Slides
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Fixed income presentation 4Q2025 29 January 2026
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Outstanding commercial growth in 2025 2 Mobile primary customers +352,000 in 4Q2025 +1.0 mln in 2025 Lending growth2) €20.4 bln in 4Q2025 +€56.9 bln in 2025 Deposits growth2) €9.5 bln in 4Q2025 +€38.1 bln in 2025 Return on equity 13.2% in 2025 Fee income €1,221 mln in 4Q2025 €4,602 mln in 2025 Sustainable volume mobilised3) €56 bln in 4Q2025 €166 bln in 2025 Customer growth Customer lending Customer deposits Diversification Profitability Sustainable financing 1) Includes private individuals only 2) Quarterly and annual net core lending and deposits growth 3) See our 2024 annual report for definition 38% of our 41 mln customers are mobile primary1) 8.3% net core lending growth in 2025 versus 4% target 5.5% net core deposits growth in 2025 versus 4% target 15% growth in 2025 versus 5-10% target Versus the >12.5% outlook +28% versus 2024
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Commercial NII (in € bln) Fee income (in € bln) All other income (in € bln) Total income (in € bln) Record total income for the third consecutive year 3 • €15.3 bln commercial NII • Outstanding volume growth compensated for margin normalisation in 2024 and 2025 11.9 12.6 15.6 15.5 15.3 2021 2022 2023 2024 2025 +6.4% CAGR 3.5 3.6 3.6 4.0 4.6 2021 2022 2023 2024 2025 +7.0% CAGR 18.5 18.6 22.6 22.6 23.0 2021 2022 2023 2024 2025 +5.6% CAGR 3.0 2.4 3.3 3.1 3.1 2021 2022 2023 2024 2025 +0.7% CAGR • Fee income +15% YoY • €1 bln additional annual fee income in the last two years • Fees now represent 20% of total income • Strong performance of Financial Markets • Record total income for the third consecutive year
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Significantly improved operational leverage Reduced customer friction Introduced new technologies Enhanced customer experience Optimised footprint Improved FTE / customer balances3) 82% STP1) GenAI chatbot In 7 countries Leading NPS2) -5% branches -7% Strong operating performance in 2025 • Operating expense (excluding incidental items and regulatory costs) growth was limited to 3% in 2025, driven by improved operational leverage and applying strict cost discipline • Continued to scale our processes, people and technology • Continued to invest to facilitate growth and diversification, while using new technology • Announced restructurings in 2025 to futureproof the workforce will result in ~€170 mln cost savings annually 4 1) Average of straight-through-processing (STP) rates of 245 Retail customer journeys; STP rate is the percentage of a customer journey that is handled without manual intervention 2) #1 NPS in 5 retail markets; Record NPS score of 77 in Wholesale banking 3) Versus 2023; internal FTE
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€6.3 bln net profit €-3.2 bln regular dividend €-3.6 bln cash and SBB €-0.9 bln capital consumption 13.6% 13.1% 1.9% -0.9% -0.3% -1.1% -0.1% 4Q2024 CET1 ratio Capital generation Regular dividends RWA consumption Additional distributions Other 4Q2025 CET1 ratio Consistent strong capital generation • Consistent strong capital generation, adding almost 2%-points to our CET1 ratio over 2025. Of the €6.3 bln capital generated: • 50% (€3.2 bln) is distributed via regular dividends, providing an attractive and predictable cash yield • ~15% (€0.9 bln) was deployed for profitable growth (or ~20% if excluding the two SRTs) • ~30% was allocated to additional distributions • In addition, structurally excess capital generated in earlier years was distributed to converge our CET1 ratio towards our target level 5
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• Sustained attractive shareholder return at 12.5%, while share price increased by 59% in 2025 • 7% increase YoY in earnings per share, driven by strong profitability and a 6% reduction in shares outstanding • Committed to generating a healthy shareholder return going forward • We will update the market with our 1Q2026 results Continued attractive shareholder return 6 Distributions (in € bln) As distributed in the respective year Shareholder return (in %) Four-quarter DPS1) / four-quarter rolling share price Share price (in €) 1.6 1.7 3.5 3.8 3.6 2.3 3.1 3.0 3.6 3.7 3.9 4.8 6.5 7.4 7.3 2021 2022 2023 2024 2025 Share buyback Cash distribution 10.8 10.3 12.2 15.2 19.6 12.2 11.4 13.5 15.1 24.0 2021 2022 2023 2024 2025 Yearly average End of year 9.4% 12.5% 15.2% 15.0% 12.5% 2021 2022 2023 2024 2025 1) Total distributions per share +59% +29%
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Outlook for 2026 and 2027 7
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We will continue to accelerate growth, increase impact and deliver value 8 Growth and income diversification Operational leverage Capital allocation • 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 • Increased product penetration among the affluent and GenZ customer segments • Further roll-out of Business Banking in new markets • Continued increase of fee generating and capital light products in Wholesale Banking • Continue to scale processes, people and technology, applying strict cost discipline • Further utilisation and scaling of GenAI will enhance operational efficiency • Operational leverage will support meeting the FTE over customer balances ratio target1) in 2026 already • Capital allocation will continue to accelerate growth and increase returns: ✓ ~50% is paid out to continue offering an attractive dividend yield; ✓ Continued investments to sustain our profitable growth trajectory; ✓ Structural excess capital will be returned to shareholders • Further increase capital allocation to Retail Banking • Continued optimisation of capital usage in Wholesale Banking, including the use of SRTs 1) >10% improvement versus 2023 by 2027; internal FTE
