[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs (GS) has filed a Free Writing Prospectus (FWP) for Contingent Income Auto-Callable Securities linked to NVIDIA Corporation (NVDA) common stock, due July 7, 2028. The unsecured notes will be issued by GS Finance Corp. and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.
Key structural terms include: (1) Pricing date expected July 3 2025 with an original issue date of July 9 2025; (2) Maturity on July 7 2028 unless called earlier; (3) Underlying: NVDA stock; (4) Downside threshold: 50 % of the initial share price; (5) Automatic call: if NVDA closes 鈮� initial price on any quarterly call observation date between Oct 3 2025 and Apr 3 2028, investors receive $1,000 principal plus the contingent coupon and no further payments; (6) Contingent quarterly coupon: at least $25.75 per $1,000, payable only if NVDA 鈮� downside threshold on the relevant observation date; coupons may be skipped entirely; (7) Estimated value: $910-$970, below the $1,000 issue price, reflecting selling concessions and hedging costs.
Payment scenarios: At maturity, investors receive (a) $1,000 plus the final coupon if NVDA 鈮� downside threshold, or (b) $1,000 脳 (final/initial price) if NVDA < downside threshold鈥� exposing holders to up to 100 % principal loss. No upside participation in NVDA appreciation is provided.
Risk highlights detailed in the FWP and related supplements include principal loss, skipped coupons, credit risk of GS Finance Corp. and guarantor GS, secondary-market illiquidity, valuation uncertainty (issue price > estimated value) and potential conflicts of interest arising from Goldman Sachs鈥� hedging and trading activities.
The notes target investors seeking above-market contingent income and a 50 % soft protection level in exchange for limited upside and the possibility of significant capital loss.
Goldman Sachs (GS) ha presentato un Free Writing Prospectus (FWP) per titoli Contingent Income Auto-Callable legati alle azioni ordinarie di NVIDIA Corporation (NVDA), con scadenza il 7 luglio 2028. Le obbligazioni non garantite saranno emesse da GS Finance Corp. e garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc.
I principali termini strutturali includono: (1) Data di prezzo prevista per il 3 luglio 2025 con data di emissione originale il 9 luglio 2025; (2) Scadenza il 7 luglio 2028 salvo richiamo anticipato; (3) Attivo sottostante: azioni NVDA; (4) Soglia di ribasso: 50% del prezzo iniziale delle azioni; (5) Richiamo automatico: se NVDA chiude 鈮� prezzo iniziale in una qualsiasi data di osservazione trimestrale tra il 3 ottobre 2025 e il 3 aprile 2028, gli investitori ricevono 1.000 USD di capitale pi霉 la cedola contingente e nessun ulteriore pagamento; (6) Cedola trimestrale contingente: almeno 25,75 USD per 1.000 USD, pagabile solo se NVDA 猫 鈮� soglia di ribasso nella data di osservazione pertinente; le cedole possono essere completamente saltate; (7) Valore stimato: tra 910 e 970 USD, inferiore al prezzo di emissione di 1.000 USD, riflettendo le commissioni di vendita e i costi di copertura.
Scenari di pagamento: Alla scadenza, gli investitori ricevono (a) 1.000 USD pi霉 l鈥檜ltima cedola se NVDA 鈮� soglia di ribasso, oppure (b) 1.000 脳 (prezzo finale/iniziale) se NVDA < soglia di ribasso 鈥� esponendo i detentori a una perdita fino al 100% del capitale. Non 猫 prevista partecipazione al rialzo dell鈥檃pprezzamento di NVDA.
I rischi principali descritti nel FWP e nei supplementi correlati includono perdita del capitale, cedole saltate, rischio di credito di GS Finance Corp. e del garante GS, illiquidit脿 sul mercato secondario, incertezza di valutazione (prezzo di emissione > valore stimato) e potenziali conflitti di interesse derivanti dalle attivit脿 di copertura e trading di Goldman Sachs.
I titoli sono rivolti a investitori che cercano un reddito contingente superiore al mercato e un livello di protezione soft al 50% in cambio di un potenziale limitato rialzo e della possibilit脿 di perdite di capitale significative.
Goldman Sachs (GS) ha presentado un Free Writing Prospectus (FWP) para Valores Auto-llamables con Ingreso Contingente vinculados a acciones ordinarias de NVIDIA Corporation (NVDA), con vencimiento el 7 de julio de 2028. Los bonos no garantizados ser谩n emitidos por GS Finance Corp. y garantizados total e incondicionalmente por The Goldman Sachs Group, Inc.
T茅rminos estructurales clave incluyen: (1) Fecha de precio prevista para el 3 de julio de 2025 con fecha original de emisi贸n el 9 de julio de 2025; (2) Vencimiento el 7 de julio de 2028 salvo llamado anticipado; (3) Subyacente: acciones de NVDA; (4) Umbral a la baja: 50 % del precio inicial de la acci贸n; (5) Llamado autom谩tico: si NVDA cierra 鈮� precio inicial en cualquier fecha de observaci贸n trimestral entre el 3 de octubre de 2025 y el 3 de abril de 2028, los inversores reciben 1,000 USD de principal m谩s el cup贸n contingente y no se realizan pagos adicionales; (6) Cup贸n trimestral contingente: al menos 25,75 USD por cada 1,000 USD, pagadero solo si NVDA est谩 鈮� umbral a la baja en la fecha de observaci贸n correspondiente; los cupones pueden ser omitidos completamente; (7) Valor estimado: entre 910 y 970 USD, por debajo del precio de emisi贸n de 1,000 USD, reflejando concesiones de venta y costos de cobertura.
