Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 57

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 57
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 used to determine, credit ratings assigned to the Issuer, or the Securities could cause the liquidity or trading prices of the Securities to decline significantly. Additionally, any uncertainty about
the extent of any anticipated changes to the credit ratings assigned to the Issuer or the Securities may adversely affect the market value of the Securities.

S-46

Changes in law, or changes in the regulatory classification of the Securities due to other factors, may adversely affect the rights of holders of the Securities.

The terms and conditions of the Securities are based
on Dutch law in effect as at the date of this prospectus supplement. No assurance can be given as to the impact of any possible judicial decision or change to Dutch, European or any other applicable laws, regulations or administrative practices
after the date of this prospectus supplement.

Changes in law after the date hereof may affect the rights of holders as well as the market
value of the Securities. Such changes in law may include changes in statutory, tax and regulatory regimes, administrative practices and judicial decisions during the life of the Securities, which may have an adverse effect on an investment in the
Securities.

In addition, any change in law or regulation that triggers a Regulatory Event or a Tax Event would entitle the Issuer, at the
Issuer’s option, to redeem the Securities, in whole but not in part, as more particularly described under “Description of the Securities — Redemption.” See also “—The Issuer may redeem the Securities at its option in certain situations.”

A Regulatory Event is triggered by a change in the regulatory classification of the Securities
such that they will be excluded in whole or in part from the own funds of the Issuer, calculated as more fully described in the sections referred to above. A change in the regulatory classification may be caused by reasons other than changes in law
(such as changes in the corporate structure of the Group) such that the Securities are no longer eligible as own funds of the Issuer, which would allow the Issuer, at its option, to redeem the Securities as described in the preceding paragraph and
may affect the trading price of the Securities.

Any legislative and regulatory uncertainty could also affect an investor’s ability
to accurately value the Securities and, therefore, affect the trading price of the Securities given the extent and impact on the Securities that one or more regulatory or legislative changes, including those described above, could have on the
Securities.

The financial services industry continues to be the focus of significant regulatory reforms which may adversely affect the Group’s business, financial performance and