Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 20

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 20
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 the risks described below materializes, the Issuer’s business, financial condition and results of operations could suffer, the Securities could be subject to Conversion and/or the Dutch Bail-inPower, and the trading price and liquidity of the Securities and/or its ordinary shares could decline, in which case you could lose some or all of the value of your investment. Risks Relating to the Issuer For a description of the risks associated with the Issuer and the Group, see the section entitled “Key Information — Risk Factors” starting on page 9 of the 2024 Form 20-F,which is incorporated by reference herein. Risks Relating to the Securities The Securities are complex financial instruments that involve a high degree of risk and may not be a suitable investment for all investors. The Securities are complex financial instruments that involve a high degree of risk. As a result, an investment in the Securities and the Conversion Shares or ADSs issuable following a Trigger Event will involve certain increased risks. Each potential investor of the Securities must determine the suitability (either alone or with the help of a financial and/or professional adviser) of that investment in light of its own circumstances. In particular, each potential investor should:

| (i) | have sufficient knowledge and experience to make a meaningful evaluation of the Securities, the merits and                                                                                
 risks of investing in the Securities and the information contained or incorporated by reference in this prospectus supplement or any applicable supplement to this prospectus supplement; |

| (ii) | have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular                       
 financial situation, an investment in the Securities and the impact such investment will have on its overall investment portfolio; |

| (iii) | have sufficient financial resources and liquidity to bear all of the risks of an investment in the Securities,                                                                                                                              
 including where the currency for principal or interest payments, i.e., U.S. dollars, is different from the currency in which such potential investor’s financial activities are principally denominated and the possibility that the entire 
 principal amount of the Securities could be lost, including following the exercise by the relevant resolution authority of any Dutch Bail-in Power;                                                                                         |

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| (iv) | understand thoroughly the terms of the Securities, such as the provisions governing the Conversion (including,                                                                                                                                          
 in particular, the calculation of the Group CET1 Ratio, as well as under what circumstances a Trigger Event will occur), and be familiar with the behavior of any relevant indices and financial markets, including the possibility that