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Strong outlook for 2026 and 2027 9 Mobile primary customers Fee income Total income Operating expenses CET1 ratio Return on tangible equity +1 mln per annum +1 mln per annum +5-10% growth €5 bln ~€24 bln €24.8-25.5 bln3) €12.6-€12.8 bln1) 52-54% C/I ratio ~13% ~13% 14% 14% Outlook 2026 CMD targets 2027 >14%2) Return on equity 1) Excluding incidental cost items; 2) The impact of deducting intangibles from equity was ~40 bps in 2025; assuming an effective tax rate of 29-31% (from 28-30% previously) 3) Implied by the 4-5% CAGR 2024-2027; Note: This outlook excludes the impact of the previously announced intended sale of ING’s business in Russia to Global Development JSC, where we expect a negative P&L impact of around €0.8 billion post tax. It also excludes potential other incidental items and/or one-offs. The outlook statements on this slide are forward-looking statements that are based on management’s current expectations and are subject to change, including as a result of the factors described under the section entitled ‘Important Legal Information’ in this document. ING assumes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information or for any other reason +1 mln per annum >€5 bln >€25 bln ~€13 bln1) ~13% New outlook 2027 >15%2) 15%
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All other income €2.7 - €2.9 bln Fee income €4.8 - €5.1 bln Commercial NII €16.3 - €16.5 bln Total income in 2026 supported by volume growth, hedging tailwind and fees Total income scenario (in € bln) 23.0 ~24 ~+0.5 ~+0.6 +5-10% ~-0.3 2025 Lending NII Liability NII Fees All other income 2026 • Increasing support from our replicating portfolio, adding +€0.4 bln of hedging tailwind to commercial NII in 2026 versus 4Q2025 runrate • Customer balances to grow by ~5%; lending margin stable versus 4Q2025; liability margin at the lower end of the 100–110 bps range • Fees to grow by 5-10%, mostly driven by structural elements • All other income in line with the longer-term average1) and excluding income one-offs 101) Financial Markets: ~€350 mln per quarter; Treasury: ~€300 mln per quarter; financial stakes: ~€200 mln per annum
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Operational efficiencies more than compensate for business investments 12.6 11.4 11.6 – 11.8 12.6 – 12.8 +4% +2% 1.0 -0.3 -0.9 -3% Total operating expenses 2025 Incidental items 2025 Regulatory costs 2025 Expenses excl incidental items and regulatory costs 2025 Inflationary impacts Continued business investments Operational efficiencies Expenses excl incidental items and regulatory costs 2026 Regulatory costs 2026 Total operating expense excl incidental items 2026 Continued business investments • Further investments in customer acquisition and development of products and services for (new) customer segments • Sustained investments in our product foundations and infrastructure Operational efficiencies • Increased scalability of our operations and tech platform • Enhanced use of AI (GenAI and agentic AI) • Full year benefit of earlier announced restructurings of €~170 mln • Continued footprint optimisation 11
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Concluding remarks 12 • 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 profitability and returned more than €7 bln to shareholders in 2025 • Higher growth expectations and positive operating jaws allow us to give a strong outlook for 2026 and 2027
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13 Business profile
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Netherlands Belgium Germany Other Challengers Growth Markets WB Rest of World Corporate Line and Other 68% 30% 2% Retail Banking Wholesale Banking Corporate Line 28% 15% 15% 11% 15% 14% 2% €23.0 bln Wholesale Banking International Network EMEA Asia Pacific Americas Retail Banking footprint Netherlands Belgium Luxembourg Germany Spain Italy Australia Poland Romania Türkiye Retail Banking • Focus on earning the primary relationship • Technology to offer a differentiating experience to our customers • Distribution increasingly through mobile devices which requires simple product offering Wholesale Banking • A leading European Wholesale Bank, powered by: • Our global reach, with local experts • We are sector experts • We are sustainability pioneers €23.0 bln 24% 14% 12%10% 12% 22% 5% €341 bln 14 Well-diversified business mix Total income FY2025 Total income FY2025 RWA (end of period) FY2025
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Executing our strategy to be the best European bank 15 Empowering people to stay a step ahead in life and in business Providing seamless digital services Staying safe & secure Using our scalable Tech & Operations Unlocking our people’s full potential growing the difference Uniquely ING Sustainability at the heart Superior value for customers Purpose Strategic pillars Enablers
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4Q2025 results 16
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Strong total income with growth in commercial net interest income and fees 17 • Commercial net interest income increased, driven by volume growth 3,749 3,794 3,772 3,823 3,928 4Q24 1Q25 2Q25 3Q25 4Q25 +4.8% 1,001 1,094 1,122 1,165 1,221 4Q24 1Q25 2Q25 3Q25 4Q25 +21.9% +7.0%-1.2% Commercial NII (in € mln) Fee income (in € mln) All other income (in € mln) Total income (in € mln) • Strong quarter for fee income, supported by a €66 mln one-off • Further customer growth and good performance in investment products and insurance • All other income was supported by continued strong, but seasonally lower, results in Financial Markets in 4Q2025 • Strong total income, with 7% growth year-on-year 657 749 809 910 649 4Q24 1Q25 2Q25 3Q25 4Q25 5,407 5,637 5,702 5,898 5,797 4Q24 1Q25 2Q25 3Q25 4Q25