Escenarios de pago: Al vencimiento, los inversores reciben (a) 1,000 USD m谩s el cup贸n final si NVDA 鈮� umbral a la baja, o (b) 1,000 脳 (precio final/inicial) si NVDA < umbral a la baja 鈥� exponiendo a los tenedores a una p茅rdida de hasta el 100% del principal. No hay participaci贸n al alza en la apreciaci贸n de NVDA.
Aspectos destacados de riesgo detallados en el FWP y suplementos relacionados incluyen p茅rdida de principal, cupones omitidos, riesgo crediticio de GS Finance Corp. y el garante GS, iliquidez en el mercado secundario, incertidumbre en la valoraci贸n (precio de emisi贸n > valor estimado) y posibles conflictos de inter茅s derivados de las actividades de cobertura y negociaci贸n de Goldman Sachs.
Los valores est谩n dirigidos a inversores que buscan ingresos contingentes superiores al mercado y un nivel de protecci贸n suave del 50% a cambio de un potencial limitado al alza y la posibilidad de p茅rdidas significativas de capital.
瓿摐毵� 靷姢(GS)電� NVIDIA Corporation(NVDA) 氤错喌欤检檧 鞐瓣硠霅� 臁瓣贝攵� 靾橃瀰 鞛愲彊 旖� 臧�電� 歃濌秾鞐� 雽�頃� Free Writing Prospectus(FWP)毳� 2028雲� 7鞗� 7鞚� 毵岅赴搿� 鞝滌稖頄堨姷雼堧嫟. 氍措嫶氤� 毂勱秾鞚� GS Finance Corp.鞐愳劀 氚滍枆霅橂┌ 瓿摐毵� 靷姢 攴鸽９(The Goldman Sachs Group, Inc.)鞚� 鞝勲┐鞝侅澊瓿� 氍挫“瓯挫爜鞙茧 氤挫顷╇媹雼�.
欤检殧 甑“鞝� 臁瓣贝鞚� 雼れ潓瓿� 臧欖姷雼堧嫟: (1) 臧�瓴� 瓴办爼鞚�鞚� 2025雲� 7鞗� 3鞚� 鞓堨爼鞚措┌ 斓滌磮 氚滍枆鞚�鞚� 2025雲� 7鞗� 9鞚�; (2) 毵岅赴電� 2028雲� 7鞗� 7鞚检澊氅� 臁瓣赴 靸來櫂鞚� 鞐嗢潉 瓴届毎; (3) 旮办磮 鞛愳偘: NVDA 欤检嫕; (4) 頃橂澖 鞛勱硠臧�: 齑堦赴 欤缄皜鞚� 50%; (5) 鞛愲彊 旖�: 2025雲� 10鞗� 3鞚茧秬韯� 2028雲� 4鞗� 3鞚� 靷澊鞚� 攵勱赴氤� 甏�旄§澕 欷� NVDA 膦呹皜臧� 齑堦赴 臧�瓴� 鞚挫儊鞚� 瓴届毎, 韴瀽鞛愲姅 鞗愱笀 1,000雼煬鞕� 臁瓣贝攵� 炜犿彴鞚� 氚涥碃 於旉皜 歆�旮夓潃 鞐嗢潓; (6) 臁瓣贝攵� 攵勱赴氤� 炜犿彴: 1,000雼煬雼� 斓滌唽 25.75雼煬, 頃措嫻 甏�旄§澕鞐� NVDA臧� 頃橂澖 鞛勱硠臧� 鞚挫儊鞚� 霑岆 歆�旮�; 炜犿彴鞚� 鞝勳暋 歆�旮夒悩歆� 鞎婌潉 靾橂弰 鞛堨潓; (7) 於旍爼 臧�旃�: 910~970雼煬搿�, 氚滍枆臧� 1,000雼煬氤措嫟 雮溂氅� 韺愲Г 靾橃垬耄� 氚� 項れ 牍勳毄 氚橃榿.
歆�旮� 鞁滊倶毽槫: 毵岅赴 鞁� 韴瀽鞛愲姅 (a) NVDA臧� 頃橂澖 鞛勱硠臧� 鞚挫儊鞚措┐ 1,000雼煬鞕� 斓滌 炜犿彴鞚� 氚涥卑雮�, (b) NVDA臧� 頃橂澖 鞛勱硠臧� 氙鸽鞚措┐ 1,000 脳 (斓滌/齑堦赴 臧�瓴�)鞚� 氚涭溂氅�, 斓滊寑 100% 鞗愱笀 靻愳嫟 鞙勴棙鞚� 鞛堨潓. NVDA 欤缄皜 靸侅姽鞐� 霐半ジ 於旉皜 鞚挫澋 彀胳棳電� 鞐嗢潓.
