Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 50

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 50
---
 the Issuer will consider a range of factors including prevailing market conditions, its cost of borrowing and the Dutch tax regime at that time. For example, as the qualification as debt or equity
for Dutch tax purposes may also determine whether payments on the Securities are subject to Dutch dividend withholding tax, uncertainty also remains in this area. If the interest payments by the Issuer on the Securities are subject to Dutch dividend
withholding tax, this may be a factor that the Issuer will consider in assessing whether or not to exercise its redemption option at the relevant time. Any redemption will also be subject to certain conditions of redemption as set out in
“Description of the Securities — Redemption — Conditions to Redemption, Substitution, Variation and Purchase.”

The Securities may also be redeemed at any time in the event of certain regulatory or tax events, as described under “Description of the
Securities — Redemption.” If the Issuer redeems the Securities, you may not be able to reinvest the redemption proceeds in securities offering a comparable anticipated rate of return. The exercise of (or perceived likelihood of exercise
of) the redemption feature of the Securities may limit their market value, which is unlikely to rise substantially above the price at which the Securities can be redeemed. In addition, any early redemption of the Securities is subject to it
obtaining the Competent Authority’s prior permission, regardless of whether such redemption would be favorable or unfavorable to holders. See “Description of the Securities — Redemption — Conditions to Redemption,
Substitution, Variation and Purchase” concerning conditions to redemption. Furthermore, you have no right to require the Issuer to redeem the Securities. Also, upon the occurrence of any event giving the Issuer the right to redeem the
Securities prior to maturity, the Issuer may, instead of redeeming the Securities, choose to redeem other outstanding capital instruments if the terms of those capital instruments so provide, leaving the holders of the Securities subject to the risk
of Conversion while other investors are redeemed at par or other advantageous prices.

S-42

The Issuer may substitute or vary the Securities following a Regulatory Event, Tax Event or Alignment Event in a manner which may be adverse to a holder or beneficial owner of the Securities.

If a Regulatory
Event, Tax Event or Alignment Event (as defined herein) has occurred and is continuing with respect to the Securities then the Issuer may, without any requirement for the consent or approval of the holders of the Securities, substitute such
Securities, in whole but not in part, or vary the terms of