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Net core deposits growth €9.5 bln Net core lending growth €20.4 bln Outstanding growth in customer balances Customer lending (in € bln) Customer deposits (in € bln) 709.0 727.6 7.6 0.9 1.6 10.3 -1.9 3Q2025 Mortgages Consumer lending Business lending Wholesale Banking Other 4Q2025 736.1 721.4 11.3 -1.8 -24.2 3Q2025 Retail Banking Wholesale Banking Other 4Q2025 1) 1) Strong growth in customer lending • €10.1 bln net core lending growth in Retail Banking, driven by ongoing growth of the mortgage portfolio and strong performance in both business and consumer lending • €10.3 bln contribution from Wholesale Banking, reflecting strong performance in Lending and temporarily elevated client demand in Working Capital Solutions Increase in customer deposits • Retail Banking recorded €11.3 bln of growth, benefiting from targeted campaigns and seasonal inflows • In Wholesale Banking, inflow in PCM and FM was offset by lower short- term balances in our cash pooling business • Treasury was impacted by a seasonal reduction 181) Other includes movements in the Treasury and run-off portfolios as well as currency impacts
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Higher commercial net interest income supported by volume growth Breakdown commercial NII (in € mln) Development of margins (in bps)Average customer balances (in € bln)1) 2,119 2,109 2,113 2,149 2,224 1,630 1,685 1,659 1,674 1,704 3,749 3,794 3,772 3,823 3,928 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Lending NII Liability NII 128 125 125 125 126 100 101 98 99 99 226 226 223 222 223 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Lending Liability Commercial NIM +5.7% • Commercial NII was supported by strong volume growth in both Retail and Wholesale Banking, coupled with a slightly higher commercial net interest margin • The lending margin increased slightly to 1.26%, mostly driven by a higher margin for mortgages • The liability margin remained stable at 0.99% 19 664 673 676 689 705 652 668 680 678 686 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Lending Liability 1) Excluding Financial Markets and Treasury +4.8%
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Strong and structural increase in fee income Fee income per product category (in € mln) Retail assets under management & e-brokerage (in € bln) 378 392 409 418 414 254 243 264 322 349 245 308 288 290 310 62 69 69 68 74 62 82 92 66 73 1,001 1,094 1,122 1,165 1,221 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Daily Banking Lending Investment Products Insurance products Other +22% 239 243 254 268 278 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 +16% Structural growth • Another strong quarter in fee income, with continued structural growth • 4Q2025 was supported by a €66 mln one-off in Retail lending • Excluding the one-off, Retail Banking fees grew 17% YoY • +>1.0 mln mobile primary customers • 9% growth in active investment product customers to 5.1 mln • 16% growth in AuM & e-brokerage, of which ~50% net inflow • 22% increase in the total number of trades in 4Q2025 • 8% higher daily banking fees • 19% growth in insurance fees • Wholesale Banking fees up by 11% YoY • 19% increase in daily banking fees and good performance in Financial Markets and Corporate Finance 20
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• Financial Markets is driven by client activity which is seasonally lower in the fourth quarter • Treasury was impacted by lower results from foreign currency hedging All other income supported by FM and Treasury All other income (in € mln) 332 406 386 359 337 268 333 409 348 272 -13 -6 -26 22 -4 -53 -10 -49 21 12 27 28 91 106 28 96 -2 -3 54 4 657 749 809 910 649 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Financial Markets Treasury WB/FM valuation adjustments Hedge ineffectiveness Financial stakes Other 21 1) 1) Financial stakes reflect the results of our participations in Bank of Beijing, TTB, and Van Lanschot Kempen. These results primarily consist of dividends received, and a limited amount of associated funding costs
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Continued cost discipline leading to a stable cost base 2,881 2,835 2,841 2,872 2,872 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 347 361 78 67 361 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 109 4 116 73 104 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 22 Expenses (in € mln) Excluding regulatory costs and incidental items Regulatory costs (in € mln) Incidental items (in € mln) • Expenses decreased YoY as wage inflation and ongoing investments in business growth were more than offset by structural savings from prior restructurings • Operational efficiencies were mainly driven by proactive cost management, optimisation of KYC activities, improved workforce composition and enhanced utilisation of AI • Incidental expense items in 4Q2025 primarily related to restructuring provisions for planned FTE reductions in corporate staff and Retail Banking, which are expected to result in ~€100 mln in annualised cost savings once fully implemented -0.3%
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Risk costs at the through-the-cycle average Risk costs per business line Totals including Corporate Line Stage 2 ratio Stage 3 ratio 158 175 210 192 177 141 138 89 134 188 299 313 299 326 365 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Retail Banking Wholesale Banking 8.9% 8.3% 8.3% 8.1% 7.9%8.7% 8.2% 8.2% 8.3% 8.3% 9.4% 8.4% 8.6% 7.7% 7.3% 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 ING Retail Banking Wholesale Banking 1.7% 1.6% 1.5% 1.5% 1.6% 1.5% 1.5% 1.5% 1.4% 1.5% 2.0% 1.8% 1.7% 1.7% 1.7% 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 ING Retail Banking Wholesale Banking 23 18 2018 17 19 Risk costs (in bps) • Risk costs were €365 mln, or 20 bps of average customer lending, in line with our through-the-cycle average • Stage 3 risk costs were €389 mln, mainly related to individual Stage 3 provisioning for a number of new and existing files in Wholesale Banking, partly offset by releases of existing provisions due to repayments, secondary market sales, and structural improvements • Stage 1 and Stage 2 risk costs were €-24 mln, reflecting a partial release of management overlays and updated macroeconomic forecasts
