Slide 1: Execution of our strategy resulted in outstanding growth and strong value delivery
4Q2025 Execution of our strategy resulted in outstanding growth and strong value delivery 29 January 2026
Slide 2: Outstanding commercial growth in 2025
Outstanding commercial growth in 2025 Customer Customer Customer Sustainable Diversification Profitability growth lending deposits financing Mobile primary Lending Deposits Fee Return Sustainable customers growth2) growth2) income on equity volume mobilised3) +352,000 €20.4 bln €9.5 bln €1,221 mln €
Slide 3: Record total income for the third consecutive year
Record total income for the third consecutive year Commercial NII (in € bln) Fee income (in € bln) All other income (in € bln) Total income (in € bln) +6.4% +7.0% +0.7% +5.6% CAGR CAGR CAGR CAGR 22.6 23.0 22.6 4.6 18.5 18.6 15.6 15.5 15.3 4.0 11.9 12.6 3.5 3.6 3.6 3.3 3.0 3.1 3.1 2.4 2021 2022 2023
Slide 4: Significantly improved operational leverage
Significantly improved operational leverage Strong operating performance in 2025 • Operating expense (excluding 82% STP1) Reduced customer friction incidental items and regulatory costs) growth was limited to 3% in 2025, driven by improved operational GenAI leverage and applying strict cost discipli
Slide 5: Consistent strong capital generation
Consistent strong capital generation 1.9% 13.6% -0.9% 13.1% -0.3% -1.1% -0.1% 4Q2024 Capital Regular RWA Additional Other 4Q2025 CET1 ratio generation dividends consumption distributions CET1 ratio €6.3 bln €-3.2 bln €-0.9 bln €-3.6 bln net profit regular dividend capital cash and SBB consumption •
Slide 6: Continued attractive shareholder return
Continued attractive shareholder return Distributions (in € bln) Share price (in €) Shareholder return (in %) As distributed in the respective year 24.0 Four-quarter DPS1) / four-quarter rolling share price +59% 7.4 7.3 6.5 15.2% 15.0% 15.1 19.6 4.8 3.6 3.7 12.5% 12.5% 3.0 13.5 3.9 12.2 9.4% 11.4 15
Slide 7: Outlook for 2026 and 2027
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Slide 8: We will continue to accelerate growth, increase impact and deliver value
We will continue to accelerate growth, increase impact and deliver value • Continued growth in mobile primary customers and customer balances • Further expansion of fee sources in retail with new offers across investments, insurance and daily banking Growth and income • Increased product penetration
Slide 9: Strong outlook for 2026 and 2027
Strong outlook for 2026 and 2027 Outlook 2026 CMD targets 2027 New outlook 2027 Mobile primary customers +1 mln per annum +1 mln per annum +1 mln per annum Fee income +5-10% growth €5 bln >€5 bln Total income ~€24 bln €24.8-25.5 bln3) >€25 bln Operating expenses €12.6-€12.8 bln1) 52-54% C/I ratio ~€
Slide 10: Total income in 2026 supported by volume growth, hedging tailwind and fees
Total income in 2026 supported by volume growth, hedging tailwind and fees Total income scenario (in € bln) Commercial NII Fee income All other income €16.3 - €16.5 bln €4.8 - €5.1 bln €2.7 - €2.9 bln ~+0.6 +5-10% ~24 ~+0.5 23.0 ~-0.3 2025 Lending NII Liability NII Fees All other income 2026 • Incre
Slide 11: Operational efficiencies more than compensate for business investments
Operational efficiencies more than compensate for business investments 12.6 1.0 12.6 – 12.8 +4% +2% 11.6 – 11.8 -0.3 11.4 -3% -0.9 Total operating Incidental Regulatory Expenses Inflationary Continued Operational Expenses excl Regulatory Total operating expenses 2025 items 2025 costs 2025 excl incid
Slide 12: 4Q2025 results
4Q2025 results 12
Slide 13: Strong total income with growth in commercial net interest income and fees
Strong total income with growth in commercial net interest income and fees Commercial NII (in € mln) Fee income (in € mln) All other income (in € mln) Total income (in € mln) +4.8% +21.9% -1.2% +7.0% 5,898 5,797 3,749 3,794 3,772 3,823 3,928 5,407 5,637 5,702 1,221 1,094 1,122 1,165 1,001 910 749 80
Slide 14: Outstanding growth in customer balances
Outstanding growth in customer balances Customer lending (in € bln) Strong growth in customer lending • €10.1 bln net core lending growth in Net core lending growth €20.4 bln Retail Banking, driven by ongoing growth of the mortgage portfolio and 10.3 727.6 7.6 0.9 1.6 strong performance in both busi
Slide 15: Higher commercial net interest income supported by volume growth
Higher commercial net interest income supported by volume growth Breakdown commercial NII (in € mln) Average customer balances (in € bln)1) Development of margins (in bps) +4.8% +5.7% 226 226 223 222 223 3,749 3,794 3,772 3,823 3,928 652 668 680 678 686 1,630 1,685 1,659 1,674 1,704 128 125 125 125
Slide 16: Strong and structural increase in fee income
Strong and structural increase in fee income Fee income per product category (in € mln) Structural growth • Another strong quarter in fee income, +22% with continued structural growth 1,094 1,122 1,165 1,221 • 4Q2025 was supported by a €66 mln 1,001 66 73 74 one-off in Retail lending 82 92 68 62 69
Slide 17: All other income supported by FM and Treasury
All other income supported by FM and Treasury All other income (in € mln) • Financial Markets is driven by client activity which is seasonally lower in the fourth quarter 809 910 54 • Treasury was impacted by lower 749 91 results from foreign currency hedging 657 106 28 21 22 649 96 4 28 27 409 12 3
