Ing Groep N.v. · EURONEXT:INGA
Ing Groep — Debt Investor Presentation (July 2025)
52 slides from Ing Groep's debt investor presentation, Jul 31, 2025
Slide 1: 2Q2025 Fixed income presentation
2Q2025 Fixed income presentation 31 July 2025
Slide 2: Continued strong growth in 2Q2025; well on track to reach our targets
Continued strong growth in 2Q2025; well on track to reach our targets Mobile primary Lending Deposits Fee Return Volume customers growth2) growth2) income on equity3) mobilised +309,000 €15.4 bln €6.2 bln €1,122 mln 12.7% €68 bln4) 37% of our >40 mln 6% annualised net 8% annualised net 11% growth in
Slide 3: Accelerating customer acquisition, a key driver of future value
Accelerating customer acquisition, a key driver of future value Increasing pace of customer acquisition Drivers of mobile primary customers growth Growth in total number of customers (in k) Since 2Q2024 646 544 456 432 285 Cross-sell to 166 146 new customers +1.1 mln -3 growth in mobile primary -174
Slide 4: Increasing conversion to mobile primary customers
Increasing conversion to mobile primary customers Growing number of (mobile) primary customers (in mln) Attractive characteristics of mobile primary customers Significant upside in conversion rates 2024 37.6% 39.1% 39.6% 40.7% 41.1% Cross-sell Attrition Revenues 16.2 16.6 1.8x -7x x2 14.6 15.3 14.3
Slide 5: Continuing to grow customer balances
Continuing to grow customer balances Average customer lending (in € bln)1) CAGR +2% +5% • Consistent growth in average customer balances, outpacing the 660 674 growth in number of customers 608 619 634 653 643 644 645 185 • Strong momentum in the last year 179 182 189 202 192 190 183 184 with 6% gro
Slide 6: Consistently delivering value for our shareholders
Consistently delivering value for our shareholders Distributions (in € mln) Share price (in €) Shareholder return (in %) As distributed in the respective quarter Four-quarter DPS / four-quarter rolling share price 18.6 18.0 18.4% 3,512 3,357 17.4% 15.0% 15.9% 15.3% 16.0 16.3 2,366 15.1 16.8 2,497 2,
Slide 7: 2025 outlook
2025 outlook 7
Slide 8: Commercial NII is expected to grow in 2H2025
Commercial NII is expected to grow in 2H2025 Development commercial NII (in € bln) • Including FX impact, commercial NII is expected to grow in 2H2025 versus €15.2 - €15.3 bln 1H2025 • Assuming stable FX rates1), full-year 7.8 7.9 7.8 7.6 impact of a stronger euro is 7.6 expected to be ~€-150 mln 6.
Slide 9: Our 2025 outlook has improved and we are on track to reach our 2027 targets
Our 2025 outlook has improved and we are on track to reach our 2027 targets 2025 outlook 2027 targets Mobile primary customers Mobile primary customers annual growth annual growth +1 mln +1 mln Total income Total income 2025 CAGR 2024-2027 Roughly stable +4-5% Fee income Fee income 2025 2027 Higher
Slide 10: Business profile
Business profile 10
Slide 11: 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 12: 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 13: 2Q2025 results
2Q2025 results 13
Slide 14: Total income supported by resilient commercial net interest income
Total income supported by resilient commercial net interest income Total income (in € mln) 5,909 5,716 5,637 5,702 5,407 800 1,003 749 809 657 999 1,009 1,094 1,122 1,001 3,917 3,897 3,749 3,794 3,772 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Commercial NII Fee income All other income • Stable commercial n
Slide 15: Strong sustained growth in customer balances
Strong sustained growth in customer balances Customer lending (in € bln) Strong growth in customer lending • Substantial €11.3 bln growth in Retail Net core lending growth €15.4 bln Banking driven by continued 4.1 mortgage growth in most markets 7.2 0.9 3.2 694.7 • Additional growth in both business
Slide 16: Resilient commercial net interest income