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Capital 24
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Risk-weighted assets development (in € bln) • RWA increased by €4.5 bln to €340.7 bln, including €0.3 bln of FX impact on credit RWA • Credit RWA excluding FX impact increased by €1.5 bln, driven by business growth, partly offset by the RWA relief from SRT transactions executed in November (€-3.1 bln) • Operational RWA increased with €2.2 bln following an update of the SMA model. Market RWA increased by €0.5 bln Credit RWA excl. FX impact €+1.5 bln Risk-weighted assets increased due to business growth 0.3 4.2 0.4 0.5 2.2-0.1 -2.9 3Q2025 RWA FX impact on credit RWA Volume development Overall profile of the loan book Models, methodology and policy updates Other Market RWA Operational RWA 4Q2025 RWA 336.2 340.7 25
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Capital ratio Fully loaded CET1 requirementCapital ratio developments Management buffer (incl. P2G) Strong capital generation Total capital ratio development (in %) 13.4% 12.9% 13.1% 18.4% 11.09% +0.4% +0.2% 2.2% 3.1% -0.5% -0.2% -0.2% 3Q2025 CET1 ratio Ongoing share buyback 3Q2025 pro forma Net result Dividend reserve Other capital movements RWA 4Q2025 CET1 ratio AT1 Tier 2 4Q2025 Total capital ratio CET1 ratio target ~13% • Strong quarterly capital generation partly offset the impact on the CET1 ratio of the announced €1.6 bln distribution • The AT1 ratio slightly decreased to 2.2%. The Tier 2 ratio decreased to 3.1% after the redemption of a €1.0 billion Tier 2 instrument • The final cash dividend over 2025 of €0.736 per share will be paid on 24 April 2026, subject to AGM approval 26
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4.50% 6.00% 8.00% 0.96% 1.28% 1.70% 2.50% 2.50% 2.50% 1.14% 1.14% 1.14% 2.00% 2.00% 2.00% CET1 Tier 1 Total capital P1R P2R CCB CCyB + SyRB SiFi P2G • Fully loaded CET1 requirement is 11.09% • 4.50% Pillar 1 Requirement (P1R) • 0.96% Pillar 2 Requirement (P2R) • 2.50% Capital Conservation Buffer (CCB) • 1.09% Countercyclical Buffer (CCyB) + 0.05% Systemic Risk Buffer (SyRB) • 2.00% Systemically Important Financial Institutions Buffer (SiFi) • Fully loaded Tier 1 requirement is 12.91% • 0.31%-point of P2R can be filled with AT1 • Fully loaded Total Capital requirement is 15.34% • 0.41%-point of P2R can be filled with Tier 2 MDA restriction level (11.09%) MDA restriction level (12.91%) MDA restriction level (15.34%) Buffer to MDA remains strong 27 Buffer to MDA 1.99% or €6.8 bln 2.39% or €8.1 bln 3.10% or €10.6 bln ING Group fully loaded capital requirements
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Funding & liquidity 28
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• ING follows a Single Point of Entry (SPE) resolution strategy and issues TLAC/MREL eligible instruments from its resolution entity ING Groep N.V. • RWA-based MREL is the most constraining requirement for ING. As per 4Q2025, ING amply meets the TLAC and MREL requirements with a ratio of 31.8% of RWA and 9.4% of leverage exposure (LR) TLAC/MREL as percentage of RWA TLAC/MREL as percentage of leverage exposure 13.1% 2.2% 3.1% 13.4% 18.00% 22.62% 5.62% 5.62% TLAC/MREL eligible instruments 4Q2025 TLAC requirement MREL requirement Comfortably meeting TLAC and MREL requirements 3.9% 0.7% 0.9% 4.0% 6.75% 7.24% TLAC/MREL eligible instruments 4Q2025 TLAC requirement MREL requirement 9.4% CET1 AT1 T2 HoldCo Senior TLAC / MREL requirement Combined buffer requirement 31.8% 23.62% 28.24% 29
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0 5 10 15 20 25 RMBS Covered Opco Senior Holdco Senior Tier 2 AT1 Long-term debt maturity ladder as per 31 December 2025 (in € bln)1) Note: For instruments containing a par call option, the first reset date is assumed 58%34% 8% 100% Redemptions 2025 Issuance 2025 2026 2027 2028 2029 2030 2031 2032 2033 30 Long-term debt issuance activity and maturity ladder Issuance guidance 2026 • Issuance guidance, subject to balance sheet developments, is: • €6-8 bln Holdco Senior • €6-8 bln Secured issuance (including RMBS) across various entities • Opco Senior issuance could be issued for internal ratio management and general corporate funding purposes 91% 2%7% EUR USD Other 2034 2035 >2035 1) Maturity ladder is based on the contractual maturity for bullets and the 1st call/reset date for callable bonds. For certain instruments, the call exercise is subject to pre-emptive authorisation by the competent authority and this mapping should not be seen as guidance on their actual exercise. Excludes structured notes Currency split of outstandings as per 31 December 2025 HoldCo Senior Tier 2 AT1
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ING Bank N.V. ING Belgium S.A./N.V. ING DiBa AG ING Bank (Australia) Ltd ING Bank Hipoteczny (Poland) ING Bank AS (Türkiye) Instruments overview • Secured funding • Senior unsecured • Secured funding • Secured funding • Secured funding • Senior unsecured • Secured funding • Capital Outstanding1) • Covered bond: ~€23.7 bln • Senior unsecured: ~€5.0 bln2) • RMBS: €1.85 bln • Covered bond: €6.75 bln • Covered bond: €8.3 bln • Covered bond: A$4.9 bln • Senior unsecured: A$4.5 bln • RMBS: A$3.3 bln • Covered bond: PLN1.5 bln • Tier 2: US$150 mln 2025 Issuance1) • €4.5 bln (Covered bond) • €1.0 bln Senior Unsecured • €1.25 (Covered bond) • n/a • A$1.8 bln (Senior unsecured) • A$ 1.5 bln (Covered bond) • PLN1 bln (Covered Bond) • n/a Underlying collateral • Residential mortgages • Residential mortgages • Residential mortgages • Residential mortgages • Residential mortgages • n/a Covered Bond programme • ING Bank Hard and Soft Bullet • ING Bank Soft Bullet • ING Bank Soft Bullet 2 • ING Belgium Pandbrieven • ING-DiBa AG Pfandbriefe • ING Bank (Australia) Ltd • ING Bank Hipoteczny • n/a Issuance outstanding across ING subsidiaries 1) 1) 31 Covered bond maturity ladder as per 31 December 2025 (in € bln) 1) Externally placed bonds 2) Excluding structured notes 0 2 4 6 8 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 >2036 ING Bank ING Belgium ING Bank Australia ING Germany ING Bank Hipoteczny
