Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 27

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 27
---
 Date or redemption date (whether or not the Issuer has given
notice of cancellation) shall be cancelled or deemed cancelled and shall not accumulate or be due and payable at any time thereafter. The non-payment of any interest in whole or in part by the Issuer shall not
constitute a default for any purpose on the part of the Issuer, and the holders or shall have no right thereto whether in the case of a Liquidation Event or otherwise. As described in the below section, “Description of the Securities —
Interest Cancellation — Agreement to Interest Cancellation,” in the case of a Liquidation Event or on the occurrence of a conversion upon a Trigger Event, any accrued and unpaid interest on the Securities shall be deemed cancelled.

If practicable, the Issuer shall provide notice of any cancellation of interest (in whole or in part) at least five business days prior to the
relevant Interest Payment Date or redemption date to the Paying Agents and the holders of the Securities and shall provide notice of any deemed cancellation of interest to the Paying Agents and the holders of the Securities as promptly as
practicable following the relevant Interest Payment Date or redemption date. Failure to give such notice, however, shall not affect the validity of the cancellation of any interest payment in whole or in part by the Issuer and shall not constitute a
default under the Securities for any purpose or give holders any rights as a result of such failure.

If the Issuer elects to cancel, or
is prohibited from paying, interest on the Securities at any time, this imposes no restrictions on the Issuer. For the avoidance of doubt, there is no restriction (other than any restriction imposed by any applicable law or regulation) on the Issuer
from otherwise making distributions or any other payments to the holders of any other securities of the Issuer, including securities ranking pari passu with, or junior to, the Securities. The Securities rank senior to the Issuer’s
ordinary shares. It is the current intention of the Issuer that, whenever exercising its discretion to declare Ordinary Share dividends, or its discretion to cancel interest on the Securities, the Issuer will take into account the relative ranking
of these instruments in the Issuer’s capital structure. However, the Issuer may depart from that current intention at any time in its sole discretion and will not be required to provide holders with prior notice of such departure.

S-29

Any actual or anticipated cancellation or reduction of interest payments can be expected to
have a significant adverse effect on