Ing Groep N.v. · EURONEXT:INGA
Ing Groep — Debt Investor Presentation (April 2026)
52 slides from Ing Groep's debt investor presentation, Apr 30, 2026
Slide 1: 1Q2026 Fixed income presentation
1Q2026 Fixed income presentation 30 April 2026
Slide 2: Continued commercial growth in 1Q2026
Continued commercial growth in 1Q2026 Customer Customer Customer Sustainable Diversification Profitability growth lending deposits financing Mobile primary Lending Deposits Fee Return on Sustainable customers growth growth income tangible equity volume mobilised2) +125,000 €15.0 bln €7.2 bln €1,236
Slide 3: Resilience of our business supports continued growth
Resilience of our Superior value for our Broad-based income business supports customers diversification continued growth amid geopolitical Our growth momentum is fuelled by more customers choosing ING as primary bank Strong fee momentum across all businesses • Continued fee income growth with all un
Slide 4: Consistent execution of our strategy drives value
Consistent execution of our strategy drives value Positive momentum in EPS and ROTE performance Strong catalysts for further value creation Earnings per share (in €) and return on tangible equity on a four-quarter basis Commercial growth >15% • Continued customer acquisition • Doing more with existi
Slide 5: Increasingly enabling scalable growth at marginal incremental costs
Increasingly enabling scalable growth at marginal incremental costs What drives our Strong commercial growth… Sustained scalable growth scalable growth Year-on-year FTEs / customer balances4) Digitalisation Mobile primary -4% customers 6.8% • 82% STP rate1) Customer balances 5.3% Foundational capabi
Slide 6: Strong capital generation
Strong capital generation 1.9% 13.6% 13.0% -1.0% -0.3% -1.3% -0.0% 1Q2025 Capital Regular RWA Additional Other 1Q2026 CET1 ratio generation dividends consumption distributions CET1 ratio €6.4 bln €-3.2 bln €-1.0 bln €-4.4 bln net profit regular dividend capital deployed cash and SBB • Consistent str
Slide 7: Continued attractive shareholder return
Continued attractive shareholder return Distributions (in € bln) Share price and distributions per share (in €) As distributed in the respective quarter 24.0 25.0 8.00 3,368 22.1 22.1 7.00 20.0 18.0 18.6 6.00 21.0 19.6 5.00 2,152 1,964 18.0 15.0 16.8 4.00 16.1 1,260 1,039 1,115 3.00 500 734 10.0 2.0
Slide 8: Outlook for 2026 and 2027
Outlook for 2026 and 2027 8
Slide 9: Confirmation of outlook for 2026 and 2027
Confirmation of outlook for 2026 and 2027 Outlook 2026 Outlook 2027 Mobile primary customers +1 mln per annum +1 mln per annum Fee income +5-10% growth >€5 bln Total income ~€24 bln >€25 bln Operating expenses €12.6-€12.8 bln1) ~€13 bln1) CET1 ratio ~13% ~13% Return on tangible equity >14% >15% 1) E
Slide 10: Concluding remarks
Concluding remarks • The resilience of our business has supported continued growth amid geopolitical uncertainty • Consistent execution of our strategy drives value, with increasing momentum in EPS and ROTE • Our focus on operational excellence enables scalable growth, with commercial growth signifi
Slide 11: Business profile
Business profile 11
Slide 12: Well-diversified business mix
Well-diversified business mix Retail Banking Footprint Wholesale Banking International Network • Focus on earning the primary Netherlands • A leading European Wholesale EMEA relationship Belgium Bank, powered by: Asia Pacific Luxembourg1 • Our global reach, with local Americas • Leading digital capa
Slide 13: Executing our strategy to be the best European bank
Executing our strategy to be the best European bank growing the difference Purpose Empowering people to stay a step ahead in life and in business Superior value for customers Uniquely Strategic pillars Sustainability at the heart ING Providing Staying seamless digital services safe & secure Enablers
Slide 14: 1Q2026 results
1Q2026 results 14
Slide 15: Total income supported by strong momentum in commercial NII and fees
Total income supported by strong momentum in commercial NII and fees Commercial NII (in € mln) Fee income (in € mln) All other income (in € mln) Total income (in € mln) +7.0% +12.9% -29.5% +3.3% 4,060 5,637 5,702 5,898 5,797 5,823 3,794 3,772 3,823 3,928 1,221 1,236 1,094 1,122 1,165 910 749 809 649