FWP 氚� 甏�霠� 氤挫订 氍胳劀鞐� 靸侅劯頌� 靹る獏霅� 鞙勴棙 鞖旍澑鞐愲姅 鞗愱笀 靻愳嫟, 炜犿彴 氙胳旮�, GS Finance Corp. 氚� 氤挫鞚� GS鞚� 鞁犾毄 鞙勴棙, 2彀� 鞁滌灔 鞙犽彊靹� 攵�臁�, 臧�旃� 韽夑皜 攵堩檿鞁れ劚(氚滍枆臧� > 於旍爼 臧�旃�) 氚� 瓿摐毵� 靷姢鞚� 項れ 氚� 瓯半灅 頇滊彊鞐愳劀 氚滌儩頃� 靾� 鞛堧姅 鞚错暣 靸侅订 霌膘澊 韽暔霅╇媹雼�.
鞚� 歃濌秾鞚� 鞁滌灔 靾橃澋鞚� 靸來殞頃橂姅 臁瓣贝攵� 靾橃瀰瓿� 50%鞚� 靻岉攧韸� 氤错樃 靾橃鞚� 於旉惮頃橂姅 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃橂┌, 鞝滍暅霅� 靸侅姽 鞛犾灛霠リ臣 靸侂嫻頃� 鞛愲掣 靻愳嫟 臧�電レ劚鞚� 臧愳垬顷╇媹雼�.
Goldman Sachs (GS) a d茅pos茅 un Free Writing Prospectus (FWP) pour des titres 脿 revenu conditionnel auto-remboursables li茅s aux actions ordinaires de NVIDIA Corporation (NVDA), arrivant 脿 茅ch茅ance le 7 juillet 2028. Les billets non garantis seront 茅mis par GS Finance Corp. et enti猫rement et inconditionnellement garantis par The Goldman Sachs Group, Inc.
Les principaux termes structurels comprennent : (1) Date de tarification pr茅vue le 3 juillet 2025 avec une date d'茅mission initiale le 9 juillet 2025 ; (2) 脡肠丑茅补苍肠别 le 7 juillet 2028 sauf rappel anticip茅 ; (3) Actif sous-jacent : actions NVDA ; (4) Seuil de baisse : 50 % du prix initial de l'action ; (5) Rappel automatique : si NVDA cl么ture 鈮� prix initial 脿 une date d'observation trimestrielle entre le 3 octobre 2025 et le 3 avril 2028, les investisseurs re莽oivent 1 000 $ de principal plus le coupon conditionnel et aucun paiement suppl茅mentaire ; (6) Coupon trimestriel conditionnel : au moins 25,75 $ pour 1 000 $, payable uniquement si NVDA 鈮� seuil de baisse 脿 la date d'observation pertinente ; les coupons peuvent 锚tre totalement omis ; (7) Valeur estim茅e : entre 910 et 970 $, inf茅rieure au prix d'茅mission de 1 000 $, refl茅tant les concessions de vente et les co没ts de couverture.
Sc茅narios de paiement : 脌 l'茅ch茅ance, les investisseurs re莽oivent (a) 1 000 $ plus le coupon final si NVDA 鈮� seuil de baisse, ou (b) 1 000 脳 (prix final/initial) si NVDA < seuil de baisse 鈥� exposant les d茅tenteurs 脿 une perte en capital pouvant atteindre 100 %. Aucune participation 脿 la hausse de la valorisation de NVDA n鈥檈st pr茅vue.
Les points cl茅s des risques d茅taill茅s dans le FWP et les suppl茅ments associ茅s incluent la perte en capital, les coupons non vers茅s, le risque de cr茅dit de GS Finance Corp. et du garant GS, l鈥檌lliquidit茅 sur le march茅 secondaire, l鈥檌ncertitude d鈥櫭﹙aluation (prix d鈥櫭﹎ission > valeur estim茅e) et les conflits d鈥檌nt茅r锚ts potentiels li茅s aux activit茅s de couverture et de trading de Goldman Sachs.
Les titres s鈥檃dressent aux investisseurs recherchant un revenu conditionnel sup茅rieur au march茅 et un niveau de protection souple 脿 50 %, en 茅change d鈥檜n potentiel limit茅 脿 la hausse et de la possibilit茅 de pertes en capital importantes.
Goldman Sachs (GS) hat einen Free Writing Prospectus (FWP) f眉r Contingent Income Auto-Callable Securities ver枚ffentlicht, die mit den Stammaktien der NVIDIA Corporation (NVDA) verbunden sind und am 7. Juli 2028 f盲llig werden. Die unbesicherten Schuldverschreibungen werden von der GS Finance Corp. ausgegeben und vollst盲ndig und bedingungslos garantiert von The Goldman Sachs Group, Inc.