Resilient commercial net interest income Breakdown commercial NII (in € mln) Average customer balances (in € bln)1) Development of margins (in bps) +5.6% 3,917 3,897 242 238 3,749 3,794 3,772 226 226 223 1,779 1,794 1,630 1,685 1,659 680 637 643 652 668 132 128 128 125 125 112 112 2,138 2,119 2,109
Slide 17: Lending margin includes mix shift to more profitable Retail Banking
Lending margin includes mix shift to more profitable Retail Banking Capital allocation to Retail Banking Margin development Percentage of RWA1) 173 165 163 161 161 49.5% 48.3% 47.9% 47.0% 46.7% 116 114 114 112 112 50.5% 51.7% 52.1% 53.0% 53.3% 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 2Q2024 3Q2024 4Q2024
Slide 18: Strong and structural increase in fee income
Strong and structural increase in fee income Fee income per product category (in € mln) Structural growth • Continued strong structural growth in +12% fee income, ~75% alpha driven 1,094 1,122 999 1,009 1,001 • Fees now make up ~20% of total 82 92 76 64 78 60 62 69 69 income, up from ~18% in 2024 62
Slide 19: All other income supported by Treasury, FM and other investments
All other income supported by Treasury, FM and other investments All other income (in € mln) • Financial Markets is driven by client activity, and we continued supporting 1,003 our clients in turbulent times 106 809 • Treasury was up on both comparable 800 749 58 quarters, mainly due to higher 126 3
Slide 20: Proactive cost management resulting in improved operating efficiency
Proactive cost management resulting in improved operating efficiency 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 2,719 116 109 347 361 41 88 88 78 24 4 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 2Q2024 3Q
Slide 21: 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% 18 20 18 18 17 8.3% 1.9% 8.3% 1.8% 1.8% 7.6% 1.7% 336 7.6% 8.9% 1.7% 313 7.3% 7.2% 1.6% 1.6% 1.6% 300 299 299 8.7% 8.2% 8.2% 1.5% 191 138 89 141
Slide 22: Concluding remarks
Concluding remarks • Continued strong commercial growth, highlighting the strength of our franchise • Commercial NII was resilient and is expected to increase in 2H2025 • Continued double-digit fee income growth, with good results in both Retail and Wholesale Banking • Costs remain well within our g
Slide 23: Capital
Capital 23
Slide 24: Risk-weighted assets decreased mainly due to FX impact
Risk-weighted assets decreased mainly due to FX impact Risk-weighted assets development (in € bln) Credit RWA excl. FX impact €+5.2 bln 337.2 6.4 -0.5 -1.7 0.9 -2.4 -4.2 0.0 335.8 1Q2025 FX impact on Volume Overall profile of Models, Other Market RWA Operational RWA 2Q2025 RWA credit RWA development
Slide 25: Strong CET1 capital ratio well above our target
Strong CET1 capital ratio well above our target Total capital ratio development (in %) 3.1% 18.2% 1.9% 13.6% -0.6% 13.1% +0.5% -0.3% -0.1% +0.1% 13.3% ~12.5% 10.9% 1Q2025 Additional 1Q2025 Net profit Dividend Other capital RWA 2Q2025 AT1 Tier 2 2Q2025 Basel IV CET1 CET1 ratio distribution CET1 ratio
Slide 26: Buffer to MDA remains strong
Buffer to MDA remains strong ING Group fully loaded SREP requirements • Fully loaded CET1 requirement is 10.86% MDA • 4.50% Pillar 1 Requirement (P1R) restriction • 0.93% Pillar 2 Requirement (P2R) MDA level restriction (15.08%) • 2.50% Capital Conservation Buffer MDA level (CCB) restriction 2.00% (
Slide 27: Funding & liquidity
Funding & liquidity 27
Slide 28: 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 31.5% 8.9% 27.93% 23.31% 6.75% 7.24% 13.3% 5.31% 3.8% 5.31% 3.1% 0.9% 1.9% 22.62% 0.5% 13.3% 18.00% 3.8% TLAC/MREL TLAC MREL TLAC/MREL TLAC MREL eligible instruments requirement
Slide 29: 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 June 2025 • ING Groep NV issued a €1.25 bln Green Tier 2 and ING Bank HoldCo Senior Tier 2 AT1 Australia an A$1.75 bln Opco Senior in 2Q2025 8% 8% • Issuance guidance, subject to balance sheet
Slide 30: 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 31: 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 32: 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 the latest ICMA Green Bond Principles 2021. The framework is presented through below four pillars: Use of proceeds Project evaluation and se
