The following operating and financial review and prospects should be read in conjunction with the consolidated financial statements and the related Notes thereto included elsewhere herein. The consolidated financial statements have been prepared in accordance with IFRS-IASB. Unless otherwise indicated, financial information for ING Group included herein is presented on a consolidated basis under IFRS-IASB. A.Operating results In a fast-changing world, it is essential for our business to adapt, evolve and remain resilient. We need to stay ahead of changing consumer preferences, technological advances, shifts in the banking sector, evolving views on sustainability, talent shortages, and economic and geopolitical uncertainty. Change is constant, so we stay agile and ready for what’s next. As a global bank, we constantly anticipate and adapt to change so we can continue to grow our scale, impact and relevance across the markets and segments we serve. By responding proactively to shifts around us, we not only manage risks more effectively but also turn challenges into opportunities, with the aim of delivering superior value for our customers. Technological change reshapes consumer experience In recent years, rapid advances in generative AI have transformed how people use technology in their daily lives – from searching for information to receiving personalised products, services, and experiences in real time. The impact on banking is profound, as AI and scalable technology platforms redefine consumer expectations for speed, personalisation, and reliability. Among other applications, AI tools enable faster customer support, improve customer protection and compliance, and help assess and process mortgage applications. Our digital-first approach positions us strongly to adapt to this landscape. We continue to invest in AI and digital infrastructure to ensure we can scale our technology to reach the market faster, enhance productivity, and keep our customers safe. As AI moves from the pilot stage to large-scale deployment, its dependability and reliability faces real-world testing. Only AI tools that solve specific business challenges and clear consumer needs will prove their value at scale. Banking landscape is fragmenting, competition intensifying The banking world is changing fast. Traditional banks are no longer the sole providers of financial services. Digital innovation and AI-driven low- cost models are driving competition from fintechs, non-bank lenders, and technology companies. Digital banks are competing for retail customers with user-friendly platforms and low fees, while private lenders – including big tech companies – are taking a growing share of business lending. At the same time, innovations such as digital tokens and stablecoins are reshaping payment systems, moving them beyond traditional banking channels. In this transformed competitive environment, we strive to make banking easier and seamless. Continuous innovation and adaptation help us broaden our services, increase our relevance, and deepen our customer relationships. Keeping course in a shifting sustainability landscape We see shifts in the global sustainability agenda, with economic pressure, geopolitical uncertainty and energy security concerns changing some areas of sustainability regulation. National policies and attitudes to sustainability priorities are increasingly dispersed. We continue to monitor these developments as part of our strategic and risk management processes. Complex and changing regulatory environment The regulatory landscape we operate in is becoming increasingly complex, driven by inconsistent rules, rapid technological change, and rising expectations in data privacy, cybersecurity and ESG. In particular, the banking and financial landscape in Europe is marked by a fragmented regulatory landscape. Diverging global and European standards require stronger controls, clearer disclosures, and significant investment in compliance. Fintech innovation and geopolitical volatility further accelerate regulatory shifts, while the complexity of navigating both EU- level and individual country requirements places additional demands on governance and risk management. To stay resilient, we adapt quickly to evolving requirements, strengthening our governance and risk management capabilities to remain competitive and compliant. Battle for talent in specialist roles International companies face an intensifying global battle for talent, particularly in technology and AI. To attract, develop and retain the talent we need, we invest in skills development, flexible work models, and continuous learning. Dynamic geopolitical environment In 2025 the international business climate was marked by rising geopolitical tensions and economic uncertainty. Political changes, unpredictable policy shifts, tariffs, trade disputes, changing international alliances and supply-chain restrictions all combined disrupt global business and trade. This heightened uncertainty contributed to increased volatility ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 60 in the financial markets. Global conflicts continue to shape the geopolitical landscape, with the war in Ukraine ongoing, persistent tensions in the Middle East, and new areas of instability emerging in other regions. These developments contribute to an environment of heightened uncertainty and potential risk for international businesses. For further information on other factors that can impact ING Group’s results of operations, reference is made to “Item 3. Key information - Risk Factors”. For further information on regulatory changes reference is made to “Item 4. Information on the Company – Regulation and Supervision”. Fluctuations in markets Fluctuations in equity markets Our banking operations are exposed to fluctuations in equity markets. ING maintains an internationally diversified and mainly client-related trading portfolio. Accordingly, market downturns are likely to lead to declines in securities trading and brokerage activities which we execute for customers and therefore to a decline in related commissions and trading results. In addition to this, ING also maintains equity investments in its own non- trading books. Fluctuations in equity markets may affect the value of these investments. Fluctuations in interest rates Our banking operations are exposed to fluctuations in interest rates. Mismatches in the interest re-pricing and maturity profile of assets and liabilities in our balance sheet can affect the future interest earnings and economic value of the bank's underlying banking operations. In addition, changing interest rates may impact the (assumed) behavior of our customers, impacting the interest rate exposure, interest hedge positions and future interest earnings, solvency and economic value of the bank’s underlying banking operations. The stability of future interest earnings and margin also depends on the ability to actively manage pricing of customer assets and liabilities. Especially, the pricing of customer savings portfolios in relation to re-pricing customer assets and other investments in our balance sheet is a key factor in the management of the bank’s interest earnings. Fluctuations in exchange rates ING Group is exposed to fluctuations in exchange rates. Our management of exchange rate sensitivity affects the results of our operations through the trading activities (which includes local country versus international transactions) and because we prepare and publish our consolidated financial statements in Euros. Because a substantial portion of our income, expenses and foreign investments is denominated in currencies other than Euros, fluctuations in the exchange rates can impact our reported results of operations, cash flows and reserves from year to year. Fluctuations in exchange rates will also impact the value (denominated in Euro) of our investments in our non-Euro reporting subsidiaries. The impact of these fluctuations in exchange rates is mitigated to some extent by the fact that income and related expenses, as well as assets and liabilities, of each of our non-Euro reporting subsidiaries are generally denominated in the same currencies. FX translation risk is managed by taking into account the effect of translation results on the Common Equity Tier 1 ratio (CET1). Consolidated result of operations ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment using results based on figures according to IFRS as adopted by the European Union (IFRS-EU). The Executive Board and the Management Board Banking consider this measure to be relevant to an understanding of the Group’s financial