Wesentliche strukturelle Bedingungen umfassen: (1) Preisfeststellungstag voraussichtlich der 3. Juli 2025 mit einem urspr眉nglichen Emissionstag am 9. Juli 2025; (2) 贵盲濒濒颈驳办别颈迟 am 7. Juli 2028, sofern nicht fr眉her zur眉ckgerufen; (3) Basiswert: NVDA-Aktien; (4) 础产飞盲谤迟蝉-厂肠丑飞别濒濒别: 50 % des Anfangskurses; (5) Automatischer R眉ckruf: Wenn NVDA an einem der viertelj盲hrlichen Beobachtungstage zwischen dem 3. Oktober 2025 und dem 3. April 2028 mit einem Schlusskurs 鈮� Anfangskurs schlie脽t, erhalten Anleger 1.000 USD Kapital plus den bedingten Kupon und keine weiteren Zahlungen; (6) Bedingter viertelj盲hrlicher Kupon: Mindestens 25,75 USD pro 1.000 USD, zahlbar nur, wenn NVDA an dem jeweiligen Beobachtungstag 鈮� 础产飞盲谤迟蝉-厂肠丑飞别濒濒别 ist; Kupons k枚nnen vollst盲ndig ausfallen; (7) Gesch盲tzter Wert: 910鈥�970 USD, unter dem Ausgabepreis von 1.000 USD, was Verkaufsprovisionen und Absicherungskosten widerspiegelt.
Zahlungsszenarien: Bei 贵盲濒濒颈驳办别颈迟 erhalten Anleger (a) 1.000 USD plus den letzten Kupon, wenn NVDA 鈮� 础产飞盲谤迟蝉-厂肠丑飞别濒濒别, oder (b) 1.000 脳 (End-/Anfangskurs), wenn NVDA < 础产飞盲谤迟蝉-厂肠丑飞别濒濒别 鈥� was die Inhaber einem Risiko eines vollst盲ndigen Kapitalverlusts von bis zu 100 % aussetzt. Keine Aufw盲rtsbeteiligung an der Wertsteigerung von NVDA ist vorgesehen.
Risikohighlights, die im FWP und den zugeh枚rigen Erg盲nzungen beschrieben sind, umfassen Kapitalverlust, ausgefallene Kupons, Kreditrisiko von GS Finance Corp. und dem Garantiegeber GS, Illiquidit盲t am Sekund盲rmarkt, Bewertungsunsicherheit (Ausgabepreis > gesch盲tzter Wert) sowie potenzielle Interessenkonflikte aufgrund von Hedging- und Handelsaktivit盲ten von Goldman Sachs.
Die Wertpapiere richten sich an Anleger, die ein 眉ber dem Markt liegendes bedingtes Einkommen und einen Soft-Protection-Level von 50 % suchen, im Tausch f眉r begrenztes Aufw盲rtspotenzial und die M枚glichkeit erheblicher Kapitalverluste.
- 50 % downside threshold offers soft protection before principal starts eroding.
- Contingent quarterly coupon of at least $25.75 per $1,000 (鈮�2.6 % per quarter) provides potentially attractive income.
- Automatic call feature can return principal early while locking in earned coupons.
- Full guarantee by The Goldman Sachs Group, Inc. adds an additional credit layer above the issuer.
- Principal at risk up to 100 % if NVDA falls below the 50 % threshold at maturity.
- Coupons are not fixed; they cease in any quarter NVDA trades below the threshold.
- No participation in NVDA upside, capping total return to coupon income alone.
- Estimated value of $910-$970 is below issue price, implying an immediate unrealized loss.
- Credit risk of GS Finance Corp. and Goldman Sachs remains despite the guarantee.
Insights
TL;DR: High coupon, 50 % buffer, but 100 % downside risk and no upside鈥攏eutral for most portfolios.
The FWP offers a typical Goldman Sachs autocall note on NVDA. At 鈮�$25.75 quarterly (鈮�10 % annualized) the coupon is attractive versus investment-grade yields, yet entirely contingent. The 50 % downside threshold provides soft protection, but historical NVDA volatility makes breaches plausible. Automatic call can shorten duration, limiting coupon runway. The estimated value of $910-$970 signals a 3-9 % initial mark-to-market hit. Because investors relinquish all upside, risk-adjusted reward depends on stable-to-slightly positive NVDA performance. Overall impact: routine issuance rather than a transformational financing.
TL;DR: Principal-at-risk note with skipped coupons possible, credit & market risks dominate鈥攃autious stance.
Investors face layered risks: equity risk on a single high-beta tech name, credit risk on GS, valuation drag from the sub-par estimated value, and path-dependency from quarterly observations. The absence of dividend capture and upside participation tilts the risk-reward profile unfavorably unless coupons are consistently earned. NVDA鈥檚 historical drawdowns exceed 50 %, so full principal loss is plausible. From a risk-management perspective the issue warrants conservative sizing or avoidance for capital-preservation mandates.
Goldman Sachs (GS) ha presentato un Free Writing Prospectus (FWP) per titoli Contingent Income Auto-Callable legati alle azioni ordinarie di NVIDIA Corporation (NVDA), con scadenza il 7 luglio 2028. Le obbligazioni non garantite saranno emesse da GS Finance Corp. e garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc.