Slide 33: 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 34: 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 latest ICMA Green Bond Principles • Use of Proceeds contribute to
Slide 35: 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 1,079 1,087 1,079 1,087 36 14 16 15 17 94 50 76 21 53 21 50 Stable funding profile 168
Slide 36: Robust liquidity position with a 12-month moving average LCR of 141%
Robust liquidity position with a 12-month moving average LCR of 141% Funding mix1) ING maintains a sizeable liquidity buffer 30 June 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 moving a
Slide 37: Strong rating profile at both Group and Bank levels
Strong rating profile at both Group and Bank levels Main credit ratings of ING on 30 July 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&P’s
Slide 38: Asset quality
Asset quality 38
Slide 39: 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) WB includes Corporate Line Including modifications and WB includes Corporate Line 26 84 15 451 453 7 52 7 17 19 81 19 3 3 -2 43 33 -7 12 2 311 -21 -37 306 289 -
Slide 40: Well-diversified lending credit outstandings by activity
Well-diversified lending credit outstandings1) by activity ING Group Retail Banking Wholesale Banking 10% 6% 12% 23% 31% 16% 4% 21% €811 bln €559 bln €559 bln €252 bln 13% 11% 24% 60% 5% 64% 69% 8% 6% 18% Retail Banking Residential mortgages Mortgages Netherlands Lending Wholesale Banking Consumer l
Slide 41: Wholesale Banking lending credit outstandings
Wholesale Banking lending credit outstandings1) Diversification across geographies Diversification across sectors 1% 9% Netherlands 1% 9% Real Estate, Infra & Construction 12% Commodities, Food & Agri BeLux 2% 11% 31% 12% Germany TMT & Healthcare Retail Other countries Transportation & Logistics 17%
Slide 42: Appendix
Appendix 42
Slide 43: 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 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) 30 June 2025 2024 2023 44.5 Share premium 17,116 17,116 Other reserves 27,950 29,167 €21.0 bln Legal and statutory reserves 78 -770 6.3pp1) Non-distributable -5,672 -6,
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: 2Q2025 results overview
2Q2025 results overview 2Q2025 results overview (in € mln) Reported P&L Volatile items P&L excluding volatile items Commercial NII 3,772 0 3,772 Fee income 1,122 -1 1,122 All other income 809 -109 918 Total income 5,702 -110 5,812 Expenses excl. regulatory costs 2,956 116 2,841 Regulatory costs 78 0
Slide 47: Volatile income and expense items
Volatile income and expense items Volatile items (in € mln) 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 WB/FM – valuation adjustments 19 8 -13 -6 -26 Capital gains/losses 4 -51 -64 6 14 Hedge ineffectiveness1) 39 170 -53 -10 -49 Other items income2) 5 46 -62 -29 -21 Total volatile items – income 67 173 -191
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 (2Q2025) Customers (mln) 40.4 7.7 2.5 9.4 4.5 1.3 2.8 4.5 1.8 5.9 o.w. primary (mln) 16.6 4.9 1.2 3.1 1.7 0.5 1.1 2.3 1.0 0.6 o.w. mobile prim
Slide 49: 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 50: Impact accounting asymmetry
Impact accounting asymmetry Treasury interest rate differential (in € mln) Wholesale Banking Financial Markets (in € mln) 18 356 376 415 371 19 17 19 29 302 233 231 226 269 515 515 521 525 203 416 -174 -207 50 52 29 61 59 -215 -214 -252 -209 -192 -143 -167 -212 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 2Q2
Slide 51: Granular deposit base
Granular deposit base Total customer deposits per segment (in € bln) • Highly insured, granular and continuously growing customer 693 698 692 734 738 deposits represent a strong funding 79 40 42 base 68 39 69 42 74 20 76 120 121 126 122 122 • ~70% of total deposits is from private individuals, of wh
Slide 52: 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