Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 36

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 36
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 event you could lose all or part of the value of your investment in the Securities.

The Securities are being issued for regulatory capital adequacy purposes with the intention and purpose of being eligible as Additional Tier 1
Capital of the Group. Such eligibility depends upon a number of conditions being satisfied, which are reflected in the Description of the Securities and which, in particular, require the Securities and the proceeds of their issue to be available to
absorb any losses of the Group.

A Trigger Event will occur if at any time the Group CET1 Ratio is less than 7.00% as determined by the
Issuer, the Competent Authority or any agent appointed for such purpose by the Competent Authority. Any such determination shall be binding on the trustee and holders of the Securities. Upon the occurrence of a Trigger Event, Conversion will occur
at the Conversion Price as described in “Description of the Securities — Conversion Upon Trigger Event — Conversion Shares and Conversion Price,” at which point all of the Issuer’s obligations to the holders under the
Securities shall be irrevocably and automatically released in consideration of the Issuer’s issuance and delivery of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient) on the Conversion Date, and under no
circumstances shall such released obligations be reinstated. As a result, you could lose all or part of the value of your investment in the Securities, as, following Conversion, you will receive only the Conversion Shares or, if you elect, ADSs, and
the realizable value of the Conversion Shares or ADSs may be significantly less than the principal amount of the Securities you hold. At the time the Conversion Shares are issued, the Conversion Price may not reflect the market price of the
Issuer’s Conversion Shares, which could be significantly lower than the Conversion Price. As a result, the value of the Conversion Shares or ADSs you receive may be significantly less than the principal amount of the Securities. Furthermore,
upon the occurrence of Conversion, you will no longer have a debt claim in relation to principal

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and any accrued but unpaid interest on the Securities shall be cancelled and shall not become due and payable at any time. See “Description of the Securities — Conversion Upon Trigger
Event” for more information.

After the occurrence of a Trigger Event, Conversion will occur at the Conversion Price, at which point
all of the Issuer’s obligations under the Securities shall be irrevocably discharged and satisfied by the Issuer’s issuance and delivery of the Conversion