I principali termini strutturali includono: (1) Data di prezzo prevista per il 3 luglio 2025 con data di emissione originale il 9 luglio 2025; (2) Scadenza il 7 luglio 2028 salvo richiamo anticipato; (3) Attivo sottostante: azioni NVDA; (4) Soglia di ribasso: 50% del prezzo iniziale delle azioni; (5) Richiamo automatico: se NVDA chiude 鈮� prezzo iniziale in una qualsiasi data di osservazione trimestrale tra il 3 ottobre 2025 e il 3 aprile 2028, gli investitori ricevono 1.000 USD di capitale pi霉 la cedola contingente e nessun ulteriore pagamento; (6) Cedola trimestrale contingente: almeno 25,75 USD per 1.000 USD, pagabile solo se NVDA 猫 鈮� soglia di ribasso nella data di osservazione pertinente; le cedole possono essere completamente saltate; (7) Valore stimato: tra 910 e 970 USD, inferiore al prezzo di emissione di 1.000 USD, riflettendo le commissioni di vendita e i costi di copertura.
Scenari di pagamento: Alla scadenza, gli investitori ricevono (a) 1.000 USD pi霉 l鈥檜ltima cedola se NVDA 鈮� soglia di ribasso, oppure (b) 1.000 脳 (prezzo finale/iniziale) se NVDA < soglia di ribasso 鈥� esponendo i detentori a una perdita fino al 100% del capitale. Non 猫 prevista partecipazione al rialzo dell鈥檃pprezzamento di NVDA.
I rischi principali descritti nel FWP e nei supplementi correlati includono perdita del capitale, cedole saltate, rischio di credito di GS Finance Corp. e del garante GS, illiquidit脿 sul mercato secondario, incertezza di valutazione (prezzo di emissione > valore stimato) e potenziali conflitti di interesse derivanti dalle attivit脿 di copertura e trading di Goldman Sachs.
I titoli sono rivolti a investitori che cercano un reddito contingente superiore al mercato e un livello di protezione soft al 50% in cambio di un potenziale limitato rialzo e della possibilit脿 di perdite di capitale significative.
Goldman Sachs (GS) ha presentado un Free Writing Prospectus (FWP) para Valores Auto-llamables con Ingreso Contingente vinculados a acciones ordinarias de NVIDIA Corporation (NVDA), con vencimiento el 7 de julio de 2028. Los bonos no garantizados ser谩n emitidos por GS Finance Corp. y garantizados total e incondicionalmente por The Goldman Sachs Group, Inc.
T茅rminos estructurales clave incluyen: (1) Fecha de precio prevista para el 3 de julio de 2025 con fecha original de emisi贸n el 9 de julio de 2025; (2) Vencimiento el 7 de julio de 2028 salvo llamado anticipado; (3) Subyacente: acciones de NVDA; (4) Umbral a la baja: 50 % del precio inicial de la acci贸n; (5) Llamado autom谩tico: si NVDA cierra 鈮� precio inicial en cualquier fecha de observaci贸n trimestral entre el 3 de octubre de 2025 y el 3 de abril de 2028, los inversores reciben 1,000 USD de principal m谩s el cup贸n contingente y no se realizan pagos adicionales; (6) Cup贸n trimestral contingente: al menos 25,75 USD por cada 1,000 USD, pagadero solo si NVDA est谩 鈮� umbral a la baja en la fecha de observaci贸n correspondiente; los cupones pueden ser omitidos completamente; (7) Valor estimado: entre 910 y 970 USD, por debajo del precio de emisi贸n de 1,000 USD, reflejando concesiones de venta y costos de cobertura.
Escenarios de pago: Al vencimiento, los inversores reciben (a) 1,000 USD m谩s el cup贸n final si NVDA 鈮� umbral a la baja, o (b) 1,000 脳 (precio final/inicial) si NVDA < umbral a la baja 鈥� exponiendo a los tenedores a una p茅rdida de hasta el 100% del principal. No hay participaci贸n al alza en la apreciaci贸n de NVDA.
Aspectos destacados de riesgo detallados en el FWP y suplementos relacionados incluyen p茅rdida de principal, cupones omitidos, riesgo crediticio de GS Finance Corp. y el garante GS, iliquidez en el mercado secundario, incertidumbre en la valoraci贸n (precio de emisi贸n > valor estimado) y posibles conflictos de inter茅s derivados de las actividades de cobertura y negociaci贸n de Goldman Sachs.
Los valores est谩n dirigidos a inversores que buscan ingresos contingentes superiores al mercado y un nivel de protecci贸n suave del 50% a cambio de un potencial limitado al alza y la posibilidad de p茅rdidas significativas de capital.
瓿摐毵� 靷姢(GS)電� NVIDIA Corporation(NVDA) 氤错喌欤检檧 鞐瓣硠霅� 臁瓣贝攵� 靾橃瀰 鞛愲彊 旖� 臧�電� 歃濌秾鞐� 雽�頃� Free Writing Prospectus(FWP)毳� 2028雲� 7鞗� 7鞚� 毵岅赴搿� 鞝滌稖頄堨姷雼堧嫟. 氍措嫶氤� 毂勱秾鞚� GS Finance Corp.鞐愳劀 氚滍枆霅橂┌ 瓿摐毵� 靷姢 攴鸽９(The Goldman Sachs Group, Inc.)鞚� 鞝勲┐鞝侅澊瓿� 氍挫“瓯挫爜鞙茧 氤挫顷╇媹雼�.
