Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 97

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 97
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 shall hold the Conversion Shares on
behalf of the holders of the Securities to the extent of each such holder’s entitlement to receive Conversion Shares as set forth above. Fractions of Conversion Shares shall not be issued or delivered following a Conversion and no cash payment
shall be made in lieu thereof.

S-74

The “ Conversion Price” per ordinary share in respect of the Securities shall be:

| • |     | if the ordinary shares are then admitted to trading on a Relevant Stock Exchange, the highest of (i) the                                                                                                                    
 Current Market Price (as defined under “— Anti-Dilution” below) per ordinary share translated into U.S. dollars at the Prevailing Rate, (ii) the Floor Price and (iii) the nominal value of an ordinary share of the Issuer 
 translated into U.S. dollars at the Prevailing Rate, and                                                                                                                                                                    |

| • |     | if the ordinary shares are not then admitted to trading on a Relevant Stock Exchange, the higher of (i) the                    
 Floor Price and (ii) the nominal value of an ordinary share of the Issuer translated into U.S. dollars at the Prevailing Rate. |

The Current Market Price, Floor Price and Prevailing Rate shall each be determined on the date on which the Conversion Notice is given. The nominal value of an ordinary share is currently €0.01, which translated into U.S. dollars at the Noon Buying Rate on August 29, 2025, of $1.1695 to €1.00 is equivalent to $0.0117. The Floor Price is fixed at $8.76 per ordinary share, subject to adjustment as described under “— Anti-Dilution” below. Application of the Floor Price has the consequence of limiting the number of ordinary shares that shall be received by holders of the Securities upon a Conversion if the Current Market Price is less than the Floor Price. The ordinary shares issued following a Conversion shall be fully paid and non-assessableand shall in all respects rank pari passuwith the fully paid ordinary shares in issue on the Conversion Date, except in any such case for any right excluded by mandatory provisions of applicable law, and except that the Conversion Shares so issued shall not rank for (or, as the case may be, the relevant holder shall not be entitled to receive) any rights, distributions or payments the entitlement to which falls prior to the Conversion Date. Conversion Procedure After the Issuer has notified the Competent Authority of the occurrence of a Trigger Event and delivered to the trustee