Slide 16: Continued growth in customer balances
Continued growth in customer balances Customer lending (in € bln) Strong growth in customer lending • €9.4 bln growth in Retail Banking, as Net core lending growth €15.0 bln demand for mortgages remained solid, alongside growth in both 2.6 5.6 1.4 744.0 5.9 0.9 business and consumer lending 727.6 •
Slide 17: Higher commercial NII supported by volume growth
Higher commercial NII supported by volume growth Breakdown commercial NII (in € mln) Average customer balances (in € bln)1) Development of margins (in bps) +7.0% +5.0% 4,060 226 223 222 223 226 3,794 3,772 3,823 3,928 1,795 668 680 678 686 689 1,685 1,659 1,674 1,704 125 125 125 126 126 101 98 99 99
Slide 18: Continued momentum of rising fee income
Continued momentum of rising fee income Fee income per product category (in € mln) Structural growth • Another strong quarter in fee income, +13% with continued structural growth 1,221 1,236 (~75% alpha driven) 1,094 1,122 1,165 66 73 65 79 • Retail Banking fees grew 13% YoY 82 92 68 74 69 69 310 35
Slide 19: All other income affected by market volatility
All other income affected by market volatility All other income (in € mln) • Heightened market volatility in 1Q2026, following the war in the Middle East, weighed on hedge 809 910 ineffectiveness results, of which the 54 majority should come back over time 749 91 106 given lower interest rate volati
Slide 20: Good cost discipline, demonstrating our scalable growth capabilities
Good cost discipline, demonstrating our scalable growth capabilities Expenses (in € mln) Regulatory costs (in € mln) Incidental items (in € mln) Excluding regulatory costs and incidental items +1.1% 2,835 2,841 2,872 2,872 2,865 361 361 324 116 104 73 78 67 30 4 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026 1Q
Slide 21: Risk costs broadly stable as prudent overlays were offset by repayments
Risk costs broadly stable as prudent overlays were offset by repayments Risk costs per business line Stage 2 ratio Stage 3 ratio Totals including Corporate Line 8.4% 8.6% 1.8% 18 17 19 20 19 8.3% 8.3% 8.3% 8.1% 1.7% 8.3% 8.1% 1.7% 1.7% 1.6% 365 8.0% 326 346 8.2% 313 299 8.2% 1.6% 62 7.9% 1.5% 1.6% 8
Slide 22: Capital
Capital 22
Slide 23: Risk-weighted assets increased due to business growth
Risk-weighted assets increased due to business growth Risk-weighted assets development (in € bln) Credit RWA excl. FX impact €+2.8 bln 3.4 0.1 0.9 -1.6 -0.2 0.0 344.3 340.7 0.9 4Q2025 FX impact on Volume Overall profile of Models, Other Market RWA Operational RWA 1Q2026 RWA credit RWA development th
Slide 24: Strong capital generation
Strong capital generation Total capital ratio development (in %) 2.7% 18.3% 2.6% 13.1% +0.5% +0.1% 13.0% ~13% -0.2% -0.2% -0.1% 11.1% 4Q2025 Net result Dividend Implementation Other RWA 1Q2026 AT1 Tier 2 1Q2026 Basel IV CET1 CET1 ratio reserving of new reserving capital CET1 ratio Total capital rati
Slide 25: Buffer to MDA remains strong
Buffer to MDA remains strong ING Group fully loaded capital requirements • Fully loaded CET1 requirement is 11.08% • 4.50% Pillar 1 Requirement (P1R) MDA • 0.96% Pillar 2 Requirement (P2R) restriction MDA level • 2.50% Capital Conservation Buffer restriction (15.33%) (CCB) MDA level • 1.08% Counterc
Slide 26: Funding & liquidity
Funding & liquidity 26
Slide 27: Comfortably meeting TLAC and MREL requirements
Comfortably meeting TLAC and MREL requirements TLAC/MREL as percentage of RWA TLAC/MREL as percentage of leverage exposure 32.3% 9.0% 28.22% 7.24% 23.60% 6.75% 14.0% 5.60% 3.9% 5.60% 2.7% 0.7% 2.7% 22.62% 0.7% 18.00% 13.0% 3.6% TLAC/MREL TLAC MREL TLAC/MREL TLAC MREL eligible instruments requirement
Slide 28: Long-term debt issuance activity and maturity ladder
Long-term debt issuance activity and maturity ladder Issuance guidance 2026 Total outstanding ING long-term issued debt (in € bln) • Issuance guidance, subject to balance sheet developments, is: Asset class Currency • €6-8 bln Holdco Senior, of which ~€5.1 bln has already been 10.6 15.3 9.1 10.6 49.