欤检殧 甑“鞝� 臁瓣贝鞚� 雼れ潓瓿� 臧欖姷雼堧嫟: (1) 臧�瓴� 瓴办爼鞚�鞚� 2025雲� 7鞗� 3鞚� 鞓堨爼鞚措┌ 斓滌磮 氚滍枆鞚�鞚� 2025雲� 7鞗� 9鞚�; (2) 毵岅赴電� 2028雲� 7鞗� 7鞚检澊氅� 臁瓣赴 靸來櫂鞚� 鞐嗢潉 瓴届毎; (3) 旮办磮 鞛愳偘: NVDA 欤检嫕; (4) 頃橂澖 鞛勱硠臧�: 齑堦赴 欤缄皜鞚� 50%; (5) 鞛愲彊 旖�: 2025雲� 10鞗� 3鞚茧秬韯� 2028雲� 4鞗� 3鞚� 靷澊鞚� 攵勱赴氤� 甏�旄§澕 欷� NVDA 膦呹皜臧� 齑堦赴 臧�瓴� 鞚挫儊鞚� 瓴届毎, 韴瀽鞛愲姅 鞗愱笀 1,000雼煬鞕� 臁瓣贝攵� 炜犿彴鞚� 氚涥碃 於旉皜 歆�旮夓潃 鞐嗢潓; (6) 臁瓣贝攵� 攵勱赴氤� 炜犿彴: 1,000雼煬雼� 斓滌唽 25.75雼煬, 頃措嫻 甏�旄§澕鞐� NVDA臧� 頃橂澖 鞛勱硠臧� 鞚挫儊鞚� 霑岆 歆�旮�; 炜犿彴鞚� 鞝勳暋 歆�旮夒悩歆� 鞎婌潉 靾橂弰 鞛堨潓; (7) 於旍爼 臧�旃�: 910~970雼煬搿�, 氚滍枆臧� 1,000雼煬氤措嫟 雮溂氅� 韺愲Г 靾橃垬耄� 氚� 項れ 牍勳毄 氚橃榿.
歆�旮� 鞁滊倶毽槫: 毵岅赴 鞁� 韴瀽鞛愲姅 (a) NVDA臧� 頃橂澖 鞛勱硠臧� 鞚挫儊鞚措┐ 1,000雼煬鞕� 斓滌 炜犿彴鞚� 氚涥卑雮�, (b) NVDA臧� 頃橂澖 鞛勱硠臧� 氙鸽鞚措┐ 1,000 脳 (斓滌/齑堦赴 臧�瓴�)鞚� 氚涭溂氅�, 斓滊寑 100% 鞗愱笀 靻愳嫟 鞙勴棙鞚� 鞛堨潓. NVDA 欤缄皜 靸侅姽鞐� 霐半ジ 於旉皜 鞚挫澋 彀胳棳電� 鞐嗢潓.
FWP 氚� 甏�霠� 氤挫订 氍胳劀鞐� 靸侅劯頌� 靹る獏霅� 鞙勴棙 鞖旍澑鞐愲姅 鞗愱笀 靻愳嫟, 炜犿彴 氙胳旮�, GS Finance Corp. 氚� 氤挫鞚� GS鞚� 鞁犾毄 鞙勴棙, 2彀� 鞁滌灔 鞙犽彊靹� 攵�臁�, 臧�旃� 韽夑皜 攵堩檿鞁れ劚(氚滍枆臧� > 於旍爼 臧�旃�) 氚� 瓿摐毵� 靷姢鞚� 項れ 氚� 瓯半灅 頇滊彊鞐愳劀 氚滌儩頃� 靾� 鞛堧姅 鞚错暣 靸侅订 霌膘澊 韽暔霅╇媹雼�.
鞚� 歃濌秾鞚� 鞁滌灔 靾橃澋鞚� 靸來殞頃橂姅 臁瓣贝攵� 靾橃瀰瓿� 50%鞚� 靻岉攧韸� 氤错樃 靾橃鞚� 於旉惮頃橂姅 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃橂┌, 鞝滍暅霅� 靸侅姽 鞛犾灛霠リ臣 靸侂嫻頃� 鞛愲掣 靻愳嫟 臧�電レ劚鞚� 臧愳垬顷╇媹雼�.
Goldman Sachs (GS) a d茅pos茅 un Free Writing Prospectus (FWP) pour des titres 脿 revenu conditionnel auto-remboursables li茅s aux actions ordinaires de NVIDIA Corporation (NVDA), arrivant 脿 茅ch茅ance le 7 juillet 2028. Les billets non garantis seront 茅mis par GS Finance Corp. et enti猫rement et inconditionnellement garantis par The Goldman Sachs Group, Inc.
Les principaux termes structurels comprennent : (1) Date de tarification pr茅vue le 3 juillet 2025 avec une date d'茅mission initiale le 9 juillet 2025 ; (2) 脡肠丑茅补苍肠别 le 7 juillet 2028 sauf rappel anticip茅 ; (3) Actif sous-jacent : actions NVDA ; (4) Seuil de baisse : 50 % du prix initial de l'action ; (5) Rappel automatique : si NVDA cl么ture 鈮� prix initial 脿 une date d'observation trimestrielle entre le 3 octobre 2025 et le 3 avril 2028, les investisseurs re莽oivent 1 000 $ de principal plus le coupon conditionnel et aucun paiement suppl茅mentaire ; (6) Coupon trimestriel conditionnel : au moins 25,75 $ pour 1 000 $, payable uniquement si NVDA 鈮� seuil de baisse 脿 la date d'observation pertinente ; les coupons peuvent 锚tre totalement omis ; (7) Valeur estim茅e : entre 910 et 970 $, inf茅rieure au prix d'茅mission de 1 000 $, refl茅tant les concessions de vente et les co没ts de couverture.
