Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 38

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 38
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 significantly affect the trading price of the Securities. As at June 30,
2025, the Group CET1 Ratio was 13.3%, the Group Tier 1 Ratio was 15.1% and the Group Total Capital Ratio was 18.2%.

The Group CET1 Ratio
may be affected by a large variety of factors, including, among other things, changes in the mix of the Issuer’s business, major events affecting the Issuer’s earnings, shock stress events that have a material negative impact on the
Group’s capital, accounting changes, pension contributions, dividend payments by the Issuer, regulatory changes (including changes to definitions and calculations of regulatory capital ratios and their components, including Group CET1 Capital
and Group Total Risk Exposure Amount) and the Issuer’s ability to manage its Group Total Risk Exposure Amount in both its ongoing businesses and those which it may seek to exit. In addition, the Issuer has capital resources and risk weighted
assets denominated in foreign currencies, and changes in foreign exchange rates will result in changes in the euro equivalent value of foreign currency denominated capital resources and risk weighted assets. As a result, the Group CET1 Ratio is
exposed to foreign currency movements. Actions that the Issuer takes could also affect the Group CET1 Ratio, including causing it to decline. The Issuer has no obligation to increase its Group CET1 Capital, reduce its Group Total Risk Exposure
Amount or otherwise operate its business in such a way, or take mitigating actions in order to prevent its Group CET1 Ratio from falling below 7.00% or to maintain or increase its Group CET1 Ratio or to otherwise consider the interests of the
holders of the Securities in connection with any of its business decisions that might affect the Group CET1 Ratio.

S-35

Because of the inherent uncertainty regarding whether a Trigger Event will occur and there
being no affirmative obligation on the Issuer’s part to prevent its occurrence, it will be difficult to predict when, if at all, Conversion may occur. Accordingly, the trading behavior of the Securities is not necessarily expected to follow
the trading behavior of other types of security. Any indication or perceived indication that the Group CET1 Ratio is approaching the level that would cause a Trigger Event (and subsequent Conversion) to occur can be expected to have a material
adverse effect on the market price and liquidity of the Securities. Under such circumstances, investors may not be able to sell their Securities easily or at prices that will provide them with a yield comparable to other