Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 296

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 296
---
 day in Luxembourg or Brussels, depending on whether Clearstream, Luxembourg or Euroclear is used.

-92-

TAXATION The following describes the material U.S. federal income and Dutch tax consequences of owning certain securities we may offer pursuant to this prospectus and a prospectus supplement. This discussion is the opinion of Sullivan & Cromwell LLP insofar as it relates to matters of U.S. federal income tax law and the opinion of PricewaterhouseCoopers Belastingadviseurs N.V. insofar as it relates to matters of Dutch tax law. It applies to you only if you acquire your securities in an initial offering or in a qualified reopening and you hold your securities as capital assets for U.S. federal income tax purposes. The “U.S Taxation” subsections address only U.S. federal income taxation and do not discuss all of the tax consequences that may be relevant to you in light of your individual circumstances, including foreign, state or local tax consequences, and tax consequences arising under the Medicare contribution tax on net investment income or the alternative minimum tax. This section, insofar as it pertains to U.S. federal income tax consequences, does not describe all of the material tax consequences which may be applicable to you if you are a member of a class of holders subject to special U.S. federal income tax rules, such as:

| • |     | a dealer in securities or currencies; |

| • |     | a trader in securities that elects to use a                       
 mark-to-market method of accounting for your securities holdings; |

| • |     | a bank; |

| • |     | a life insurance company; |

| • |     | a tax-exempt organization; |

| • |     | a person that owns securities that are a hedge or that are hedged against interest rate or currency risks; |

| • |     | a person that owns securities as part of a straddle or conversion transaction for tax purposes; |

| • |     | a person that actually or constructively owns 10% or more of the combined voting power of our voting stock or the 
 total value of our stock;                                                                                         |

| • |     | a person that purchases or sells the securities as part of a wash sale for U.S. federal income tax purposes; |

| • |     | an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes; or |

| • |     | a U.S. holder (as defined below) whose functional currency for U.S