Slide 18: Continued cost discipline leading to a stable cost base
Continued cost discipline leading to a stable cost base Expenses (in € mln) Regulatory costs (in € mln) Incidental items (in € mln) Excluding regulatory costs and incidental items -0.3% 2,881 2,835 2,841 2,872 2,872 347 361 361 109 116 104 73 78 67 4 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 4Q2024 1Q2025
Slide 19: Risk costs at the through-the-cycle average
Risk costs at the through-the-cycle average Risk costs per business line Stage 2 ratio Stage 3 ratio Totals including Corporate Line 9.4% 8.6% 2.0% 18 18 17 19 20 8.4% 8.3% 8.3% 8.3% 8.3% 1.8% 8.1% 1.7% 365 8.9% 1.7% 1.7% 1.7% 313 326 1.6% 299 299 8.7% 8.2% 8.2% 7.9% 1.5% 1.5% 1.6% 89 134 188 7.7% 1
Slide 20: Strong capital generation compensates for the announced distribution
Strong capital generation compensates for the announced distribution CET1 capital ratio development (in %) 13.4% +0.4% +0.2% 12.9% 13.1% ~13% -0.5% -0.2% -0.2% 11.1% 3Q2025 Ongoing 3Q2025 Net result Dividend Other capital RWA 4Q2025 Basel IV CET1 share buyback pro forma reserve movements movements r
Slide 21: Concluding remarks
Concluding remarks 21
Slide 22: Concluding remarks
Concluding remarks • In 2025, we successfully delivered on our strategy - accelerating growth, increasing impact and delivering value • We achieved a record total income for the third consecutive year • Operational efficiency gains offset our investments in business growth • We maintained strong pro
Slide 23: Q&A
Q&A 23
Slide 24: Appendix
Appendix 24
Slide 25: 4Q2025 results overview
4Q2025 results overview 4Q2025 results overview (in € mln) Reported P&L Volatile items P&L excluding volatile items Commercial NII 3,928 0 3,928 Fee income 1,221 67 1,154 All other income 649 9 640 Total income 5,797 75 5,722 Expenses excl. regulatory costs 2,977 104 2,872 Regulatory costs 361 0 361
Slide 26: Volatile income and expense items
Volatile income and expense items Volatile items (in € mln) 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 WB/FM – valuation adjustments -13 -6 -26 22 -4 Capital gains/losses -64 6 -14 5 13 Hedge ineffectiveness1) -53 -10 -49 21 12 Other items income2) -62 -29 -21 30 54 Total volatile items – income -191 -39 -1
Slide 27: Retail Banking countries contributing to strong returns
Retail Banking countries contributing to strong returns Retail Banking Total Netherlands Belgium1) Germany Spain Italy Australia Poland Romania Türkiye Scale (4Q2025) Customers (mln) 40.6 7.8 2.4 9.4 4.6 1.3 2.8 4.5 1.8 6.0 o.w. primary (mln) 17.0 5.0 1.2 3.3 1.8 0.6 1.2 2.4 1.1 0.6 o.w. mobile prim
Slide 28: Return on tangible equity reporting
Return on tangible equity reporting Historical trend return on equity (ROE) and return on tangible equity (ROTE) • To align with industry practice, we will transition from ROE to ROTE reporting as of 1Q2026 24 16 35 34 40 • In ROTE, intangible assets are excluded from IFRS-EU shareholders’ equity in
Slide 29: Liability margin expected to operate between 100-110 bps
Liability margin expected to operate between 100-110 bps Replicating income on Retail eurozone 3-month EURIBOR forward curves customer deposits Total liability margin Implied interest rates, end-of-period, in bps Interest income in € bln1) Average liability margin in bps1) 400 12.7 119 10.9 110 10.6
Slide 30: Impact accounting asymmetry
Impact accounting asymmetry Treasury interest rate differential (in € mln) Wholesale Banking Financial Markets (in € mln) 18 415 371 19 17 391 29 19 302 334 226 269 253 521 525 203 178 446 416 380 -174 -207 -158 29 61 59 53 48 -252 -236 -108 -94 -143 -167 -212 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 4Q20
Slide 31: Granular deposit base
Granular deposit base Total customer deposits per segment (in € bln) • Highly insured, granular and growing customer deposits represent a strong 692 734 738 736 721 funding base 42 80 15 74 20 79 40 76 82 40 • ~70% of total deposits is from 126 122 122 124 129 private individuals, of which ~85% is D
Slide 32: Additions to loan loss provisions per Stage
Additions to loan loss provisions per Stage Stage 1 provisioning (in € mln) Stage 2 provisioning (in € mln) Stage 3 provisioning (in € mln) Total includes Corporate Line Including modifications; total includes Corporate Line 26 84 15 7 15 389 52 361 7 81 19 311 17 19 17 43 143 216 3 1 33 215 221 -2
Slide 33: Well-diversified lending credit outstandings by activity
Well-diversified lending credit outstandings1) by activity ING Group Retail Banking Wholesale Banking 7% 6% 9% 24% 4% 32% 17% 21% €825 bln €559 bln €559 bln €266 bln 12% 10% 29% 5% 58% 68% 67% 8% 18% 5% Retail Banking Residential mortgages Mortgages Netherlands Lending Wholesale Banking Consumer len
Slide 34: Wholesale Banking lending credit outstandings
Wholesale Banking lending credit outstandings1) Diversification across geographies Diversification across sectors 1% 6% Netherlands 1% 8% Real Estate, Infra & Construction 15% 10% BeLux Commodities, Food & Agri 28% 12% 2% Germany TMT & Healthcare 9% Retail Other countries Transportation & Logistics
Slide 35: Important legal information
Important legal information ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles ar