Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 39

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 39
---
 types of subordinated
securities, including the Issuer’s other subordinated debt securities. In addition, the risk of Conversion could drive down the price of ordinary shares and have a material adverse effect on the market value of Conversion Shares or ADSs
received upon Conversion.

Changes to the calculation of the Group CET1 Capital may negatively affect the Group CET1 Ratio, thereby increasing the risk of a Trigger Event leading to a Conversion, as a result of which your Securities will automatically be converted into Conversion Shares.

The calculation of the Group CET1 Ratio may also be affected by changes in applicable accounting rules, or by changes to regulatory
adjustments which modify the regulatory capital impact of accounting rules (including, but not limited to, the introduction of IFRS 9 ‘Financial Instruments’ and related capital transitional arrangements). Moreover, even if changes in
applicable accounting rules, or changes to regulatory adjustments which modify accounting rules, are not yet in force as of the relevant calculation date, the Competent Authority could require the Issuer to reflect such changes in any particular
calculation of the Group CET1 Ratio.

Accordingly, accounting changes or regulatory changes may have a material adverse impact on the
Group’s calculations of regulatory capital, including Group CET1 Capital and Group Total Risk Exposure Amount, and the Group CET1 Ratio. Any such changes in calculation that result in a decline of the Group CET1 Ratio could cause a Trigger
Event at any time, which would lead to the automatic conversion of the Securities into Conversion Shares.

The Issuer’s Group CET1 Ratio will be affected by its business decisions and, in making such decisions, its interests may not be aligned with those of the holders of the Securities.

The Group CET1 Ratio could be affected by a number of factors. It will also depend on the Group’s decisions relating to its businesses
and operations, as well as the management of its capital position. The Issuer will have no obligation to consider the interests of the holders of the Securities in connection with the Issuer’s strategic decisions, including in respect of its
capital management. Holders of the Securities will not have any claim against the Issuer or any other member of the Group relating to decisions that affect the business and operations of the Group, including its capital position, regardless of
whether they result in the occurrence of a Trigger Event. Such decisions could cause holders of the Securities to lose all or part of the value of their investment in the Securities.

Holders will bear the risk of changes in the Group CET1 Ratio.