Ing Groep N.v. · EURONEXT:INGA

Ing Groep — Debt Investor Presentation (January 2026)

55 slides from Ing Groep's debt investor presentation, Jan 29, 2026

  1. Slide 1: 4Q2025 Fixed income presentation

    4Q2025 Fixed income presentation 29 January 2026

  2. 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 €

  3. 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

  4. 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

  5. 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 •

  6. 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

  7. Slide 7: Outlook for 2026 and 2027

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  8. 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

  9. 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 ~€

  10. 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

  11. 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

  12. Slide 12: 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

  13. Slide 13: Business profile

    Business profile 13

  14. Slide 14: 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

  15. Slide 15: 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

  16. Slide 16: 4Q2025 results

    4Q2025 results 16

  17. Slide 17: 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

  18. Slide 18: 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

  19. Slide 19: 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

  20. Slide 20: 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

  21. Slide 21: 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

  22. Slide 22: 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

  23. Slide 23: 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

  24. Slide 24: Capital

    Capital 24

  25. Slide 25: 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 €+1.5 bln 4.2 -0.1 0.4 -2.9 2.2 340.7 336.2 0.3 0.5 3Q2025 FX impact on Volume Overall profile of Models, Other Market RWA Operational RWA 4Q2025 RWA credit RWA development th

  26. Slide 26: Strong capital generation

    Strong capital generation Total capital ratio development (in %) 3.1% 18.4% 2.2% 13.4% 12.9% +0.4% -0.2% +0.2% -0.2% 13.1% ~13% -0.5% 11.09% 3Q2025 Ongoing 3Q2025 Net result Dividend Other capital RWA 4Q2025 AT1 Tier 2 4Q2025 CET1 ratio CET1 ratio share pro forma reserve movements CET1 ratio Total c

  27. Slide 27: Buffer to MDA remains strong

    Buffer to MDA remains strong ING Group fully loaded capital requirements • Fully loaded CET1 requirement is 11.09% • 4.50% Pillar 1 Requirement (P1R) MDA • 0.96% Pillar 2 Requirement (P2R) restriction MDA level • 2.50% Capital Conservation Buffer restriction (15.34%) (CCB) MDA level • 1.09% Counterc

  28. Slide 28: Funding & liquidity

    Funding & liquidity 28

  29. Slide 29: 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 31.8% 9.4% 28.24% 7.24% 23.62% 4.0% 6.75% 13.4% 5.62% 5.62% 3.1% 0.9% 2.2% 0.7% 22.62% 18.00% 3.9% 13.1% TLAC/MREL TLAC MREL TLAC/MREL TLAC MREL eligible instruments requirement

  30. Slide 30: Long-term debt issuance activity and maturity ladder

    Long-term debt issuance activity and maturity ladder Issuance guidance 2026 Currency split of outstandings as per 31 December 2025 • Issuance guidance, subject to balance sheet developments, is: HoldCo Senior Tier 2 AT1 • €6-8 bln Holdco Senior 8% 2% 7% • €6-8 bln Secured issuance (including RMBS) a

  31. Slide 31: 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

  32. Slide 32: 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 our sustainability objectives • Fund growth in our Eligible Green Loan portfolio • Second party opinion provider • Continued leadership in the Green Bond m

  33. Slide 33: 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 ICMA Green Bond Principles 2021. The Framework is presented through the below four pillars: Use of proceeds Project evaluation

  34. Slide 34: 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

  35. Slide 35: 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

  36. Slide 36: 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 1,092 1,054 1,092 1,054 36 16 21 53 15 27 51 15 51 14 83 19 Stable funding profile 147

  37. Slide 37: 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 31 December 2025 • ING’s funding consists mainly of retail deposits, corporate deposits and public debt 11% 2% Customer deposits (private individuals) 5% • ING’s 12-month movi

  38. Slide 38: Strong rating profile at both Group and Bank levels

    Strong rating profile at both Group and Bank levels Main credit ratings of ING on 28 January 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

  39. Slide 39: Asset quality

    Asset quality 39

  40. Slide 40: 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

  41. Slide 41: 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

  42. Slide 42: 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

  43. Slide 43: Appendix

    Appendix 43

  44. Slide 44: 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. (>

  45. Slide 45: 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

  46. Slide 46: 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 December 2025 2025 2024 44.6 Share premium 17,116 17,116 Other reserves 27,952 27,950 €20.7 bln Legal and statutory reserves -675 78 6.1 pp1) Non-distributable -6,22

  47. Slide 47: 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

  48. Slide 48: 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

  49. Slide 49: 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

  50. Slide 50: 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

  51. Slide 51: 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

  52. Slide 52: 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

  53. Slide 53: 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

  54. Slide 54: 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

  55. Slide 55: 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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