performance, because it allows investors to understand the primary method used by management to evaluate the Group’s operating performance and make decisions about allocating resources. In addition, ING Group believes that the presentation of results in accordance with IFRS-EU helps investors compare its segment performance on a meaningful basis by highlighting result before tax attributable to ongoing operations and the profitability of the segment businesses. IFRS-EU result is derived by including the impact of the IFRS-EU ‘IAS 39 carve out’ adjustment compared to IFRS-IASB. The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the mortgage and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible under IFRS- IASB. As no hedge accounting is applied to these mortgage and savings portfolios under IFRS-IASB, the fair value changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and savings). For a reconciliation to IFRS-IASB of non-GAAP measures 'Net core lending growth', 'Net core deposits growth' and 'Commercial net interest income', please refer to Alternative performance measures at the end of this section. Our financial performance The published 2025 financial statements of ING Group includes financial information in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU). The segment reporting in the annual report on Form 20-F has been reconciled with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) for consistency with the other financial information contained in this report. The difference between the accounting standards is reflected in the Wholesale Banking segment, and in the geographical split of the segments in the Netherlands, Belgium, Germany, Other Challengers, Growth Markets and Wholesale Banking Rest of World. Reference is made to Note 1 ‘Basis of preparation and material accounting policy information’ for a reconciliation between IFRS-EU and IFRS-IASB. For further information on the segments by line of business and the main sources of income of each of the segments, reference is made to Note 30 ‘Segments’. Total Operations The following table sets forth the contribution of ING’s business lines and the corporate line to the net result for each of the years 2025, 2024 and 2023. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 61 Total operations 1 January to 31 December 2025in EUR million Retail Banking Netherlands Retail Banking Belgium Retail Banking Germany Retail Other Wholesale Banking Corporate Line Total Income: Net interest income 3,115 1,786 2,457 3,892 2,997 434 14,681 Net fee and commission income 1,128 692 632 717 1,433 1 4,602 Total investment and other income 726 197 -98 299 2,579 49 3,752 Total income 4,968 2,674 2,991 4,908 7,009 484 23,035 Expenditure: Operating expenses 2,089 1,878 1,362 2,905 3,837 512 12,583 Additions to loan loss provision 107 153 171 323 549 1 1,304 Total expenditure 2,196 2,031 1,533 3,228 4,386 513 13,887 Result before taxation 2,773 644 1,457 1,680 2,624 -30 9,148 Taxation 733 178 472 398 673 92 2,545 Non-controlling interests 2 225 48 275 Net result IFRS-EU 2,040 466 983 1,058 1,902 -121 6,327 Adjustment of the EU 'IAS 39 carve-out' 1,996 1,996 Net result IFRS-IASB 2,040 466 983 1,058 3,899 -121 8,324 Total operations 1 January to 31 December 2024in EUR million Retail Banking Netherlands Retail Banking Belgium Retail Banking Germany Retail Other Wholesale Banking Corporate Line Total Income: Net interest income 3,027 1,959 2,647 3,817 3,259 315 15,023 Net fee and commission income 1,049 603 433 609 1,317 -3 4,008 Total investment and other income 835 189 -173 263 2,405 66 3,584 Total income 4,910 2,751 2,906 4,688 6,981 378 22,615 Expenditure: Operating expenses 2,124 1,811 1,303 2,792 3,558 533 12,121 Additions to loan loss provision -8 134 149 291 627 1 1,194 Total expenditure 2,117 1,944 1,452 3,083 4,185 534 13,315 Result before taxation 2,793 807 1,455 1,605 2,796 -156 9,300 Taxation 723 210 505 381 693 138 2,650 Non-controlling interests 1 221 35 258 Net result IFRS-EU 2,070 597 949 1,002 2,068 -294 6,392 Adjustment of the EU 'IAS 39 carve-out' -1,058 -1,058 Net result IFRS-IASB 2,070 597 949 1,002 1,010 -294 5,334 ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 62 Total operations 1 January to 31 December 2023in EUR million Retail Banking Netherlands Retail Banking Belgium Retail Banking Germany Retail Other Wholesale Banking Corporate Line Total Income: Net interest income 3,096 2,063 2,862 3,437 4,028 489 15,976 Net fee and commission income 959 502 357 519 1,259 -1 3,595 Total investment and other income 945 117 -67 277 1,771 -38 3,005 Total income 5,001 2,683 3,152 4,233 7,057 450 22,575 Expenditure: Operating expenses 2,135 1,852 1,243 2,479 3,313 542 11,564 Additions to loan loss provision 5 169 119 313 -92 5 520 Total expenditure 2,140 2,022 1,362 2,792 3,222 547 12,084 Result before taxation 2,861 661 1,790 1,441 3,836 -97 10,492 Taxation 740 182 631 359 900 158 2,970 Non-controlling interests 174 61 235 Net result IFRS-EU 2,121 479 1,159 908 2,875 -255 7,287 Adjustment of the EU 'IAS 39 carve-out' -3,147 -3,147 Net result IFRS-IASB 2,121 479 1,159 908 -272 -255 4,140 Year ended 31 December 2025 compared to year ended 31 December 2024 Without application of the EU ‘IAS 39 carve-out’, ING’s net result rose by EUR 2,990 million, or 56%, to EUR 8,324 million compared with EUR 5,334 million in 2024. The net result was affected by a EUR 1,996 million positive contribution of fair value changes on derivatives related to asset-liability- management activities for the mortgage and savings portfolios in the Benelux, Germany, France, Spain, Italy and Romania, versus a EUR 1,058 million negative contribution in 2024. These fair value changes were mainly caused by changes in market interest rates. No hedge accounting is applied to these derivatives under IFRS-IASB. ING’s IFRS-EU net result (when applying the EU ‘IAS 39 carve-out’) declined to EUR 6,327 million from EUR 6,392 million in 2024. In 2025, we again achieved higher revenues. Total income rose 1.9% to EUR 23,035 million, supported by growth in our customer base and a 15% increase in fee income. Customer lending increased by EUR 41.5 billion. Adjusted for currency impacts and excluding Treasury and run-off portfolios, the net core lending growth was EUR 56.9 billion (more than double the amount recorded in the previous year). Total net interest income decreased 2.3% to EUR 14,681 million. Commercial net interest income remained resilient at EUR 15,316 million. Net interest income from lending rose by €134 million, as volume growth more than offset a reduction in the average lending margin. This margin decline was partly attributable to the ongoing expansion of our residential mortgage portfolio, which delivers higher returns on equity but carries lower average margins than other lending products. Liability net interest income decreased by €277 million, as strong deposit growth could not fully offset the impact of lower average margins on retail deposits and for Payments & Cash Management in Wholesale Banking. Other net interest income primarily comprises interest income from Financial Markets and Treasury. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 63 Net fee and commission income totalled EUR 4,602 million, an increase of 15%, in line with our ambition to further diversify our income mix. In Retail Banking, fee income from investment products rose significantly, driven by growth in the number of investment accounts and higher customer trading activity. Daily banking fees also increased, supported by strong growth in primary customers and updated pricing for payment packages, while Retail Banking also achieved solid growth in lending-related and insurance fees. Fee income in Wholesale Banking rose 8.8%, primarily reflecting higher deal flow in its Lending business and an increase in daily banking fees. Total investment and other income rose 4.7% to EUR 3,752 million. The majority of this amount relates to Financial Markets and Treasury. The 2025 figure included a positive revaluation of the derivative for a the forward purchase of a stake in Van Lanschot Kempen, a EUR 44 million gain from the sale of an associate in Belgium, and higher income from Corporate Investments. The previous year had included EUR 77 million as our share in the one-off profit of an associate in Belgium and a EUR 53 million receivable related to the prior insolvency of a financial institution in the Netherlands. Operating expenses increased 3.8% to EUR 12,583 million, including EUR 866 million in regulatory costs — a slight decrease compared with the previous year. Expenses in 2025 also included EUR 297 million of