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Recent Green Funding transactions Year of Issuance 2022 2023 2024 2025 Issuer ING Groep N.V. ING-DiBa AG Green Lion 2023-1 ING-DiBa AG ING Groep N.V. Green Lion 2024-1 ING Groep N.V. Size / Currency €1.50 bln €1.00 bln €1.00 bln €850 mln €1.00 bln €1.25 bln €1.00 bln €1.00 bln €1.25 bln €1.00 bln Tenor 4NC3 11NC6 8yr 4.9yr1) 4.25yr 11NC10 7NC8 4.8yr1) 11NC6 5NC4 Asset class Holdco Senior Tier 2 Covered Bond RMBS Covered Bond Holdco Senior Holdco Senior RMBS Tier 2 Holdco Senior ING is dedicated to its Green Funding Programme 32 External consultants & providersGreen Funding instruments: Objectives and added value • Support our sustainability objectives • Fund growth in our Eligible Green Loan portfolio • Continued leadership in the Green Bond market • Support sustainability efforts on both sides of the balance sheet • Financing of new projects and directing investments to assets that have demonstrated climate benefits, which also supports broader risk management • Second party opinion provider • Renewable energy consultant • Green buildings consultant 1) Until the first optional redemption date For the above specified instruments, a prospectus is available. For more information and the prospectus, please visit Green bonds | ING
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Use of proceeds • ING will finance and/or refinance, in part or in whole, an Eligible Green Loan Portfolio in accordance with the Eligibility Criteria stated in the Framework • Net proceeds will be allocated to Eligible Green Loan Portfolio, including: Project evaluation and selection • Projects financed and/or refinanced through Green proceeds are evaluated and selected based on compliance with the Eligibility Criteria • Sustainable ALM Steering Committee (SteerCo) as the main governing body of the Framework • The selected loans are required to comply with ING’s environmental and social (ESR) policies and transaction approval process • EU Taxonomy alignment has been assessed in the SPO Reporting • Aggregated (across multiple Green Funding Instruments) • Allocation and impact are reported. Additional reported items can be found in the Framework • Limited assurance of the Green Funding Allocation Reporting provided by an external auditor on an annual basis • Second party opinion by ISS Corporate Solutions (ICS) ING Global Green Funding Framework 2024 Commercial Real Estate Residential Real Estate Renewable Energy (wind & solar) NetherlandsNetherlands, Germany, Poland, Belgium Global Management of proceeds • The proceeds are managed in a portfolio approach; where relevant, bond-by-bond approach is also applied (e.g. Green RMBS) • Level of allocation matches or exceeds the balance of net proceeds. The proceeds from Green Funding Instruments are allocated to an Eligible Green Loan Portfolio • Unallocated net proceeds will be held in ING’s treasury liquidity portfolio at ING’s own discretion 33 • 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:
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Management of proceeds • Eligible Green Loan Portfolio allocation in FY20242: ESG Risk management • ING has a robust ESG Risk Management process in place. For more information, please see the latest ING Annual Report • The selected loans are required to comply with ING’s environmental and social (ESR) policies and transaction approval process Governance of Green Bond Framework • ING has established a Sustainable ALM SteerCo to: • Review and approve the Framework • Approve the latest Eligibility Criteria • Approve and advise on framework related topics Project selection and management of proceeds Single pool of eligible green loans (in € bln) Renewable energy 6.7 Green buildings (residential) 41.7 Green buildings (commercial) 5.3 Total Eligible Green Loan Portfolio 53.7 Of which: allocated amount 15.6 Of which: unallocated amount 38.1 34 • 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 approach is also used, and is indicated in the reporting Compliance with Eligibility Criteria • ICMA Green Bond Principles categories and/or: • EU Taxonomy1) 1) Apply on a best-efforts basis considering local regulation differences 2) ING strives to publish its annual Allocation and Impact Report in the second quarter of the year
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External verification Use of Proceeds √ Evaluation and selection √ Management of Proceeds √ Reporting √ 35 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 Sustainable Development Goals 7 and 131) • The rationale for issuing Green Funding instruments aligns with ING’s sustainability strategy and objectives External Assurance Report • ING may request, on an annual basis, a limited assurance report on the allocation of the Green Funding Instruments proceeds to eligible assets, provided by its current external auditor or any subsequent external auditor 1) The impact of the UoP categories on UN Sustainable Development Goals is assessed with proprietary methodology and may therefore differ from the Issuer's description in the Framework
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736 721 93 81 170 169 27 19 51 5115 14 3Q2025 4Q2025 703 722 54 54 54 57 147 133 83 53 36 21 16 15 3Q2025 4Q2025 1,092 36 Strong balance sheet with customer deposits as primary source of funding Well-diversified customer loan book • See “Asset Quality” section of this presentation Stable funding profile • 68% of the balance sheet is funded by customer deposits • 88% of total customer deposits is in Retail Banking • Well-balanced loan-to-deposit ratio of 1.001) Conservative trading profile • Majority of our Financial Markets business is customer flow based where we largely hedge our positions, reflected in offsetting positions in assets and liabilities at fair value • The average Value-at-Risk for the trading portfolio is managed at low levels Balance sheet ING Group (in € bln) Assets Liabilities 1) Loan-to-deposit ratio is calculated as customer lending including provisions for loan losses divided by customer deposits Loans to customers Securities at amortised cost Financial assets at FVOCI Financial assets at FVPL Cash with central banks Loans to banks Other Customer deposits Financial liabilities at FVPL Wholesale funding Deposits from banks Total equity Other 1,054 1,092 1,054