Sc茅narios de paiement : 脌 l'茅ch茅ance, les investisseurs re莽oivent (a) 1 000 $ plus le coupon final si NVDA 鈮� seuil de baisse, ou (b) 1 000 脳 (prix final/initial) si NVDA < seuil de baisse 鈥� exposant les d茅tenteurs 脿 une perte en capital pouvant atteindre 100 %. Aucune participation 脿 la hausse de la valorisation de NVDA n鈥檈st pr茅vue.
Les points cl茅s des risques d茅taill茅s dans le FWP et les suppl茅ments associ茅s incluent la perte en capital, les coupons non vers茅s, le risque de cr茅dit de GS Finance Corp. et du garant GS, l鈥檌lliquidit茅 sur le march茅 secondaire, l鈥檌ncertitude d鈥櫭﹙aluation (prix d鈥櫭﹎ission > valeur estim茅e) et les conflits d鈥檌nt茅r锚ts potentiels li茅s aux activit茅s de couverture et de trading de Goldman Sachs.
Les titres s鈥檃dressent aux investisseurs recherchant un revenu conditionnel sup茅rieur au march茅 et un niveau de protection souple 脿 50 %, en 茅change d鈥檜n potentiel limit茅 脿 la hausse et de la possibilit茅 de pertes en capital importantes.
Goldman Sachs (GS) hat einen Free Writing Prospectus (FWP) f眉r Contingent Income Auto-Callable Securities ver枚ffentlicht, die mit den Stammaktien der NVIDIA Corporation (NVDA) verbunden sind und am 7. Juli 2028 f盲llig werden. Die unbesicherten Schuldverschreibungen werden von der GS Finance Corp. ausgegeben und vollst盲ndig und bedingungslos garantiert von The Goldman Sachs Group, Inc.
Wesentliche strukturelle Bedingungen umfassen: (1) Preisfeststellungstag voraussichtlich der 3. Juli 2025 mit einem urspr眉nglichen Emissionstag am 9. Juli 2025; (2) 贵盲濒濒颈驳办别颈迟 am 7. Juli 2028, sofern nicht fr眉her zur眉ckgerufen; (3) Basiswert: NVDA-Aktien; (4) 础产飞盲谤迟蝉-厂肠丑飞别濒濒别: 50 % des Anfangskurses; (5) Automatischer R眉ckruf: Wenn NVDA an einem der viertelj盲hrlichen Beobachtungstage zwischen dem 3. Oktober 2025 und dem 3. April 2028 mit einem Schlusskurs 鈮� Anfangskurs schlie脽t, erhalten Anleger 1.000 USD Kapital plus den bedingten Kupon und keine weiteren Zahlungen; (6) Bedingter viertelj盲hrlicher Kupon: Mindestens 25,75 USD pro 1.000 USD, zahlbar nur, wenn NVDA an dem jeweiligen Beobachtungstag 鈮� 础产飞盲谤迟蝉-厂肠丑飞别濒濒别 ist; Kupons k枚nnen vollst盲ndig ausfallen; (7) Gesch盲tzter Wert: 910鈥�970 USD, unter dem Ausgabepreis von 1.000 USD, was Verkaufsprovisionen und Absicherungskosten widerspiegelt.
Zahlungsszenarien: Bei 贵盲濒濒颈驳办别颈迟 erhalten Anleger (a) 1.000 USD plus den letzten Kupon, wenn NVDA 鈮� 础产飞盲谤迟蝉-厂肠丑飞别濒濒别, oder (b) 1.000 脳 (End-/Anfangskurs), wenn NVDA < 础产飞盲谤迟蝉-厂肠丑飞别濒濒别 鈥� was die Inhaber einem Risiko eines vollst盲ndigen Kapitalverlusts von bis zu 100 % aussetzt. Keine Aufw盲rtsbeteiligung an der Wertsteigerung von NVDA ist vorgesehen.
Risikohighlights, die im FWP und den zugeh枚rigen Erg盲nzungen beschrieben sind, umfassen Kapitalverlust, ausgefallene Kupons, Kreditrisiko von GS Finance Corp. und dem Garantiegeber GS, Illiquidit盲t am Sekund盲rmarkt, Bewertungsunsicherheit (Ausgabepreis > gesch盲tzter Wert) sowie potenzielle Interessenkonflikte aufgrund von Hedging- und Handelsaktivit盲ten von Goldman Sachs.
Die Wertpapiere richten sich an Anleger, die ein 眉ber dem Markt liegendes bedingtes Einkommen und einen Soft-Protection-Level von 50 % suchen, im Tausch f眉r begrenztes Aufw盲rtspotenzial und die M枚glichkeit erheblicher Kapitalverluste.
