� 鞎勲灅搿� 毵堦皭頃橂┐ 欤缄皜 靹标臣 瓿勳垬毳� 瓿表暅 鞗愱笀鞚� 氚涥矊 霅橃柎, 韴瀽鞛愲姅 旮办磮鞛愳偘瓿� 鞐半彊霅� 靻愳嫟 鞙勴棙鞐� 雲胳稖霅橂┌ 斓滌晠鞚� 瓴届毎 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚霃� 鞛堨姷雼堧嫟. 臧�瓴� 毂呾爼 鞁� 於旍爼 臧�旃橂姅 $900~$960鞙茧, $1,000鞚� 氚滍枆臧�氤措嫟 雮姷雼堧嫟. 旮绊儉 瓿店皽霅� 鞙勴棙 鞖旍唽搿滊姅 氚滍枆鞚� 氚� 氤挫鞚� 鞁犾毄 鞙勴棙, Rivian鞚� 鞝滍暅霅� 瓯半灅 鞚措牓, 炜犿彴 氙胳旮� 臧�電レ劚, 鞝滍暅霅� 鞙犽彊靹� 氚� 攵堧Μ頃� 靹戈笀 觳橂Μ臧� 韽暔霅╇媹雼�.
GS Finance Corp., garantie par The Goldman Sachs Group, Inc., commercialise des titres Contingent Income Auto-Callable li茅s aux actions ordinaires de Classe A de Rivian Automotive, Inc. (RIVN). Les notes devraient 锚tre 茅mises vers le 17 juillet 2025, r茅gl茅es le 22 juillet 2025 et, sauf rappel automatique, arriver 脿 茅ch茅ance le 20 juillet 2028.
Les titres versent un coupon trimestriel conditionnel d'au moins 61,875 $ par tranche de 1 000 $ de valeur nominale si, 脿 la date d'observation pertinente, le cours de l'action Rivian est 茅gal ou sup茅rieur au seuil de baisse de 60 %. Aucun coupon n鈥檈st vers茅 si ce seuil est franchi 脿 la baisse. 脌 partir de la premi猫re date d鈥檕bservation le 17 octobre 2025, les notes seront rappel茅es automatiquement si le cours de cl么ture de Rivian est 茅gal ou sup茅rieur au cours initial ; dans ce cas, les investisseurs re莽oivent le principal de 1 000 $ plus le coupon d没, sans paiements suppl茅mentaires.
脌 l鈥櫭ヽh茅ance, les investisseurs re莽oivent (i) le principal int茅gral plus le coupon final si Rivian cl么ture 脿 ou au-dessus de 60 % du prix initial, ou (ii) le principal multipli茅 par le facteur de performance de l鈥檃ction si le titre termine en dessous du seuil, exposant les d茅tenteurs 脿 des pertes proportionnelles 脿 la performance du sous-jacent, pouvant aller jusqu鈥櫭� z茅ro. La valeur estim茅e lors de la tarification est comprise entre 900 $ et 960 $, inf茅rieure au prix d鈥櫭﹎ission de 1 000 $. Parmi les autres risques mentionn茅s figurent l鈥檈xposition au risque de cr茅dit de l鈥櫭﹎etteur et du garant, l鈥檋istorique de n茅gociation limit茅 de Rivian, la possibilit茅 de non-paiement des coupons, la liquidit茅 limit茅e et un traitement fiscal d茅favorable.
GS Finance Corp., garantiert durch The Goldman Sachs Group, Inc., bietet Contingent Income Auto-Callable Securities an, die an die Stammaktien der Klasse A von Rivian Automotive, Inc. (RIVN) gekoppelt sind. Die Notes sollen etwa am 17. Juli 2025 bepreist werden, die Abwicklung erfolgt am 22. Juli 2025, und sofern sie nicht automatisch zur眉ckgerufen werden, laufen sie am 20. Juli 2028 aus.