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Robust liquidity position with a 12-month moving average LCR of 140% 53% 22% 2% 5% 5% 11% 2% Customer deposits (private individuals) Customer deposits (other) Interbank Lending/repurchase agreements CD/CP Long-term senior debt Subordinated debt LCR 12-month moving average (in € bln) 31 December 2025 30 September 2025 Level 1 189.9 190.6 Level 2A 2.5 3.0 Level 2B 7.8 7.7 Total HQLA 200.2 201.3 Stressed outflow 245.4 245.8 Stressed inflow 102.5 101.8 LCR 140% 140% 37 Funding mix1) 31 December 2025 ING maintains a sizeable liquidity buffer • ING’s funding consists mainly of retail deposits, corporate deposits and public debt • ING’s 12-month moving average LCR at 140% • Besides the HQLA buffer, ING maintains large pools of ECB-eligible assets, in the form of internal securitisations and credit claims. The total available liquidity resources were €294 bln as per the end of 4Q2025 Liquidity buffer • Level 1: mainly cash with central banks, core European sovereign bonds, SSA and US Treasuries • Level 1B: core European and Nordic covered bonds • Level 2A: mainly Canadian covered bonds • Level 2B: mainly short-dated German Auto ABS and shares on major stock indices 1) Liabilities excluding trading securities and IFRS-EU equity
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Strong rating profile at both Group and Bank levels Main credit ratings of ING on 28 January 2026 S&P Moody’s Fitch Scope ING Groep N.V. (HoldCo) Long-term issuer rating A- n/a A+ AA- Short-term issuer rating A-2 n/a F1 S-1+ Outlook Stable Stable1) Stable Stable Senior unsecured rating A- Baa1 A+ A+ ING Bank N.V. (OpCo) Long-term issuer rating A+ A1 AA- AA- Short-term issuer rating A-1 P-1 F1+ S-1+ Outlook Stable Stable Stable Stable Senior unsecured rating A+ A1 AA- AA- 38 Latest rating actions on ING Group and Bank • S&P: upgraded ING Bank to A+ in July 2017. In June 2025, S&P affirmed ING's rating and outlook, reflecting S&P’s view that ING’s ratings remain justified also when capitalisation is reduced in line with ING’s CET1 ratio target • Moody’s: affirmed ING Bank's long-term issuer rating in June 2025 at A1, with the outlook for senior unsecured changed from Positive to Stable, reversing last year's decision on the back of lower expected issuance volumes (linked to lower MREL requirements) • Fitch: upgraded ING Bank to AA- in February 2019 and affirmed in October 2025. This reflects Fitch’s view that ING has a strong franchise in Retail Banking and Wholesale Banking in the Benelux region, supporting resilient profitability. Ratings are also supported by a well-balanced funding profile and conservative risk profile • Scope: Scope has been added as a fourth rating agency and published its first solicited rating in December 2025, reflecting ING’s strong retail and commercial franchise in the Benelux, supported by a high level of diversification in an overall supportive rating environment 1) Outlook refers to the senior unsecured rating
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Asset quality 39
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40 -21 -2 19 17 13 17 7 -2 -14 -18 15 26 15 -14 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Retail Banking Wholesale Banking 43 2 33 -43 3 -37 81 19 -7 -13 7 84 52 -50 -10 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Retail Banking Wholesale Banking 136 174 158 218 173 175 41 63 143 216 311 215 221 361 389 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Retail Banking Wholesale Banking • Primarily reflecting a partial release of management overlays and updated macroeconomic forecasts • Mainly related to a number of new and existing files in Wholesale Banking, partly offset by releases of existing provisions due to repayments, secondary market sales and structural improvements Additions to loan loss provisions per Stage Stage 1 provisioning (in € mln) Total includes Corporate Line Stage 2 provisioning (in € mln) Including modifications; total includes Corporate Line Stage 3 provisioning (in € mln) Note: Total stock of management overlays of €183 mln in 4Q2025 • Primarily reflecting a partial release of management overlays and updated macroeconomic forecasts
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58%29% 4% 9% Lending Daily Banking & Trade Finance Financial Markets Treasury & Other 24% 10% 18%5% 8% 12% 17% 6% Mortgages Netherlands Other lending Netherlands Mortgages Germany Other lending Germany Mortgages Belgium Other lending Belgium Mortgages Other Other lending Other 68% 32% Retail Banking Wholesale Banking 67% 5% 21% 7% Residential mortgages Consumer lending Business lending Other lending Well-diversified lending credit outstandings1) by activity 41 ING Group Retail Banking Wholesale Banking €825 bln €559 bln €559 bln €266 bln 2) 1) Lending and money market credit outstandings, incl guarantees and letters of credit, excl undrawn committed exposures (off-balance sheet positions and assets held for sale) 2) Incl €33 bln Retail-related Treasury lending and €5 bln Other Retail Lending
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Wholesale Banking lending credit outstandings1) Diversification across geographies Diversification across sectors 6% 10% 9% 23% 8% 9% 17% 2% 15% 1% Netherlands BeLux Germany Retail Other countries UK European Network North America Americas (excl North America) Asia Africa 8% 12% 11% 10% 12% 18% 28% 1% Real Estate, Infra & Construction Commodities, Food & Agri TMT & Healthcare Transportation & Logistics Energy Diversified Corporates Financial Institutions Other €266 bln €266 bln 421) Lending and money market credit outstandings, incl guarantees and letters of credit, excl undrawn committed exposures (off-balance sheet positions)