Free Writing Prospectus pursuant to Rule 433 dated June 27, 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 Common Stock of NVIDIA Corporation due July 7, 2028 |
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Principal at Risk Securities The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. You should read the accompanying preliminary pricing supplement dated June 26, 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 3, 2025 |
October 8, 2025 |
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January 5, 2026 |
January 8, 2026 |
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April 6, 2026 |
April 9, 2026 |
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July 6, 2026 |
July 9, 2026 |
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October 5, 2026 |
October 8, 2026 |
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KEY TERMS |
January 4, 2027 |
January 7, 2027 |
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Company (Issuer) / Guarantor: |
GS Finance Corp. / The Goldman Sachs Group, Inc. |
April 5, 2027 |
April 8, 2027 |
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Underlying stock: |
the common stock of NVIDIA Corporation (current Bloomberg ticker: “NVDA UW”) |
July 6, 2027 |
July 9, 2027 |
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Pricing date: |
expected to price on or about July 3, 2025 |
October 4, 2027 |
October 7, 2027 |
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Original issue date: |
expected to be July 9, 2025 |
January 3, 2028 |
January 6, 2028 |
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Coupon observation dates: |
as set forth under “Coupon observation dates” |
April 3, 2028 |
April 6, 2028 |
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Coupon payment dates: |
as set forth under “Coupon payment dates” |
July 3, 2028 (determination date) |
July 7, 2028 (stated maturity date) |
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Stated maturity date: |
expected to be July 7, 2028 |
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Payment at maturity (for each $1,000 stated principal amount of your securities): |
• if the final share price is greater than or equal to the downside threshold price, $1,000 plus the final contingent quarterly coupon; or • if the final share price is less than the downside threshold price, $1,000 × the share performance factor |
Hypothetical Payment Amount At Maturity |
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The Securities Have Not Been Automatically Called |
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Initial share price: |
the closing price of the underlying stock on the pricing date |
Hypothetical Final Share Price (as Percentage of Initial Share Price) |
Hypothetical Payment at Maturity (as Percentage of Principal Amount) |
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Final share price: |
the closing price of the underlying stock on the determination date |
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Call observation dates: |
each coupon observation date specified in the table commencing on October 3, 2025 and ending on April 3, 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 3, 2028 |
125.000% |
100.000%* |
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Downside threshold price: |
50.00% of the initial share price |
110.000% |
100.000%* |
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100.000% |
100.000%* |
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Automatic call feature: |
if, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price, your securities will be automatically called and, in addition to the contingent quarterly coupon then due, you will receive $1,000 for each $1,000 principal amount. No payments will be made after the call payment date. |
85.000% |
100.000%* |
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75.000% |
100.000%* |
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50.000% |
100.000%* |
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49.999% |
49.999% |
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Contingent quarterly coupon (set on the pricing date): |
subject to the automatic call feature, on each coupon payment date, for each $1,000 of the outstanding principal amount, the company will pay an amount in cash equal to: • if the closing price of the underlying stock on the applicable coupon observation date is greater than or equal to the downside threshold price, (i) the product of at least $25.75 (set on the pricing date) times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus (ii) the sum of all contingent quarterly coupons previously paid, if any; or • if the closing price of the underlying stock on the applicable coupon observation date is less than the downside threshold price, $0.00 |
45.000% |
45.000% |
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30.000% |
30.000% |
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25.000% |
25.000% |
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0.000% |
0.000% |
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* Does not include the final contingent quarterly coupon |
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Share performance factor: |
final share price / initial share price |
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CUSIP / ISIN: |
40058JJJ5 / US40058JJJ51 |
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Estimated value range: |
$910 to $970 (which is less than the original issue price; see the accompanying preliminary pricing supplement) |
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This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
About Your Securities |
The amount that you will be paid on your securities is based on the performance of the common stock of NVIDIA Corporation. The securities will mature on the stated maturity date unless they are automatically called on any call observation date. If the final share price is greater than or equal to the downside threshold price, you will receive your $1,000 principal amount of your securities plus a contingent quarterly coupon. You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold price, you will not receive a coupon payment and you will lose a significant portion or all of your investment.
Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon then due.
The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon observation date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold price, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment. If the closing price of the underlying stock on any coupon observation date is less than the downside threshold price, you will not receive a contingent quarterly coupon payment on the applicable coupon payment date.
The securities are for investors who seek to earn a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities.
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement if you so request by calling (212) 357-4612.
The securities are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
RISK FACTORS |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,741, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,741, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying stock. You should carefully consider whether the offered securities are appropriate given your particular circumstances.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Risks Related to Tax
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,741:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Risks Related to Tax
The following risk factors are discussed in greater detail in the accompanying prospectus supplement:
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements
TAX CONSIDERATIONS |
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Supplemental Discussion of U.S. Federal Income Tax Consequences” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax advisor.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
Source:
FAQ
What is the downside threshold for the GS (GS) Contingent Income Auto-Callable Securities on NVDA?
How frequently are coupon observation dates scheduled for these GS securities?
When are the notes automatically called?
What is the estimated initial value versus the $1,000 issue price?
When do the Contingent Income Auto-Callable Securities mature if not called?
Who guarantees the payment obligations of the issuer?