incidental items, primarily related to restructuring, versus EUR 178 million of incidental items in 2024. Expenses excluding regulatory costs and incidental items rose 3.2%, reflecting inflationary pressure on salaries and other costs, as well as continued investments to support business growth. These impacts were partially mitigated by further increasing scalability and efficiency in our operations, including enhanced client interactions in our contact centres, and ongoing optimisation of our footprint across several retail countries. Net additions to loan loss provisions amounted to EUR 1,304 million compared with EUR 1,194 million in 2024. Risk costs for 2025 were equivalent to 19 basis points of average customer lending, remaining below our through-the-cycle average of 20 basis points. Net additions to Stage 3 provisions declined sharply to EUR 1,186 million, down from EUR 1,583 million in 2024. This reflects a limited inflow of new Stage 3 files, as well as several repayments and recoveries on existing files during 2025. Total Stage 1 and 2 risk costs were EUR 118 million (including EUR 8 million of modification losses). In 2024, these had amounted to EUR -389 million, primarily due to a partial release of management overlays. The net result (attributable to shareholders of the parent) for 2025 amounted to EUR 6,327 million, slightly below the net profit of EUR 6,392 million achieved in 2024. The effective tax rate for 2025 was 27.8% compared with 28.5% in the previous year. Year ended 31 December 2024 compared to year ended 31 December 2023 Without application of the EU ‘IAS 39 carve-out’, ING’s net result rose by EUR 1,195 million, or 29%, to EUR 5,334 million compared with EUR 4,140 million in 2023. The net result was affected by a EUR 1,058 million negative contribution of fair value changes on derivatives related to asset-liability- management activities for the mortgage and savings portfolios in the Benelux, Germany, France, Spain, and Italy, versus a EUR 3,147 million negative contribution in 2023. These fair value changes were mainly caused by changes in market interest rates. No hedge accounting is applied to these derivatives under IFRS-IASB. ING’s IFRS-EU net result (when applying the EU ‘IAS 39 carve-out’) declined to EUR 6,392 million from EUR 7,287 million in 2023. The total income in 2024 was supported by double-digit growth in fee income and strongly increased customer lending and customer deposit volumes. Higher expenses show the continued investments in the growth of our business, as well as inflationary effects on staff expenses. Risk costs remained below our through-the-cycle average. Total income rose to EUR 22,615 million. This was supported by continued growth of our customer base, double-digit growth in fee income and sharply increased lending and deposit volumes. We recorded outstanding commercial growth in 2024. Customer lending rose by EUR 38.0 billion. The net core lending growth - which is the increase in customer lending adjusted for currency impacts and excluding Treasury and the run-off portfolios - was EUR 27.7 billion. We were particularly successful in increasing our residential mortgages portfolio, by EUR 18.9 billion, spread across all our retail countries. In addition, we also grew our consumer lending and business lending books (by EUR 6.9 billion in total). And we recorded a net growth in Wholesale Banking of EUR 1.8 billion, while we continued to optimise our capital usage. Customer deposits increased by EUR 41.4 billion in 2024. Net core deposits growth (which excludes FX impacts and movements in Treasury deposits) was EUR 47.4 billion in 2024, with strong contributions from both Retail Banking and Wholesale Banking. At the end of 2024, 68% of our balance sheet was funded by customer deposits. Net interest income (NII) from lending and liabilities held up well; however, total NII declined 6.0% to EUR 15,023 million due to lower NII in Financial Markets and Treasury. Lending NII rose by EUR 139 million, reflecting volume growth at a stabilising margin. Liability NII declined by EUR 318 million as deposit growth could not entirely offset the impact of normalising margins. Financial Markets NII was EUR 494 million more negative than in 2023 as higher interest rates led to an increase in funding costs. This impacted NII while the income from related positions is reflected in other income due to accounting asymmetry. NII in Treasury dropped by EUR 335 million, primarily impacted by the ECB’s adjustment in September 2023 of the remuneration on the minimum reserve requirements to zero basis points as well as by less favourable conditions in the money markets. Other NII included a one-off income of EUR 70 million in Wholesale Banking and a EUR -39 million impact from the Polish mortgage moratorium. The net interest margin was 1.45% in 2024, which is 11 basis points lower than in 2023, mainly due to a lower NII in Financial Markets and Treasury. Net fee and commission income strongly increased in line with our ambition to diversify our income and was up 11% to over EUR 4 billion. Fee income from retail investment products was significantly up, reflecting an increase in accounts, in assets under management and customer trading ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 64 activity. Daily banking fees rose on the back of strong growth in the number of customers and an updated pricing for payment packages. The increase in fee income for Wholesale Banking was mainly attributable to a higher income from Capital Markets issuance. Total investment and other income increased 19% to EUR 3,584 million. This was mainly due to the positive effect of accounting asymmetry in Financial Markets, as well as to a smaller IAS 29 impact (reflecting lower inflation in Türkiye). Furthermore, in 2024 we recorded EUR 77 million as our share in the one-off profit of an associate in Belgium and a EUR 53 million receivable (recorded in the Corporate Line) related to a prior insolvency of a financial institution in the Netherlands. Operating expenses increased 4.8% to EUR 12,121 million. Expenses in 2024 included EUR 882 million of regulatory costs, a decline of EUR 160 million year-on-year, mainly because no contribution to the eurozone’s Single Resolution Fund was required in 2024 and because the Dutch deposit guarantee fund reached its target level in 2024. Furthermore, expenses in 2024 included EUR 178 million of incidental items (largely related to restructuring provisions) compared with EUR 247 million of incidental items in 2023. Expenses excluding regulatory costs and incidental items rose 7.6%, mainly attributable to the impact of inflation on staff expenses and the implementation of the ‘Danske Bank’ ruling on VAT in the Netherlands. In Retail Banking, this was coupled with investments in digitalisation and in client acquisition to support growth. Wholesale Banking expenses also reflect front office growth in Capital Markets & Advisory and Transaction Services, as well as investments to enhance the digital experience and the scalability of our systems. The cost/income ratio came out at 53.6% in 2024 compared with 51.2% a year earlier. Net additions to loan loss provisions increased to EUR 1,194 million compared with EUR 520 million in 2023. This is equivalent to 18 basis points of average customer lending, and below our through-the-cycle average of 20 basis points. The increase year-on-year was largely due to additions for a number of Stage 3 files in Wholesale Banking. This was partly compensated by a net release from loan loss provisions in Stage 1 and 2, mainly reflecting a partial release of management overlays. The net result (attributable to shareholders of the parent) in 2024 was EUR 6,392 million compared with EUR 7,287 million in 2023. The effective tax rate in 2024 was 28.5% compared with 28.3% in 2023. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 65 Retail Netherlands Retail Netherlands in EUR million 2025 2024 2023 Income: Net interest income 3,115 3,027 3,096 Net fee and commission income 1,128 1,049 959 Investment income and other income 726 835 945 Total income 4,968 4,910 5,001 Expenditure: Operating expenses 2,089 2,124 2,135 Additions to the provision for loan losses 107 -8 5 Total expenditure 2,196 2,117 2,140 Result before tax 2,773 2,793 2,861 Taxation 733 723 740 Non-controlling interests 0 0 0 Net result IFRS-IASB 2,040 2,070 2,121 Year ended 31 December 2025 compared to year ended 31 December 2024 The net result of Retail Netherlands decreased by EUR 30 million, or 1.4%, to EUR 2,040 million in 2025 from EUR 2,070 million in 2024. Retail Netherlands posted a result before tax of EUR 2,773 million compared with EUR 2,793 million in 2024, a year in which risk costs benefited from a modest net release. Income increased slightly year-on-year, while operating expenses showed a small decline. Results in 2025 were supported by a further increase in both our customer base and customer balances. Customer lending rose by EUR 14.9 billion in 2025. Net core lending growth (which is the increase in customer lending, excluding movements in Treasury and in the WestlandUtrecht Bank run- off portfolio) was EUR 16.2 billion. This was fuelled by sustained strong mortgage production (EUR 11.1 billion) and further expansion across both business and consumer lending portfolios. Customer deposits increased by EUR 8.5 billion. Excluding Treasury, customer deposits grew by EUR 11.5 billion, primarily driven by a solid net inflow from private individuals. Net interest income rose 2.9% to EUR 3,115 million. This mainly reflected higher Treasury-related interest income, which was partly offset within ‘total investment and other income’. Interest income from lending products also increased, with the expansion of the lending portfolio more than offsetting margin compression. Net fee and commission income rose 7.5%, with growth across all product categories — most notably in investment products, supported by an increase in assets under management. Investment and other income totalled EUR 726 million (compared with EUR 835 million in 2024) and included lower Treasury- related income. Operating expenses decreased slightly to EUR 2,089 million. Regulatory costs declined by EUR 47 million, as no contribution to the Dutch deposit guarantee fund was required in 2025, and we benefited from an adjustment to our DGS contribution related to previous years. Expenses excluding regulatory costs remained broadly stable year-on-year, as salary increases under the collective labour agreement and higher restructuring costs were almost fully offset by operational efficiencies and savings on external staffing. Net additions to loan loss provisions were modest at EUR 107 million, the equivalent of six basis points of average customer lending. In the previous year, there had been a net release of EUR 8 million, mainly related to mortgages. Year ended 31 December 2024 compared to year ended 31 December 2023 The net result of Retail Netherlands decreased by EUR 51 million, or 2.4%, to EUR 2,070 million in 2024 from EUR 2,121 million in 2023. Retail Netherlands posted a result before tax of EUR 2,793 million compared with EUR 2,861 million in 2023. The 2.4% decline was due to lower Treasury- related income, while expenses were broadly flat and risk costs showed a small net release. Net interest income was EUR 3,027 million, or 2.2% lower than a year earlier. The decline was attributable to lower Treasury-related interest income, reflecting the impact of the ECB’s adjustment of the remuneration on the minimum reserve requirement to zero basis points in September 2023 as well as less favourable money market conditions. Net interest income from lending increased, supported by significant growth in the mortgage portfolio. Net fee and commission income was strong and rose 9.4% to EUR 1,049 million. This was driven by growth in the number of customers, higher fees for payment packages and a double-digit increase in assets under management. Other income decreased due to lower other income from specific money market and FX transactions in Treasury. Customer lending rose by EUR 11.4 billion. The net core lending growth (which excludes movements in Treasury and in the WestlandUtrecht Bank run-off portfolio) was EUR 9.6 billion, driven by strong growth of the mortgage portfolio. Customer deposits were EUR 1.0 billion higher but excluding Treasury grew by EUR 5.0 billion. Operating expenses slightly decreased to EUR 2,124 million. Regulatory costs declined by EUR 98 million because no contribution to the Single Resolution Fund was required in 2024 and because the Dutch deposit guarantee fund in the Netherlands reached its target level in 2024. This more than compensated for a higher bank tax in the Netherlands. Expenses excluding regulatory costs rose 4.6% to EUR 2,011 million. This included higher internal staff expenses due to collective labour agreement (CLA) increases, partly offset by savings on external staff. In 2024, a net release from loan loss provisions was recorded of EUR -8 million. This was attributable to a net release for mortgages, driven by a strong improvement in the housing market and a partial release of management overlays. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 66 Retail Belgium Retail Belgium in EUR million 2025 2024 2023 Income: Net interest income 1,786 1,959 2,063 Net fee and commission income 692 603 502 Investment income and other income 197 189 117 Total income 2,674 2,751 2,683 Expenditure: Operating expenses 1,878 1,811 1,852 Additions to the provision for loan losses 153 134 169 Total expenditure 2,031 1,944 2,022 Result before tax 644 807 661 Taxation 178 210 182 Net result IFRS-IASB 466 597 479 Year ended 31 December 2025 compared to year ended 31 December 2024 The net result of Retail Belgium (including ING in Luxembourg) decreased by EUR 131 million, or 22%, to EUR 466 million in 2025 from EUR 597 million in 2024. The result before tax for Retail Belgium (which includes our retail activities in Luxembourg) declined to EUR 644 million (from EUR 807 million in the prior year), mainly due to a lower margin on liabilities and higher regulatory costs. However, fee income increased significantly, and expenses excluding regulatory costs remained well-contained. Customer lending rose by EUR 1.8 billion year-on-year. Net core lending growth (which is the increase in customer lending excluding Treasury) was EUR 2.0 billion, with growth in both mortgages and other lending. Customer deposits declined by EUR 0.6 billion, following the conclusion of a successful promotional campaign originated in the third quarter of 2024. The campaign was highly effective, enabling the retention of the vast majority of term deposits and facilitating their conversion into investment products, thereby enhancing long-term customer value. Net interest income declined 8.8% to EUR 1,786 million, primarily due to reduced liability margins. Treasury-related net interest income also decreased year-on-year, although this was fully offset by higher investment and other income within Treasury. Investment and other income included a EUR 44 million gain from the sale of an associate in 2025, while 2024 had included EUR 77 million relating to our share in the one-off profit of another associate. Net fee and commission income was strong, rising 15% to EUR 692 million. This growth was primarily driven by higher fees from investment products, reflecting the success of campaigns to attract new customers for investment solutions, as well as from daily banking services. Operating expenses amounted to EUR 1,878 million, including EUR 261 million in regulatory costs (up from EUR 206 million in 2024 due to a higher DGS contribution) and EUR 79 million in incidental restructuring costs (compared with EUR 59 million for this in 2024). These restructuring costs are part of broader multi-year transformation programmes across Belgium and Luxembourg, aimed at simplifying operations, increasing commercial focus and improving long-term profitability, though they temporarily impact reported returns. Expenses excluding regulatory costs and incidental items declined 0.5%, as the impact of automatic salary indexation was offset by lower accommodation and IT expenses. The net addition to the provision for loan losses amounted to EUR 153 million, or 15 basis points of average customer lending, up from EUR 134 million in 2024. Risk costs were mainly related to business lending. Year ended 31 December 2024 compared to year ended 31 December 2023 The net result of Retail Belgium (including ING in Luxembourg) increased by EUR 118 million, or 25%, to EUR 597 million in 2024 from EUR 479 million in 2023. The result before tax for Retail Belgium rose 22% to EUR 807 million. The increase was attributable to higher income, coupled with lower operating expenses and a decline in risk costs. Net interest income decreased by EUR 104 million or 5.0%, mainly due to lower Treasury-related interest income. In addition, net interest income was impacted by higher funding costs for mortgages. Net fee and commission income rose by EUR 101 million or 20%, supported by an increase in assets under management and lower commissions paid. Investment and other income was strongly up because 2024 included