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Appendix 43
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Issuance entities under our approach to resolution ING Groep N.V. ING Bank N.V. Designated resolution entity ING Belgium ING Australia ING Germany Other ING subsidiaries Eligible instruments for Group TLAC/MREL TLAC MREL • Own funds (CET1 / AT1 / Tier 2) ✓ ✓ • Senior unsecured debt (> 1 year) ✓ ✓ • Secured funding & senior unsecured debt (> 1 year) X X • Secured funding X X • Operational funding needs secured / unsecured debt X X ING Slaski 44 Issuance entities
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• Since 3Q2024, ING has decided to exclude par call options from all new capital instruments • Instruments including a par call option can be called on any calendar day in the 3 months (Tier 2) or 6 months (AT1) par call window • At issuance, ING capital instruments with a par call have been priced and hedged until the first reset date Capital instruments including a par call option 451) Amount outstanding in original currency AT1 securities issued by ING Group Currency Outstanding (mln)1) Coupon Issue date Start par call window (First call date) End par call window (First reset date) Maturity ISIN USD 1,000 3.875 14/09/2021 16/05/2027 16/11/2027 Perpetual US456837AY94 USD 1,000 7.500 14/02/2023 16/05/2028 16/11/2028 Perpetual XS2585240984 USD 750 4.875 28/02/2020 16/05/2029 16/11/2029 Perpetual XS2122174415 USD 1,250 8.000 12/02/2024 16/05/2030 16/11/2030 Perpetual XS2761357594 USD 1,000 4.250 14/09/2021 16/05/2031 16/11/2031 Perpetual US456837AZ69 Tier 2 securities issued by ING Group Currency Outstanding (mln)1) Coupon Issue date Start par call window (First call date) End par call window (First reset date) Maturity ISIN EUR 1,500 2.125 19/05/2020 26/02/2026 26/05/2026 26/05/2031 XS2176621170 EUR 500 0.875 09/06/2021 09/03/2027 09/06/2027 09/06/2032 XS2350756446 EUR 1,000 1.000 16/11/2021 16/08/2027 16/11/2027 16/11/2032 XS2407529309 EUR 1,000 4.125 24/08/2022 24/05/2028 24/08/2028 24/08/2033 XS2524746687 USD 1,250 4.375 15/05/2024 15/05/2029 15/08/2029 15/08/2034 XS2818300407 EUR 500 5.000 20/02/2023 20/11/2029 20/02/2030 20/02/2035 XS2588986997 EUR 750 6.250 20/02/2023 20/02/2028 20/05/2028 20/05/2033 XS2588986724
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• ING Group capital buffer to conversion trigger (7% CET1) is high at €20.7 bln, or 6.1% of RWA Comfortable buffer to Additional Tier 1 trigger 44.6 23.9 4Q2025 CET1 capital 7% CET1 AT1 conversion trigger €20.7 bln 6.1 pp1) ING Group available distributable items (in € mln) 2025 2024 Share premium 17,116 17,116 Other reserves 27,952 27,950 Legal and statutory reserves -675 78 Non-distributable -6,225 -5,672 Total 38,168 39,472 Accrued interest expenses on own fund instruments at year-end 245 223 Distributable items excluding result for the year 38,413 39,695 Unappropriated result for the year 5,274 5,138 Total available distributable items 43,687 44,833 46 Buffer to AT1 trigger (in € bln) 31 December 2025 1) Difference between 13.1% ING Group CET1 ratio in 4Q2025 and 7% CET1 equity conversion trigger
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Redemption type1) Current Indexed LTVs1) Interest rate type1) 52% 3%4% 35% 3%2%1% Interest-only Investment Savings Amortising Life insurance Hybrid Other 95% 5% Fixed Floating 15% 6% 28%35% 12% 3%1% NHG 0-20% 20-40% 40-60% 60-80% 80-90% 90-100% >100% Portfolio characteristics1) Net principal balance €27,997 mln Outstanding bonds €23,827 mln # of loans 137,577 Avg. principal balance (per borrower) €203,503 WA current interest rate 2.67% WA remaining maturity 17.75 years WA remaining time to interest reset 6.30 years WA seasoning 12.18 years WA current indexed LTV 46.17% Available statutory CRR OC 117.46% ING Bank’s covered bond programme 47 • ING Bank NV €30 bln Hard and Soft Bullet Covered Bonds programme • UCITS, CRR and ECBC Label compliant. Rated Aaa/AAA/AAA (Moody’s/S&P/Fitch) • This programme is used for external issuance purposes. There is a separate €15 bln Soft Bullet Covered Bonds programme for internal transactions only which is not detailed on this slide • Cover pool consists of 100% prime Dutch residential mortgage loans, all owner- occupied and in euro only. As per 31 December 2025, no arrears > 90 days in the cover pool • Strong Dutch legislation with minimum legally required over-collateralisation (OC) of 5% and LTV cut-off rate of 80% • Latest investor reports are available on www.ing.com/ir 1) As per 31 December 2025
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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 Operating expenses 3,337 104 3,233 Gross result 2,460 -29 2,489 Addition to loan loss provisions 365 0 365 Result before tax 2,095 -29 2,124 Taxation 606 Non-controlling interests 78 Net result 1,411 48 4Q2025 results overview
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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 -110 77 75 Incidental items – expenses3) -109 -4 -116 -73 -104 Impact total volatile items on gross result -300 -42 -226 4 -29 Volatile income and expense items 49 1) Derivatives at fair value through P&L not in hedge accounting and hedge ineffectiveness 2) 4Q2024: €-11 mln hyperinflation impact; €-51 mln impact of the pay-out of incentives in Germany; 1Q2025: €-29 mln hyperinflation impact; 2Q2025: €-21 mln hyperinflation impact; 3Q2025: €-14 mln hyperinflation impact, €+44 mln gain on the sale of an associate in Belgium; 4Q2025: €-9 mln hyperinflation impact; €+16 mln receivable due to a recovery of the insolvency of a financial institution in the Netherlands; €-18 mln impact of the pay-out of incentives in Germany; €+66 mln one-off resulting from the retroactive reclassification in Germany of brokerage expenses within fee expenses to interest amortised interest expenses within commercial net interest income 3) 4Q2024: €65 mln restructuring costs, €21 mln hyperinflation impact; €22 mln one-off CLA-related payment to staff in the Netherlands; 1Q2025: €4 mln hyperinflation impact; 2Q2025: €118 mln of restructuring costs; €-2 mln hyperinflation impact; 3Q2025: €67 mln of restructuring costs; €6 mln hyperinflation impact; 4Q2025: €101 mln of restructuring costs; €4 mln hyperinflation impact
