Ing Groep N.v. · EURONEXT:INGA
Ing Groep — Debt Investor Presentation (October 2025)
51 slides from Ing Groep's debt investor presentation, Oct 30, 2025
Slide 1: 3Q2025 Fixed income presentation
3Q2025 Fixed income presentation 30 October 2025
Slide 2: Commercial momentum continues with strong growth in 3Q2025
Commercial momentum continues with strong growth in 3Q2025 Mobile primary Lending Deposits Fee Return Sustainable customers growth2) growth2) income on equity3) volume mobilised +197,000 €14.2 bln €-0.2 bln €1,165 mln 12.6% €110 bln4) 37% of our >40 mln 7% annualised net 6% annualised ne
Slide 3: Commercial growth has resulted in consistent strong capital generation
Commercial growth has resulted in consistent strong capital generation 1.8% 14.3% 13.4% -0.9% -0.3% -1.3% -0.2% 3Q2024 Capital Regular RWA Additional Other 3Q2025 CET1 ratio generation dividends consumption distributions CET1 ratio €6.1 bln €-3.1 bln €-1.1 bln €-4.5 bln net regular capital cash and
Slide 4: Capital generation has enabled attractive returns for shareholders
Capital generation has enabled attractive returns for shareholders Distributions (in € mln) Share price (in €) Shareholder return (in %) As distributed in the respective quarter Four-quarter DPS1) / four-quarter rolling share price 22.1 3,368 17.4% 15.0% 15.9% 15.3% 18.6 13.9% 18.0 2,366 2,152 1,964
Slide 5: CET1 ratio target adjusted for higher regulatory requirements
CET1 ratio target adjusted for higher regulatory requirements Development regulatory requirement since last CET1 target update • CET1 ratio target adjusted to cater for higher (expected) regulatory requirements • Current fully-loaded CET1 MDA of +50 bps 10.95%, up 9 bps versus 2Q2025, ~13% ~12.5% re
Slide 6: Capital allocation will continue to accelerate growth and increase returns
Capital allocation will continue to accelerate growth and increase returns Earnings per share1) • Well-diversified business mix and low risk profile results in predictable Continue providing cashflow an attractive • Policy to distribute 50% of (resilient) net profit, resulting in an attractive share
Slide 7: 2025 outlook
2025 outlook 7
Slide 8: Our 2025 outlook has improved further
Our 2025 outlook has improved further Previous 2025 outlook Improved 2025 outlook Mobile primary customers Mobile primary customers annual growth annual growth +1 mln +1 mln Total income Total income 2025 2025 Roughly stable ~€22.8 bln Fee income Fee income 2025 2025 Higher end of 5-10% growth >10%
Slide 9: Business profile
Business profile 9
Slide 10: Well-diversified business mix
Well-diversified business mix Retail Banking Retail Banking footprint Wholesale Banking Wholesale Banking • Focus on earning the primary Netherlands International Network • A leading European Wholesale relationship Belgium EMEA Bank, powered by: Luxembourg Asia Pacific • Technology to offer a German
Slide 11: 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 12: 3Q2025 results
3Q2025 results 12
Slide 13: Strong total income with growth in net interest income and fees
Strong total income with growth in net interest income and fees Total income (in € mln) 5,909 5,898 5,637 5,702 5,407 1,003 809 910 749 657 1,009 1,094 1,122 1,165 1,001 3,897 3,749 3,794 3,772 3,823 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 Commercial NII Fee income All other income • Increased commercial
Slide 14: Continued growth in customer lending
Continued growth in customer lending Customer lending (in € bln) Strong growth in customer lending • €8.6 bln net core lending growth in Net core lending growth €14.2 bln Retail Banking, driven by ongoing 0.1 growth of the mortgage portfolio. 7.7 5.7 709.0 Additional growth in consumer 1.0 694.7 len
Slide 15: Higher commercial net interest income supported by lending
Higher commercial net interest income supported by lending Breakdown commercial NII (in € mln) Average customer balances (in € bln)1) Development of margins (in bps) +5.3% 3,897 3,823 238 3,749 3,794 3,772 226 226 223 222 1,794 1,630 1,685 1,659 1,674 668 680 678 643 652 128 128 125 125 125 112 101
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, +15% with continued structural growth 1,094 1,122 1,165 (~75% alpha driven) 1,009 1,001 66 82 92 68 78 60 62 69 69 290 • Retail Banking fees grew 14% YoY