Die Wertpapiere zahlen einen kontingenten viertelj盲hrlichen Kupon von mindestens $61,875 pro $1.000 Nennwert, sofern der Aktienkurs von Rivian am jeweiligen Beobachtungstag auf oder 眉ber der 60 % Abw盲rtsgrenze liegt. Wird die Schwelle unterschritten, erfolgt keine Kuponzahlung. Ab dem ersten Beobachtungstag am 17. Oktober 2025 werden die Notes automatisch zur眉ckgerufen, wenn der Schlusskurs von Rivian auf oder 眉ber dem Anfangskurs liegt; in diesem Fall erhalten Anleger das Kapital von $1.000 plus den f盲lligen Kupon, und es erfolgen keine weiteren Zahlungen.
Bei F盲lligkeit erhalten Anleger (i) das volle Kapital plus den letzten Kupon, wenn Rivian bei oder 眉ber 60 % des Anfangskurses schlie脽t, oder (ii) das Kapital multipliziert mit dem Aktien-Performance-Faktor, falls die Aktie unter der Schwelle schlie脽t, wodurch die Inhaber Verlustrisiken entsprechend der Wertentwicklung des Basiswerts tragen 鈥� potenziell bis auf null. Der gesch盲tzte Wert bei der Preisfestsetzung liegt bei $900鈥�$960, unter dem Ausgabepreis von $1.000. Weitere offengelegte Risiken umfassen Kreditrisiken des Emittenten und Garanten, die begrenzte Handelshistorie von Rivian, die M枚glichkeit von ausbleibenden Kuponzahlungen, eingeschr盲nkte Liquidit盲t und ung眉nstige steuerliche Behandlung.
Free Writing Prospectus pursuant to Rule 433 dated July 11, 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 the Class A Common Stock of Rivian Automotive, Inc. due July 20, 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 July 11, 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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October 17, 2025 |
October 22, 2025 |
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January 20, 2026 |
January 23, 2026 |
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April 17, 2026 |
April 22, 2026 |
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July 17, 2026 |
July 22, 2026 |
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October 19, 2026 |
October 22, 2026 |
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KEY TERMS |
January 19, 2027 |
January 22, 2027 |
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Company (Issuer) / Guarantor: |
GS Finance Corp. / The Goldman Sachs Group, Inc. |
April 19, 2027 |
April 22, 2027 |
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Underlying stock: |
the Class A common stock of Rivian Automotive, Inc. (current Bloomberg ticker: “RIVN UW”) |
July 19, 2027 |
July 22, 2027 |
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Pricing date: |
expected to price on or about July 17, 2025 |
October 18, 2027 |
October 21, 2027 |
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Original issue date: |
expected to be July 22, 2025 |
January 18, 2028 |
January 21, 2028 |
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Coupon observation dates: |
as set forth under “Coupon observation dates” |
April 17, 2028 |
April 20, 2028 |
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Coupon payment dates: |
as set forth under “Coupon payment dates” |
July 17, 2028 (determination date) |
July 20, 2028 (stated maturity date) |
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Stated maturity date: |
expected to be July 20, 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 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 October 17, 2025 and ending on April 17, 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 July 17, 2028 |
125.000% |
100.000%* |
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Downside threshold price: |
60.00% 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 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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60.000% |
100.000%* |
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59.999% |
59.999% |
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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, at least $61.875 (set on the pricing date); or • if the closing price of the underlying stock on the applicable coupon observation date is less than the downside threshold price, $0.00 |
50.000% |
50.000% |
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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 coupon |
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Share performance factor: |
final share price / initial share price |
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CUSIP / ISIN: |
40058JNS0 / US40058JNS05 |
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Estimated value range: |
$900 to $960 (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 the Class A common stock of Rivian Automotive, 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 coupon payment. 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 (defined below) 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 coupon payment on the applicable coupon payment date.
The securities are for investors who seek to earn a 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
Additional Risks Related to the Underlying Stock
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.
Source:
FAQ
What is the coupon rate on the GS (FWP) Rivian-linked notes?
When can the Goldman Sachs notes be automatically called?
How much principal protection do the securities offer?
What is the maturity date of the Contingent Income Auto-Callable Securities?
Why is the estimated value below the $1,000 issue price?
Which entities are responsible for payment on the notes?