Slide 29: Issuance outstanding across ING subsidiaries
Issuance outstanding across ING subsidiaries ING Belgium ING Bank (Australia) ING Bank Hipoteczny ING Bank AS ING Bank N.V. S.A./N.V. ING DiBa AG Ltd (Poland) (Türkiye) Instruments • Secured funding • Secured funding • Secured funding • Secured funding • Secured funding • Capital overview • Senior u
Slide 30: ING is dedicated to its Green Funding Programme
ING is dedicated to its Green Funding Programme The Global Green Funding Framework provides a robust structure ING is a frequent green issuer, showing commitment to the investors to help steer investments into sustainable assets on green financing and building up a solid curve in the market • Our Su
Slide 31: ING Global Green Funding Framework 2024
ING Global Green Funding Framework 2024 • Our ING Global Green Funding Framework (“Framework”) has been assessed by a Second Party Opinion (SPO) provider and is aligned with the ICMA Green Bond Principles 2021. The Framework is presented through the below four pillars: Use of proceeds Project evalua
Slide 32: Project selection and management of proceeds
Project selection and management of proceeds • Projects financed and/or refinanced through Green Funding Instruments proceeds are evaluated and selected based on compliance with the Eligibility Criteria. The proceeds are managed under the portfolio approach; where applicable, the bond-by-bond approa
Slide 33: External verification
External verification Second Party Opinion on the ING Global Green Funding Framework • ISS has a positive overall evaluation for the sustainability criteria in ING’s Green Funding Framework’s • ING’s Green Funding Framework is in line with the ICMA Green Bond Principles 2021 (with June 2022 Appendix
Slide 34: Strong balance sheet with customer deposits as primary source of funding
Strong balance sheet with customer deposits as primary source of funding Balance sheet ING Group (in € bln) Well-diversified customer loan book Assets Liabilities • See “Asset Quality” section of this presentation 1,138 1,138 1,054 1,054 31 69 16 32 52 16 Stable funding profile 21 53 15 14 157 19 51
Slide 35: Robust liquidity position with a 12-month moving average LCR of 139%
Robust liquidity position with a 12-month moving average LCR of 139% Funding mix1) ING maintains a sizeable liquidity buffer 31 March 2026 • ING’s funding consists mainly of retail deposits, corporate deposits and public debt 10% 2% Customer deposits (private individuals) 6% • ING’s 12-month moving
Slide 36: Strong rating profile at both Group and Bank levels
Strong rating profile at both Group and Bank levels Main credit ratings of ING on 29 April 2026 Latest rating actions on ING Group and Bank S&P Moody’s Fitch Scope • S&P: upgraded ING Bank to A+ in July 2017. In June ING Groep N.V. (HoldCo) 2025, S&P affirmed ING's rating and outlook, reflecting S&P
Slide 37: Asset quality
Asset quality 37
Slide 38: 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 84 389 52 361 19 26 31 81 19 297 15 15 143 7 18 33 44 216 17 19 17 1 215 22
Slide 39: Well-diversified lending credit outstandings by activity
Well-diversified lending credit outstandings1) by activity ING Group Retail Banking Wholesale Banking 7% 6% 13% 24% 34% 18% 3% 20% €867 bln €571 bln €571 bln €296 bln 12% 10% 5% 26% 57% 66% 67% 8% 18% 5% Retail Banking Residential mortgages Mortgages Netherlands Lending Wholesale Banking Consumer le
Slide 40: Wholesale Banking lending credit outstandings