Slide 17: All other income supported by continued strong results in FM and Treasury
All other income supported by continued strong results in FM and Treasury All other income (in € mln) • Financial Markets is driven by client activity, and we continued supporting 1,003 our clients in turbulent times, mostly 106 809 910 in FX and interest rate management 54 126 749 91 • Financial st
Slide 18: Continued proactive cost management
Continued proactive cost management Expenses (in € mln) Regulatory costs (in € mln) Incidental items (in € mln) Excluding regulatory costs and incidental items 2,792 2,881 2,835 2,841 2,872 116 109 347 361 73 88 78 24 67 4 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 3Q2024
Slide 19: Risk costs below the through-the-cycle average
Risk costs below the through-the-cycle average Risk costs per business line Stage 2 ratio Stage 3 ratio Totals including Corporate Line 9.4% 8.4% 8.6% 2.0% 20 18 18 17 19 8.3% 8.3% 1.9% 8.3% 1.8% 7.6% 8.1% 1.7% 336 8.9% 1.7% 1.7% 313 326 7.2% 1.6% 1.6% 299 299 8.7% 8.2% 8.2% 1.5% 1.5% 89 134 7.7% 19
Slide 20: Concluding remarks
Concluding remarks • Another strong quarter, with continued commercial momentum, in line with our strategy to accelerate growth • Resilient strong capital generation enabling attractive shareholder returns • Announcement of a €1.6 bln additional distribution, aligning our CET1 ratio with our updated
Slide 21: Capital
Capital 21
Slide 22: 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 €+2.2 bln 5.5 -0.5 0.0 -2.8 335.8 -0.2 -1.7 0.0 336.2 2Q2025 FX impact on Volume Overall profile of Models, Other Market RWA Operational RWA 3Q2025 RWA credit RWA development
Slide 23: CET1 ratio increased due to strong profitability
CET1 ratio increased due to strong profitability Total capital ratio development (in %) 3.5% 19.1% 2.3% 13.3% +0.5% -0.3% -0.2% -0.0% 13.4% ~13% 10.95% 2Q2025 Net profit Dividend Other capital RWA 3Q2025 AT1 Tier 2 3Q2025 CET1 ratio CET1 ratio reserve movements CET1 ratio Total capital ratio target
Slide 24: Buffer to MDA remains strong
Buffer to MDA remains strong ING Group fully loaded SREP requirements • Fully loaded CET1 requirement is 10.95% • 4.50% Pillar 1 Requirement (P1R) MDA • 0.93% Pillar 2 Requirement (P2R) restriction MDA • 2.50% Capital Conservation Buffer level restriction (15.17%) (CCB) MDA level • 1.02% Countercycl
Slide 25: Funding & liquidity
Funding & liquidity 25
Slide 26: 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 32.2% 9.0% 28.02% 7.24% 23.40% 6.75% 13.1% 5.40% 3.7% 5.40% 3.5% 1.0% 2.3% 22.62% 0.6% 13.4% 18.00% 3.8% TLAC/MREL TLAC MREL TLAC/MREL TLAC MREL eligible instruments requirement
Slide 27: Long-term debt issuance activity and maturity ladder
Long-term debt issuance activity and maturity ladder Issuance 2025 Currency split of outstandings as per 30 September 2025 • In 3Q2025, ING issued a $1.5 bln AT1, a €1.25 bln Tier 2 and HoldCo Senior Tier 2 AT1 ~€4.8 bln in covered bond format 8% 7% 2% • Issuance guidance, subject to balance sheet d
Slide 28: 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 29: ING is dedicated to its Green Funding Programme
ING is dedicated to its Green Funding Programme Green Funding instruments: Objectives and added value External consultants & providers • Support meeting our sustainability objectives • Fund growth in our Eligible Green Loan portfolio • Second party opinion provider • Continued leadership in the Gree
Slide 30: ING Global Green Funding Framework 2024
ING Global Green Funding Framework 2024 • Our ING Global Green Funding Framework has been assessed by a Second Party Opinion (SPO) provider and is aligned with ICMA Green Bond Principles 2021. The framework is presented through the below four pillars: Use of proceeds Project evaluation and selection
Slide 31: 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 32: External verification
External verification SPO 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 • Use of Proceeds contribute to UN Sus
Slide 33: 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 1,087 1,092 1,087 1,092 16 16 17 15 50 76 36 83 21 50 27 51 Stable funding profile 147