EUR 77 million for our share in the one-off profit of an associate. Customer lending was up by EUR 4.0 billion. Net core lending (which excludes Treasury) rose by EUR 3.7 billion, reflecting a EUR 2.7 billion increase in business lending and EUR 1.0 billion of growth in the mortgage portfolio. Customer deposits grew by EUR 5.9 billion. Net core deposits (which excludes Treasury) increased by EUR 6.4 billion, driven by a EUR 5.5 billion inflow from our successful term deposit campaigns (exceeding the EUR 2.6 billion outflow we saw in 2023 when customers bought bonds issued by the Belgian government). Operating expenses amounted to EUR 1,811 million, including EUR 206 million of regulatory costs (versus EUR 211 million in 2023) and EUR 59 million of incidental item costs related to restructuring and a further optimisation of the branch network (compared with EUR 76 million for this in 2023). Expenses excluding regulatory costs and incidental items declined 1.3%, as the impact of automatic salary indexation was offset by FTE reductions. The net addition to the provision for loan losses amounted to EUR 134 million, or 14 basis points of average customer lending, down from EUR 169 million in 2023. Risk costs for mortgages and consumer lending declined while risk costs for business lending were stable. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 67 Retail Germany Retail Germany in EUR million 2025 2024 2023 Income: Net interest income 2,457 2,647 2,862 Net fee and commission income 632 433 357 Investment income and other income -98 -173 -67 Total income 2,991 2,906 3,152 Expenditure: Operating expenses 1,362 1,303 1,243 Additions to the provision for loan losses 171 149 119 Total expenditure 1,533 1,452 1,362 Result before tax 1,457 1,455 1,790 Taxation 472 505 631 Non-controlling interests 2 1 0 Net result IFRS-IASB 983 949 1,159 Year ended 31 December 2025 compared to year ended 31 December 2024 The net result of Retail Germany increased by EUR 35 million, or 3.6%, to EUR 983 million in 2025 from EUR 949 million in 2024. Retail Germany recorded a result before tax of EUR 1,457 million, stable year-on-year despite higher risk costs. The business continued to demonstrate strong commercial momentum, including a double-digit increase in the number of mobile primary customers. Customer lending showed a EUR 6.4 billion increase. Net core lending growth (which is the increase in customer lending excluding the Treasury portfolio) was EUR 6.9 billion, with mortgages remaining the principal driver of growth. Customer deposits increased by EUR 6.6 billion, reflecting the success of a promotional savings campaign, with a portion of these funds subsequently channelled into investment products during the second half of the year. Net interest income declined 7.2% to EUR 2,457 million, as the positive impact of volume growth was outweighed by narrower margins on liabilities and mortgages, and by lower Treasury-related interest income, the latter largely offset by an increase in investment and other income. Net fee and commission income surged 46% to EUR 632 million. This was driven by a growing customer base, a higher number of investment product accounts, increased trading activity, and a rise in fees from daily banking services. Operating expenses in 2025 totalled EUR 1,362 million. This comprised EUR 32 million in regulatory costs, down from EUR 88 million a year earlier, reflecting a lower contribution to the deposit guarantee scheme. Expenses excluding regulatory costs in both years, as well as EUR 14 million of incidental restructuring costs recorded in 2025, rose 8.3%. This was predominantly due to higher internal staff expenses (related to annual salary increases) and investments in business growth and scalability. Net additions to loan loss provisions amounted to EUR 171 million (15 basis points of average customer lending) and were primarily related to consumer lending and portfolio sales. Year ended 31 December 2024 compared to year ended 31 December 2023 The net result of Retail Germany decreased by EUR 210 million, or 18%, to EUR 949 million in 2024 from EUR 1,159 million in 2023. The result before tax for Retail Germany was EUR 1,455 million, a decline of 19% year-on- year, which was mainly due to lower income from liabilities. Net interest income decreased 7.5% to EUR 2,647 million, as higher client rates on savings led to a narrowing of the liability margin in comparison to the elevated levels we had seen in 2023. This was partly offset by volume growth in both lending and deposits. Net fee and commission income increased 21% to EUR 433 million, mainly fuelled by investment products, where we recorded a higher number of trades and exceeded the milestone of EUR 100 billion in assets under management in 2024. The increase in fee income was also attributable to higher fees from daily banking and mortgage brokerage. Total investment and other income declined, reflecting lower Treasury-related income. Customer lending was up by EUR 7.3 billion year-on-year. Net core lending growth (which excludes Treasury) was EUR 4.4 billion. Next to EUR 3.6 billion in mortgages we grew our other lending portfolio by EUR 0.8 billion, with an increase in both our consumer lending and business lending portfolio. Customer deposits increased by EUR 7.5 billion following a successful campaign to attract new savings and private customers, as well as a net inflow of EUR 0.8 billion in Business Banking. Operating expenses rose 4.8% to EUR 1,303 million. Excluding EUR 88 million of regulatory costs (down from EUR 96 million in 2023) and EUR 20 million of incidental items for restructuring costs and staff allowances recorded in 2023, cost growth was 7.8%. This was due to higher staff expenses and investments in business growth. Net additions to loan loss provisions amounted to EUR 149 million (14 basis points of average customer lending) and were primarily related to consumer lending. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 68 Retail Other Retail Other in EUR million 2025 2024 2023 Income: Net interest income 3,892 3,817 3,437 Net fee and commission income 717 609 519 Investment income and other income 299 263 277 Total income 4,908 4,688 4,233 Expenditure: Operating expenses 2,905 2,792 2,479 Additions to the provision for loan losses 323 291 313 Total expenditure 3,228 3,083 2,792 Result before tax 1,680 1,605 1,441 Taxation 398 381 359 Non-controlling interests 225 221 174 Net result IFRS-IASB 1,058 1,002 908 Year ended 31 December 2025 compared to year ended 31 December 2024 Retail Other comprises the six retail markets in Spain, Italy, Australia, Poland, Romania and Türkiye. The net result of Retail Other increased to EUR 1,058 million in 2025 from EUR 1,002 million in 2024. The result before tax for Retail Other was EUR 1,680 million compared with EUR 1,605 million in 2024, with income growth more than offsetting a modest increase in expenses and higher risk costs. Customer lending rose by EUR 11.2 billion. Net core lending growth (which reflects the increase in customer lending, adjusted for currency impacts and Treasury) reached EUR 13.4 billion. This was led by an EUR 11.1 billion expansion in the mortgage portfolio — most notably in Australia, Italy, Spain, and Poland — alongside continued growth in business and consumer lending. Customer deposits grew by EUR 10.2 billion. Net core deposits growth (which is the increase in customer deposits excluding currency impacts and Treasury) amounted to EUR 12.6 billion, reflecting substantial net inflows, particularly in Spain, Italy, and Poland. Net interest income rose 2.0% to EUR 3,892 million, as the favourable impact of higher lending and deposit volumes more than compensated for lower liability margins and negative FX impacts. In addition, net interest income in the prior year had included a EUR -39 million impact from the Polish mortgage moratorium. Net fee and commission income increased significantly to EUR 717 million, representing an 18% year-on-year rise. Fee income from investment products grew substantially, driven by net inflows and a higher number of trades. This was complemented by markedly higher fee income from daily banking services and insurance, reflecting both customer growth and successful cross-selling initiatives. Investment and other income also rose year-on-year, thanks to an increase in Treasury-related income. Operating expenses in 2025 amounted to EUR 2,905 million. This included EUR 287 million of regulatory costs, a 10% increase, primarily due to a higher contribution to the deposit guarantee scheme and increased bank taxes in Poland. The previous year’s