Wholesale Banking lending credit outstandings1) Diversification across geographies Diversification across sectors 1% 9% Netherlands 3% 8% Real Estate, Infra & Construction 15% BeLux Commodities, Food & Agri 10% 12% 2% Germany 32% TMT & Healthcare Spain, Italy, Poland, Romania Transportation & Logist
Slide 41: Appendix
Appendix 41
Slide 42: Issuance entities under our approach to resolution
Issuance entities under our approach to resolution Issuance entities Eligible instruments for Group TLAC/MREL Designated TLAC MREL resolution ING Groep N.V. entity • Own funds (CET1 / AT1 / Tier 2) ✓ ✓ • Senior unsecured debt (> 1 year) ✓ ✓ • Secured funding & senior unsecured debt ING Bank N.V. (>
Slide 43: Capital instruments including a par call option
Capital instruments including a par call option AT1 securities issued by ING Group Outstanding Start par call window End par call window Currency (mln)1) Coupon Issue date (First call date) (First reset date) Maturity ISIN USD 1,000 3.875 14/09/2021 16/05/2027 16/11/2027 Perpetual US456837AY94 USD 1
Slide 44: Comfortable buffer to Additional Tier 1 trigger
Comfortable buffer to Additional Tier 1 trigger Buffer to AT1 trigger (in € bln) ING Group available distributable items (in € mln) 31 March 2026 2025 2024 44.7 Share premium 17,116 17,116 Other reserves 27,952 27,950 €20.6 bln Legal and statutory reserves -675 78 6.0 pp1) Non-distributable -6,225 -
Slide 45: ING Bank's covered bond programme
ING Bank’s covered bond programme • ING Bank NV €30 bln Hard and Soft Bullet Covered Bonds programme Redemption type1) • UCITS, CRR and ECBC Label compliant. Rated Aaa/AAA/AAA (Moody’s/S&P/Fitch) 2%2% 1% Interest-only Investment • This programme is used for external issuance purposes. There is a sep
Slide 46: 1Q2026 results overview
1Q2026 results overview 1Q2026 results overview (in € mln) Reported P&L Volatile items P&L excluding volatile items Commercial NII 4,060 0 4,060 Fee income 1,236 0 1,235 All other income 528 -72 599 Total income 5,823 -71 5,894 Expenses excl. regulatory costs 2,896 30 2,866 Regulatory costs 324 0 32
Slide 47: Volatile income and expense items
Volatile income and expense items Volatile items (in € mln) 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026 WB/FM – valuation adjustments -6 -26 22 -4 30 Capital gains/losses 6 -14 5 13 5 Hedge ineffectiveness1) -10 -49 21 12 -81 Other items income2) -29 -21 30 54 -25 Total volatile items – income -39 -110 77 75
Slide 48: 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 (1Q2026) Customers (mln) 40.8 7.8 2.4 9.4 4.6 1.4 2.8 4.5 1.9 6.0 o.w. primary (mln) 17.1 5.0 1.1 3.3 1.8 0.6 1.2 2.4 1.1 0.6 o.w. mobile prim
Slide 49: 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 have transitioned from ROE to ROTE 24 16 35 34 40 44 reporting as of 1Q2026 • In ROTE, intangible assets are 15.2% excluded from IFRS-EU shareholders
Slide 50: Short to medium term liability margin outlook positively impacted by changes in forward curve
Short to medium term liability margin outlook positively impacted by changes in forward curve 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 margi
Slide 51: Granular deposit base
Granular deposit base Total customer deposits per segment (in € bln) • Highly insured, granular and growing Total includes Corporate Line customer deposits represent a strong funding base 734 738 736 721 753 42 40 39 • ~70% of total deposits is from 79 40 76 82 80 15 83 private individuals, of which
Slide 52: Important legal information
Important legal information ING Group’s financial statements 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 principl