Slide 34: Robust liquidity position with a 12-month moving average LCR of 140%
Robust liquidity position with a 12-month moving average LCR of 140% Funding mix1) ING maintains a sizeable liquidity buffer 30 September 2025 • ING’s funding consists mainly of retail deposits, corporate deposits and public debt 10% 2% Customer deposits (private individuals) 6% • ING’s 12-month mov
Slide 35: 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 October 2025 Latest rating actions on ING Group and Bank S&P Moody’s Fitch • S&P: upgraded ING Bank to A+ in July 2017. In June 2025, S&P Stand-alone rating a baa1 a+ affirmed ING's rating and outlook, reflecting S&
Slide 36: Asset quality
Asset quality 36
Slide 37: 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 and total includes Corporate Line 26 84 15 15 453 7 52 7 17 19 17 81 19 361 3 -2 -2 43 33 311 12 2 -21 -37
Slide 38: Well-diversified lending credit outstandings by activity
Well-diversified lending credit outstandings1) by activity ING Group Retail Banking Wholesale Banking 10% 6% 14% 23% 32% 16% 4% 20% €835 bln €568 bln €568 bln €268 bln 13% 11% 25% 58% 5% 65% 68% 8% 5% 18% Retail Banking Residential mortgages Mortgages Netherlands Lending Wholesale Banking Consumer l
Slide 39: Wholesale Banking lending credit outstandings
Wholesale Banking lending credit outstandings1) Diversification across geographies Diversification across sectors 1% 8% Netherlands 2% 8% Real Estate, Infra & Construction 15% BeLux Commodities, Food & Agri 11% 11% 2% Germany 32% TMT & Healthcare Retail Other countries Transportation & Logistics €26
Slide 40: Appendix
Appendix 40
Slide 41: 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 42: 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 43: 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) 30 September 2025 2024 2023 44.9 Share premium 17,116 17,116 Other reserves 27,950 29,167 €21.4 bln Legal and statutory reserves 78 -770 6.4 pp1) Non-distributable -5,6
Slide 44: 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) 3% 2% 1% Interest-only Investment • This programme is used for external issuance purposes. There is a se
Slide 45: 3Q2025 results overview
3Q2025 results overview 3Q2025 results overview (in € mln) Reported P&L Volatile items P&L excluding volatile items Commercial NII 3,823 0 3,823 Fee income 1,165 1 1,164 All other income 910 76 834 Total income 5,898 77 5,821 Expenses excl. regulatory costs 2,945 73 2,872 Regulatory costs 67 0 67 Op
Slide 46: Volatile income and expense items
Volatile income and expense items Volatile items (in € mln) 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 WB/FM – valuation adjustments 8 -13 -6 -26 22 Capital gains/losses -51 -64 6 -14 5 Hedge ineffectiveness1) 170 -53 -10 -49 21 Other items income2) 46 -62 -29 -21 30 Total volatile items – income 173 -191 -
Slide 47: 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 (3Q2025) Customers (mln) 40.5 7.8 2.5 9.4 4.6 1.3 2.8 4.5 1.8 5.9 o.w. primary (mln) 16.7 4.9 1.2 3.2 1.8 0.5 1.2 2.3 1.0 0.6 o.w. mobile prim
Slide 48: Liability margin supported by disciplined repricing
Liability margin supported by disciplined repricing Replicating income on Retail eurozone Total liability margin to stabilise at a 3-month EURIBOR forward curves customer deposits 100-110 bps Implied interest rates, end-of-period, in bps Interest income in € bln1) Average liability margin in bps1) 4
Slide 49: Impact accounting asymmetry
Impact accounting asymmetry Treasury interest rate differential (in € mln) Wholesale Banking Financial Markets (in € mln) 18 376 415 371 17 19 17 391 29 302 231 226 269 253 515 521 525 203 446 416 -174 -207 52 29 61 59 53 -214 -252 -236 -143 -167 -108 -192 -212 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 3Q2
Slide 50: Granular deposit base
Granular deposit base Total customer deposits per segment (in € bln) • Highly insured, granular and growing customer deposits represent a strong 698 692 734 738 736 funding base 42 69 42 74 20 79 40 76 82 40 • ~70% of total deposits is from 121 126 122 122 124 private individuals, of which ~85% is D
Slide 51: 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
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