Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 28

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 28
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 the market price of the Securities and any trading market for the Securities could be severely restricted. In addition, as a result of the interest cancellation and reduction provisions of the Securities, the
market price of the Securities may be more volatile than the market prices of other debt securities on which interest accrues that are not subject to such cancellation or reduction and may be more sensitive generally to adverse changes in the
Issuer’s financial condition.

The level of the Issuer’s Distributable Items is affected by a number of factors and insufficient Distributable Items may restrict the Issuer’s ability to make interest payments on the Securities.

As of
December 31, 2024, the Issuer had approximately €44,833 million of Distributable Items. The level of the Issuer’s Distributable Items is affected by a number of factors. The Issuer’s future Distributable Items, and
therefore its ability to make interest payments under the Securities, are a function of its existing Distributable Items and its future profitability. In addition, the Issuer’s Distributable Items may also be adversely affected by the
servicing of other debt and equity instruments and there are no restrictions on the Issuer’s ability to make payments on Parity Instruments, other debt instruments (including more senior and parity ranking instruments) or its ordinary shares
even if that results in its Distributable Items not being sufficient to make a scheduled interest payment on the Securities.

In addition,
the Issuer is a holding company and conducts substantially all of its operations through its subsidiaries. The Issuer’s subsidiaries are separate and distinct legal entities, and have no obligation to pay any amounts due, or to provide the
Issuer with funds to meet any of the Issuer’s payment obligations, under the Securities.

As a holding company, the level of the
Issuer’s Distributable Items is affected by a number of factors, principally its ability to receive funds, directly or indirectly, from its operating subsidiaries in a manner which creates Distributable Items for the Issuer. Consequently, the
Issuer’s future Distributable Items, and therefore its ability to make interest payments under the Securities, are a function of its existing Distributable Items, future Group profitability and the ability to distribute (by way of dividend or
otherwise) profits from its operating subsidiaries up the Group structure to the Issuer.

The level of the Issuer’s Distributable
Items may also be affected by changes to regulation, changes to Dutch and European accounting standards or the requirements and expectations of applicable regulatory authorities. Any such potential changes could adversely affect