expenses had included EUR 17 million in incidental restructuring costs (versus EUR 6 million in 2025) and a EUR 35 million legal provision. Excluding regulatory costs and these one-off items, expenses rose 5.3%, mainly as a result of inflationary pressures and ongoing investments in future business growth. The net addition to loan loss provisions was EUR 323 million, or 26 basis points of average customer lending, with additions mainly in Poland. Year ended 31 December 2024 compared to year ended 31 December 2023 Retail Other comprises the six retail markets in Spain, Italy, Australia, Poland, Romania and Türkiye. The net result of Retail Other increased to EUR 1,002 million in 2024 from EUR 908 million in 2023. For Retail Other, result before tax increased 11% to EUR 1,605 million, mainly thanks to higher income. Total income rose 11% to EUR 4,688 million. Net interest income was up 11% to EUR 3,817 million, supported by growth in both lending and deposit volumes in all countries, coupled with higher margins on liabilities outside the eurozone. Net interest income in 2024 included a EUR -39 million impact from the Polish mortgage moratorium, following amendments to the regulation that offers some customers the right to suspend up to four instalment payments on their mortgage loan. Net fee and commission income increased 17% to EUR 609 million. This was driven by higher fees in daily banking, reflecting an increase in the number of customers and an updated pricing for payment packages, combined with higher fee income from investment products. Other income decreased due to lower Treasury-related income. Customer lending rose by EUR 7.4 billion. Net customer lending growth (which is the change in customer lending adjusted for currency effects and Treasury) was EUR 8.2 billion in 2024, with growth in all countries, but particularly in Australia, Poland, Spain and Italy. Customer deposits were up by EUR 12.1 billion. Net core deposits growth (excluding currency impacts and movements in Treasury deposits) was EUR 12.7 billion, primarily driven by net inflows in Poland, Spain and Australia. Operating expenses in 2024 amounted to EUR 2,792 million. Excluding regulatory costs (which were slightly up on 2023) and restructuring costs and impairments (EUR 17 million in 2024 versus EUR 36 million in 2023), expenses increased by 15%. This was due to inflationary pressure (particularly in Türkiye), higher client acquisition expenses and investments in further business growth. The net addition to loan loss provisions was EUR 291 million, or 26 basis points of average customer lending, compared with EUR 313 million in 2023. Risk costs in 2024 were primarily attributable to net additions in Poland and Spain. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 69 Wholesale Banking Wholesale Banking in EUR million 2025 2024 2023 Income: Net interest income 2,997 3,259 4,028 Net fee and commission income 1,433 1,317 1,259 Investment income and other income 2,579 2,405 1,771 Total income 7,009 6,981 7,057 Expenditure: Operating expenses 3,837 3,558 3,313 Additions to the provision for loan losses 549 627 -92 Total expenditure 4,386 4,185 3,222 Result before tax 2,624 2,796 3,836 Taxation 673 693 900 Non-controlling interests 48 35 61 Net result IFRS-EU 1,902 2,068 2,875 Adjustment of the EU 'IAS 39 carve-out' 1,996 -1,058 -3,147 Net result IFRS-IASB 3,899 1,010 -272 Year ended 31 December 2025 compared to year ended 31 December 2024 Without application of the EU ‘IAS 39 carve-out’, ING’s net result of Wholesale Banking was EUR 3,899 million in 2025, compared with EUR 1,010 million in 2024. The adjustment of the EU ‘IAS 39 carve-out’, included in the net result, was EUR 1,996 million in 2025, compared with EUR -1,058 million in 2024, due to fair value changes on derivatives related to asset-liability- management activities for the mortgage and savings portfolios in the Benelux, Germany, France, Spain, Italy, and Romania. These fair value changes were mainly a result of changes in market interest rates. No hedge accounting is applied to these derivatives under IFRS-IASB. The IFRS-EU net result (when applying the EU ‘IAS 39 carve-out’) decreased to EUR 1,902 million from EUR 2,068 million in 2024. Wholesale Banking delivered a robust performance in 2025, with a result before tax of EUR 2,624 million, compared with EUR 2,796 million in the previous year. Total income grew slightly amid ongoing geopolitical uncertainties, and was supported by a 9% rise in fee income, reflecting our strategic focus on diversifying income streams. This growth helped to mitigate the impact of margin compression in Payments & Cash Management and EUR -200 million in negative currency impacts. Earnings were also impacted by elevated investment costs aimed at supporting future growth and EUR 90 million in restructuring provisions. Customer lending IFRS-EU increased by EUR 7.3 billion. Net core lending growth (which is the change in customer lending IFRS-EU, excluding currency impacts and movements in the Treasury and run-off portfolios) was significant at EUR 18.3 billion. This was driven by higher volumes in Working Capital Solutions and short-term trade-related financing, alongside a recovery in long-term loan demand in the second half of the year. Customer deposits were up by EUR 5.0 billion. Net core deposits growth (which excludes currency impacts and movements in the Treasury portfolio) was EUR 8.0 billion, reflecting net inflows in Payments & Cash Management and Financial Markets. Total income from Lending increased slightly, supported by higher volumes and an increase in fee income. This was partly offset by negative currency movements. The rise in deal flow and fee income highlights the strength of our client relationships and advisory capabilities. Through disciplined capital management, we reduced risk-weighted assets within Lending by 5.3%, with capital-velocity measures offsetting lending growth and currency movements also contributing. Income from Daily Banking & Trade Finance declined 3.4% year-on-year. Higher revenues from increased client demand in Working Capital Solutions and Trade Finance Services, as well as a strong performance in our cash pooling business, were more than offset by margin compression in Payments & Cash Management. Financial Markets income increased 6.7% to EUR 1,512 million. This reflects strong results in Interest Rate Derivatives, FX, Equity Derivatives, and Capital Markets issuance, all benefiting from healthy client flows and favourable market conditions. Income from Treasury & Other declined by EUR 9 million year-on-year, as higher income from Corporate Investments almost fully offset a EUR 70 million one-off income recorded in 2024. Operating expenses for 2025 included EUR 90 million in restructuring costs (versus EUR 10 million in 2024), of which EUR 85 million related to workforce redundancies — part of our efforts to ensure our teams are well positioned for the future. Excluding these incidental costs as well as regulatory costs (which increased slightly to EUR 219 million), expenses rose 5.8% year-on-year, driven by targeted, multi-year investment initiatives — focused on digital foundations, platforms, and product capabilities — that are required to structurally improve long-term profitability. Net additions to loan loss provisions declined to EUR 549 million (equivalent to 28 basis points of average customer lending), down from EUR 627 million in 2024. Individual Stage 3 risk costs fell sharply due to lower inflows, repayments and recoveries. Risk costs in Stage 1 and 2 were higher, as 2024 had included releases from collective provisions, including a partial release of management overlays. Year ended 31 December 2024 compared to year ended 31 December 2023 Without application of the EU ‘IAS 39 carve-out’, ING’s net result of Wholesale Banking turned to EUR 1,010 million in 2024, compared with a loss of EUR -272 million in 2023. The adjustment of the EU ‘IAS 39 carve-out’, included in the net result, was EUR -1,058 million in 2024, compared with EUR -3,147 million in 2023, due to fair value changes on derivatives related to asset-liability-management activities for the mortgage and savings portfolios in the Benelux, Germany, France, Spain, and Italy. These fair value changes were mainly a result of changes in market interest rates. No hedge accounting is applied to these derivatives under IFRS-IASB. The IFRS-EU net result (when applying the EU ‘IAS 39 carve-out’) decreased to EUR 2,068 million from EUR 2,875 million in 2023. Total income was resilient, supported by increased lending and deposit volumes and strong results in