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Retail Banking countries contributing to strong returns 50 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 primary (mln) 15.4 4.4 1.0 2.9 1.7 0.5 1.1 2.2 1.0 0.6 Customer lending (€ bln) 524.3 179.2 100.1 116.6 29.9 12.9 43.3 32.8 7.5 2.0 Customer deposits (€ bln) 636.8 209.1 96.5 157.7 55.5 17.8 33.4 50.4 13.1 3.2 Risk-weighted assets (€ bln) 174.4 54.5 36.2 28.7 10.1 5.7 8.2 23.5 5.1 2.4 Commercial performance2) Mobile primary growth (in k) 1,033 176 48 319 165 36 42 132 100 16 Net core lending growth (€ bln) 38.6 16.2 2.0 6.9 2.4 2.3 5.0 2.6 0.3 0.7 Net core deposits growth (€ bln) 30.1 11.5 -0.6 6.6 3.9 2.7 0.9 3.3 0.5 1.3 Profitability3) Return on equity4) 21.7% 29.4% 10.0% 27.1% 20.1% Non-material 21.1% 25.6% 33.6% Non-material Cost/income ratio 53.0% 42.0% 70.2% 45.6% 51.6% >100% 60.6% 49.6% 53.2% >100%5) 1) Including Luxembourg 2) 4-quarter rolling total 3) 4-quarter rolling average 4) Equity based on 13% RWA 5) Cost/income ratio in Türkiye affected by hyperinflation and market conditions
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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 • In ROTE, intangible assets are excluded from IFRS-EU shareholders’ equity in the calculation • The impact on the profitability metric was ~+40 bps in 2025 51 9.2% 7.2% 14.8% 13.0% 13.2% 9.4% 7.4% 15.2% 13.4% 13.6% 2021 2022 2023 2024 2025 ROE ROTE 24 4016 35 34 Delta between ROE and ROTE (in bps)
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Replicating income on Retail eurozone customer deposits Interest income in € bln1) 100-110 52 Total liability margin Average liability margin in bps1) • Replicating income represents the gross investment return on customer deposits, without considering deposit costs2) • Every 10 bps of pass-through on total savings and term deposits has an impact of ~€-0.4 bln on commercial NII • Repricing actions as taken in 2025 (incl. savings rate cuts and term deposit repricing) in retail eurozone are expected to lower deposit costs by an incremental ~€0.7 bln in 2026 • Total liability margin expected to be at the lower end of 100-110 bps in 2026 -53 227 400 274 204 214 241 268 205 232 246 2021 2022 20252024 20262023 2027 1.4 2.1 8.3 10.6 9.1 9.2 10.9 12.7 9.1 10.4 12.0 43 66 119 110 99 3m EURIBOR (forward curve Dec 2025) 3m EURIBOR (forward curve Sep 2025) Replicating income (forward curve Dec 2025) Replicating income (forward curve Sep 2025) Total average liability margin3) • ~55% of retail eurozone replicating portfolio has an average remaining maturity between 1 and 15 years, providing a prolonged hedging tailwind to support the liability margin in the coming years 3-month EURIBOR forward curves Implied interest rates, end-of-period, in bps 1) The illustrative scenario assumes ~4% of annual retail eurozone deposit growth and ~5% of annual total deposit growth (i.e. including retail non-eurozone and Wholesale Banking) 2) Actual average pass-through during 4Q2025 was ~42% (~84 bps total deposit costs). The total costs for only savings and term deposits combined was ~107 bps (~53% pass-through) 3) Liability margin covers RB eurozone (€523 bln), RB non-eurozone (€99 bln) and WB (€63 bln), and excludes Treasury and FM Liability margin expected to operate between 100-110 bps 2028 2021 2022 20252024 20262023 2027 2028 2021 2022 20252024 20262023 2027 2028
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Impact accounting asymmetry 53 Treasury interest rate differential (in € mln) Wholesale Banking Financial Markets (in € mln) -174 -207 -252 -236 -158 203 226 269 253 178 29 19 18 17 19 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Other NII Other income • Treasury benefited from favourable market opportunities through money market and FX transactions • These activities had a negative impact on other NII, which was more than offset by a positive impact on other income • Other NII primarily reflects the funding costs of positions for which associated revenue is reported in Other income • This accounting asymmetry is more pronounced in a positive rate environment and is also influenced by volume and product mix developments -143 -167 -212 -108 -9429 61 59 53 48 416 521 525 446 380 302 415 371 391 334 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Other NII Fees Investment & Other income
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Granular deposit base Total customer deposits per segment (in € bln) Retail deposits per product (in € bln) 472 493 499 489 497 126 122 122 124 12974 79 76 82 8020 40 42 40 15 692 734 738 736 721 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Private individuals Business Banking Wholesale banking Treasury 166 162 168 170 175 353 372 377 375 379 75 75 71 65 6614 29 30 28 11 612 643 651 642 637 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Current accounts Savings Term deposits Treasury Other • Highly insured, granular and growing customer deposits represent a strong funding base • ~70% of total deposits is from private individuals, of which ~85% is DGS-covered • Strong focus on Retail Banking, diversified across 41 mln private individuals in 10 countries • Average private individual account balance of <€15,000 541) Including Private Banking 1)
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Important legal information 55 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 are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING’s ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.