Financial Markets, which compensated for margin compression in Payments & Cash Management. Expenses rose, primarily due to the ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 70 impact of collective labour agreements, inflation and investments in business growth and in our product foundations. We remained disciplined in capital management, with a modest increase of EUR 1.9 billion in risk- weighted assets, fully due to the strengthening of the US dollar, and income over average risk-weighted assets was resilient at 458 basis points. The net result declined 28% to EUR 2,068 million, mainly due to higher risk costs versus a net release in 2023. The return on equity came out at 11.0% in 2024. Customer lending IFRS-EU rose by EUR 7.8 billion. Net core lending growth (which is the increase in customer lending IFRS-EU, adjusted for currency impacts and changes in the Treasury and run-off portfolios) was EUR 1.8 billion in 2024, with the increase being softened by loan sales and other ongoing efforts to optimise our capital usage. Customer deposits were EUR 14.9 billion higher year-on-year. Net core deposits growth (which excludes currency impacts and movements in Treasury deposits) was EUR 15.8 billion in 2024, mainly attributable to strategic initiatives in Payments & Cash Management and Money Markets. Total income in 2024 amounted to EUR 6,981 million and was almost stable year-on-year. Our focus on income diversification yielded positive results, as evidenced by higher income from Financial Markets and an increase in fee income. Our Capital Markets & Advisory business continued to grow, following investments to further build on our expertise. Income from Payments & Cash Management declined, reflecting lower margins. Total income in Lending rose 1.7% to EUR 3,278 million, with an increase in both net interest income and in fee income. We further optimised our capital efficiency and kept our risk-weighted assets flat despite the strengthening of the US dollar, leading to an improvement in income over average risk-weighted assets. In Daily Banking & Trade Finance we were successful in attracting deposit balances. Income declined year-on-year, reflecting lower margins for Payments & Cash Management. This was partly offset by income growth for Trade Finance Services, on the back of higher margins and increased fee income. Financial Markets had a strong year, with income increasing 11% to EUR 1,417 million. This was primarily driven by increased Capital Markets issuance income and an enhanced performance in Global Securities Finance products. Income from Treasury & Other declined, largely due to a lower remuneration on the ECB minimum reserve requirement, while Treasury had also benefited from the rapid increase in interest rates in 2023. This was coupled with lower results from Corporate Investments, and partly offset by a EUR 70 million one-off income. Total operating expenses increased 7.4% to EUR 3,558 million. Regulatory costs were lower, mainly because no contribution to the eurozone’s Single Resolution Fund was required in 2024. Excluding regulatory costs and incidental item costs (EUR 10 million in 2024 versus EUR 17 million in the year before), expenses increased 10%. This was due to the impact of collective labour agreements, inflation and front office growth in Capital Markets & Advisory and Transaction Services, as well as investments to enhance the digital customer experience and the scalability of our systems. The net addition to loan loss provision amounted to EUR 627 million in 2024 (33 basis points of average customer lending). This compares to a net release of EUR 92 million in 2023, when EUR 218 million of provisions for our Russia-related portfolio could be released, mainly due to a reduction of our exposure. Risk costs in 2024 were primarily related to individual Stage 3 provisioning. Additions for a number of unrelated files in Stage 3 were partly offset by releases from collective provisions in Stage 1 and 2 (including a partial release of management overlays). ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 71 Alternative performance measures Our financial information is prepared in accordance with IFRS as detailed out in the financial statements of our Annual Report. In addition, in the discussion of our financial performance, we use a number of alternative performance measures, including resilient net profit, commercial net interest income and net core lending and net core deposits growth. Resilient net profit is defined as net profit adjusted for significant items not linked to the normal course of business, reference is made to 'Capital Management' for a reconciliation. We consider commercial net interest income, and the derived commercial net interest margin, to be useful information because the scope is restricted to those products that are mainly interest driven and excludes the interest on products where performance measurement is primarily done based on fee income or at the total income level (including Financial Markets and Treasury). Commercial net interest income also excludes significant volatile items in lending and liability net interest income, thus removing items that distort period-on-period comparisons. We consider net core lending and net core deposits growth as useful information to track our real commercial growth in customer balances. It measures the development of our customer lending and deposits adjusted for currency impacts and changes in the Treasury and run-off portfolios. The tables below show how net core lending growth and net core deposits growth can be reconciled to the nearest IFRS-IASB measure. Reconciliation commercial net interest income (NII) Retail Netherlands Retail Belgium Retail Germany Retail Other Wholesale Banking Corporate Line Total in EUR million 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 Net interest income IFRS-IASB 3,115 3,027 3,096 1,786 1,959 2,063 2,457 2,647 2,862 3,892 3,817 3,437 3,273 3,524 4,214 434 315 489 14,957 15,288 16,162 IFRS-EU 'IAS 39 carve-out' impact -276 -265 -187 -276 -265 -187 Net interest income IFRS-EU 3,115 3,027 3,096 1,786 1,959 2,063 2,457 2,647 2,862 3,892 3,817 3,437 2,997 3,259 4,028 434 315 489 14,681 15,023 15,976 Exclude: Other NII (excl. significant volatile items)1 -572 -621 -535 93 142 198 205 298 151 195 213 207 -972 -693 -171 434 315 489 -618 -346 338 Exclude: Significant volatile items2 -18 -51 -39 70 -18 -20 Commercial net interest income 3,687 3,647 3,631 1,692 1,816 1,866 2,270 2,400 2,711 3,698 3,643 3,231 3,969 3,882 4,199 0 0 0 15,316 15,389 15,638 1Other NII mainly includes NII for Financial Markets and Treasury. In Financial Markets this primarily reflects the funding costs of positions for which associated revenue is reported in 'other income'. For Treasury, it includes the funding costs of specific money market and FX transactions where an offsetting revenue is recorded in 'other income', as well as interest income from other Treasury activities (such as foreign currency ratio hedging) that are not allocated to Retail or Wholesale. Furthermore, other NII includes the funding costs for our equity stakes, the NII related to investment portfolios, as well as the effect of indexation of NII required by IAS 29 due to hyperinflation in Türkiye. 2Significant volatile items in lending and liability NII are lending- and liability-related interest items that management would consider as outside the normal course of business and large enough to distort a proper period-on-period comparison. For the years 2025 and 2024, it includes EUR -18 million (2025) and EUR -51 million (2024) for incentives to attract new customers (Retail Germany), EUR -39 million for the Polish mortgage moratorium (2024), and a EUR +70 million one-off in Wholesale Banking (2024). Customer lending IFRS-IASB versus Customer lending IFRS-EU and Net core lending growth by business line Retail Netherlands Retail Belgium Retail Germany Retail Other Wholesale Banking Corporate Line Total in EUR billion 2025 2024 change 2025 2024 change 2025 2024 change 2025 2024 change 2025 2024 change 2025 2024 change 2025 2024 change Customer lending IFRS-IASB 1 179.2 164.3 14.9 100.1 98.3 1.8 116.6 110.2 6.4 128.4 117.2 11.2 209.1 199.2 10.0 0.3 0.3 0.0 733.6 689.4 44.2 IFRS-EU 'IAS 39 carve out' impact -6.0 -3.4 -2.6 -6.0 -3.4 -2.6 Customer lending IFRS-EU 179.2 164.3 14.9 100.1 98.3 1.8 116.6 110.2 6.4 128.4 117.2 11.2 203.1 195.8 7.3 0.3 0.3 0.0 727.6 686.1 41.5 Exclude: FX impact 0.0 0.0 0.0 2.3 8.9 11.2 Exclude: Change in fair value macro hedged loans 2.6 2.6 Exclude: Treasury, run-off portfolios and other 1.3 0.3 0.5 -0.1 -0.5 0.0 1.5 Net core lending growth 16.2 2.0 6.9 13.4 18.3 0.0 56.9 1Loans and advances to customers excluding loan loss provision. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 72 Customer deposits IFRS-IASB versus Customer deposits IFRS-EU and Net core deposits growth by business line Retail Netherlands Retail Belgium Retail Germany Retail Other Wholesale Banking Corporate Line Total in EUR billion 2025 2024 change 2025 2024 change 2025 2024 change 2025 2024 change 2025 2024 change 2025 2024 change 2025 2024 change Customer deposits IFRS-IASB 209.1 200.7 8.5 96.5 97.1 -0.6 157.7 151.1 6.6 173.4 163.2 10.2 84.6 79.6 5.0 0.0 0.0 0.0 721.4 691.7 29.7 IFRS-EU 'IAS 39 carve out' impact 0.0 0.0 0.0 0.0 0.0 0.0 Customer deposits IFRS-EU 209.1 200.7 8.5 96.5 97.1 -0.6 157.7 151.1 6.6 173.4 163.2 10.2 84.6 79.6 5.0 0.0 0.0 0.0 721.4 691.7 29.7 Exclude: FX impact 0.0 0.0 0.0 2.3 1.4 3.7 Exclude: Change in fair value macro hedged deposits 0.0 0.0 Exclude: Treasury, run-off portfolios and other 3.1 -0.1 0.0 0.1 1.6 0.0 4.7 Net core deposits growth 11.5 -0.6 6.6 12.6 8.0 0.0 38.1 Customer lending IFRS-IASB versus Customer lending IFRS-EU and Net core lending growth by business line Retail Netherlands Retail Belgium Retail Germany Retail Other Wholesale Banking Corporate Line Total in EUR billion 2024 2023 change 2024 2023 change 2024 2023 change 2024 2023 change 2024 2023 change 2024 2023 change 2024 2023 change Customer lending IFRS-IASB 1 164.3 152.8 11.4 98.3 94.3 4.0 110.2 102.9 7.3 117.2 109.8 7.4 199.2 192.9 6.3 0.3 0.3 0.0 689.4 652.9 36.5 IFRS-EU 'IAS 39 carve out' impact -3.4 -4.9 1.5 -3.4 -4.9 1.5 Customer lending IFRS-EU 164.3 152.8 11.4 98.3 94.3 4.0 110.2 102.9 7.3 117.2 109.8 7.4 195.8 188.0 7.8 0.3 0.3 0.0 686.1 648.0 38.0 Exclude: FX impact 0.0 0.0 0.0 0.9 -4.7 -3.8 Exclude: Change in fair value macro hedged loans -1.5 -1.5 Exclude: Treasury, run-off portfolios and other -1.9 -0.4 -2.9 -0.2 0.2 0.0 -5.1 Net core lending growth 9.6 3.7 4.4 8.2 1.8 0.0 27.7 1Loans and advances to customers excluding loan loss provision. Customer deposits IFRS-IASB versus Customer deposits IFRS-EU and Net core deposits growth by business line Retail Netherlands Retail Belgium Retail Germany Retail Other Wholesale Banking Corporate Line Total in EUR billion 2024 2023 change 2024 2023 change 2024 2023 change 2024 2023 change 2024 2023 change 2024 2023 change 2024 2023 change Customer deposits IFRS-IASB 200.7 199.7 1.0 97.1 91.2 5.9 151.1 143.6 7.5 163.2 151.0 12.1 79.6 64.8 14.9 0.0 0.0 0.0 691.7 650.3 41.4 IFRS-EU 'IAS 39 carve out' impact 0.0 0.0 0.0 0.0 0.0 0.0 Customer deposits IFRS-EU 200.7 199.7 1.0 97.1 91.2 5.9 151.1 143.6 7.5 163.2 151.0 12.1 79.6 64.8 14.9 0.0 0.0 0.0 691.7 650.3 41.4 Exclude: FX impact 0.0 0.0 0.0 0.6 -0.4 0.3 Exclude: Change in fair value macro hedged deposits 0.0 0.0 Exclude: Treasury, run-off portfolios and other 4.0 0.5 0.0 -0.1 1.3 0.0 5.8 Net core deposits growth 5.0 6.4 7.5 12.7 15.8 0.0 47.4 ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 73 B.Liquidity and capital resources ING believes that its working capital is sufficient for its present requirements. For information regarding our material short and long- term cash requirements from known contractual and other obligations, see “Additional information – ING Group Risk Management section Funding and liquidity risk”, "Additional information - ING Capital management" and Note 46 'Capital management' in the consolidated financial statements. For information on legal or economic restrictions on the ability of subsidiaries to transfer funds to the company in the form of cash dividends, loans or advances, see Note 19 'Equity' in the consolidated financial statements. For information on the maturity profile of borrowings and a further description of the borrowings, please see Note 17 'Debt securities in issue', Note 18 'Subordinated loans' and Note 38 'Liabilities and off-balance sheet commitments by maturity' in the consolidated financial statements. For information on currency and interest rate structure, see “Additional information – ING Group Risk Management section Market risk” and “Additional information – ING Group Risk Management section Funding and liquidity risk”. For information on the use of financial instruments for hedging purposes, please see Note 36 'Derivatives and hedge accounting' in the consolidated financial statements. ING Group Consolidated Cash Flows cash and cash equivalents in EUR million 2025 2024 2023 Treasury bills and other eligible bills included in securities at AC – 37 – Deposits from banks -7,065 -6,303 -5,132 Loans and advances to banks 8,324 4,982 7,931 Cash and balances with central banks 52,889 70,353 90,214 Cash and cash equivalents at end of year 54,148 69,069 93,012 Year ended 31 December 2025 compared to year ended 31 December 2024 Net cash flow from operating activities amounts to EUR -6,380 million for the year-end 2025, compared to EUR -22,544 million for the year-end 2024. The increase in cash flow from operating activities of EUR 16,164 million in 2025 is explained by higher cash inflows for trading assets and liabilities (EUR 20,009 million), Loans and deposits from banks (EUR 20,192 million) and higher result before tax, after adjustment for non-cash items (EUR 2,605 million) and is partly offset by higher cash outflows from loans and deposits to/from customers (EUR -28,845 million). Net cash flow from investing activities amounts to EUR -15,697 million for the year-end 2025 compared to EUR -6,033 million in 2024. The net cash flow from investing activities decreased by EUR -9,663 million and is explained by a net decrease from Financial assets at fair value through OCI of EUR -6,057 million and net decrease from Securities at amortised costs of EUR -3,673 million. Net cash flow from financing activities amounts to EUR 8,245 million in 2025, compared to EUR 5,374 million in 2024. The increase of EUR 2,871 million is explained by a net increase of EUR 3,502 million of debt securities and is partly offset by a net decrease of EUR -746 million of Subordinated loans. The operating, investing and financing activities described above result in a decrease of EUR -14,921 million in cash and cash equivalents to EUR 54,148 million at year end 2025 including negative exchange rate effect on cash and cash equivalents of EUR -1,089 million. Year ended 31 December 2024 compared to year ended 31 December 2023 Net cash flow from operating activities amounts to EUR -22,544 million for the year-end 2024, compared to EUR -11,340 million for the year-end 2023. The decrease in cash flow from operating activities of EUR -11,204 million in 2024 is explained by higher cash outflows for trading assets and liabilities (EUR -9,400 million), assets and liabilities mandatorily and designated at fair value through profit or loss (EUR -4,515 million), other assets and liabilities (EUR -4,326 million), non-trading derivatives (EUR -2,463 million) and is partly offset by higher cash inflows from loans and deposits to/from customers (EUR 3,992 million), loans and deposits to/from banks (EUR 3,558 million) and higher result before tax, after adjustment for non-cash items (EUR 2,224 million). Net cash flow from investing activities amounts to EUR -6,033 million for the year-end 2024 compared to EUR -8,545 million in 2023. The net cash flow from investing activities increased by EUR 2,511 million and is explained by a net increase from Financial assets at fair value through OCI of EUR 3,939 million and net decrease from Securities at amortised costs of EUR -1,231 million. Net cash flow from financing activities amounts to EUR 5,374 million in 2024, compared to EUR 18,404 million in 2023. The decrease of EUR -13,030 million is explained by a net decrease of EUR -14,175 million of debt securities and higher dividend paid of EUR -911 million partly offset by a net increase of EUR 2,341 million of Subordinated loans. The operating, investing and financing activities described above result in a decrease of EUR -23,944 million in cash and cash equivalents to EUR 69,069 million at year end 2024 including exchange rate effect on cash and cash equivalents of EUR -740 million. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 74 C. Research and development, patents and licenses, etc. Not applicable. D. Trend information For information regarding trend information, see Item 5.A of this Form 20- F. E. Critical Accounting Estimates Reference is made to Note 1 'Basis of preparation and material accounting policy information' to the consolidated financial statements for detailed information on Critical Accounting Estimates. ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 75