Group 1 - Citigroup maintains a "Buy" rating for ING Group, raising its price target from EUR 20.30 to EUR 25.80 [1][6] - ING has received a consensus "Buy" rating from five brokerage firms, with upgrades from Morgan Stanley and Cfra Research [2][6] - Keefe, Bruyette & Woods downgraded ING to a "moderate sell" in November, indicating mixed analyst sentiment [3] Group 2 - ING's stock is currently priced at $24.82, reflecting a $0.45 increase, or approximately 1.85% [4] - The stock has fluctuated between $24.57 and $24.88 during the day, with a yearly high of $26.59 and a low of $15.09, indicating significant volatility [4] - ING's market capitalization is around $75.73 billion, with a trading volume of 1,773,800 shares, highlighting its substantial size in the financial sector [5][6] Group 3 - The stock's debt-to-equity ratio stands at 2.99, indicating a reliance on debt financing [3][6]

Despite a stronger-than-anticipated increase in US jobs growth for September, the unemployment rate also climbed as more workers entered the labour market seeking employment. ...

Core Point - ING Bank Slaski has agreed to acquire the remaining 55% stake in Polish asset management company Goldman Sachs TFI for 396 million zlotys ($108 million) [1] Company Summary - The acquisition involves Goldman Sachs TFI, a Polish asset management company, which is currently partially owned by Goldman Sachs Asset Management International Holdings [1] - The transaction reflects ING Bank Slaski's strategy to enhance its asset management capabilities in Poland [1] Financial Summary - The total value of the acquisition is 396 million zlotys, equivalent to approximately $108 million [1]

Group 1 - The core viewpoint is that the US dollar is expected to decline next year due to the anticipated further interest rate cuts by the Federal Reserve, which will lower hedging costs [1][2] - The forecast includes a prediction of a 75 basis point rate cut by the Federal Reserve [1][2] - The euro is projected to rise to 1.22 by the fourth quarter of 2026, driven by increased growth expectations in the Eurozone due to German fiscal stimulus [1][2]

Core Points - Fourteen major European banks are opposing the European Central Bank's (ECB) plan for a digital euro, arguing it could undermine private payment systems [1][2] - The banks believe the digital euro would duplicate existing private initiatives aimed at creating a unified European payments network [2][3] - Lawmakers are advocating for a scaled-back version of the digital euro that would function as a digital form of cash, allowing offline payments and avoiding competition with established commercial networks [4][5] Group 1: Opposition from Banks - Major lenders, including Deutsche Bank, BNP Paribas, and ING, have united against the ECB's digital euro proposal [2] - The banks are promoting their alternative payment system, Wero, which is already operational in Belgium, France, and Germany, and aims to expand across the eurozone [3] - The banks argue that the ECB's proposed digital currency could disrupt their progress in developing a European payments network [3] Group 2: Legislative Concerns - Lawmakers are increasingly questioning the necessity and benefits of the digital euro, suggesting it may not complement private payment systems [4] - The ECB is moving forward with plans for a pilot program in 2027, but full implementation requires political approval from the European Parliament and national governments [4] - There is growing support for a digital euro model that would not require internet access, thereby reducing overlap with existing payment networks [5]

Core Insights - The European Central Bank (ECB) has completed its 2025 Supervisory Review and Evaluation Process (SREP) for ING Group, resulting in updated prudential requirements for the bank, including capital requirements for 2026 [1][2]. Capital Requirements - The Pillar 2 additional own funds requirement (P2R) for ING Group will increase by 5 basis points (bps), from 165 bps to 170 bps, effective January 1, 2026. This leads to an increase in the fully loaded Common Equity Tier 1 (CET1) requirement by 3 bps, raising it to 11.00% [2]. - The total capital requirement for ING Group will rise to 15.24% due to the increase in the countercyclical buffer requirement in Spain [2]. - The ECB has also set a 10 bps leverage ratio Pillar 2 requirement (P2R-LR), increasing the overall leverage ratio requirement from 3.5% to 3.6% as of January 1, 2026 [3]. Current Ratios - As of September 30, 2025, ING Group's CET1 ratio stood at 13.4%, and its leverage ratio was 4.4%, both exceeding the new regulatory requirements [3].

Exhibit 99.1 "ING has had a strong third quarter of 2025 as we continued to execute our strategy to accelerate growth, increase our Impact. and deliver customer value, and we are on track to reach our financial targets for 2027," said Steven van Rijswijk, CEO of ING. "While macroeconomic and geopolitical uncertainty remains prevalent, a growing number of customers continue to place their trust in us. Customer lending has increased and fee income has grown at a strong pace. Commercial net interest Income has ...

Core Viewpoint - ING Group reported better-than-expected earnings and sales for Q3, leading to a pre-market stock price increase of 5% [1] Financial Performance - Q3 earnings per share (EPS) were $0.70, exceeding analysts' expectations of $0.64 by 9.69% and up 8% from $0.65 in the same quarter last year [1] - Sales for the quarter reached $6.896 billion, surpassing the forecast of $6.550 billion by 5.28% and increasing 6.17% from $6.495 billion year-over-year [1] Stock Market Reaction - The stock price rose to $25.37 in pre-market trading, reflecting a 4.96% increase from the previous close of $24.25 [1] - The total market capitalization of ING Group is approximately $70.401 billion [1]

Financial Data and Key Metrics Changes - The company reported a net profit of €6 billion over the past four quarters, contributing an additional two percentage points to the CET1 capital ratio [6] - The four-quarter rolling average ROE stands at 12.6%, with an upward revision of the full-year ROE outlook to more than 12.5% [5][11] - Total income is expected to reach around €22.8 billion for the year, with fee income growing by 12% year to date [10][12] Business Line Data and Key Metrics Changes - Retail banking saw a net core lending growth of €8.6 billion, primarily driven by residential mortgages [4][13] - Wholesale banking also delivered strong performance, with significant growth in trade finance services and lending [4][12] - Fee income in wholesale banking reached a quarterly record of €383 million, driven by increased loan underwriting activities [16] Market Data and Key Metrics Changes - Customer balances grew at an annualized rate of 7% in the first nine months of 2025, aligning with the company's 4% annual growth target [5] - Core deposits declined slightly by around €200 million, attributed to outflows in Germany and Belgium after promotional campaigns [13][27] Company Strategy and Development Direction - The company aims to maintain an attractive shareholder return supported by a 50% dividend payout policy while investing in value-accretive growth [9] - The CET1 capital ratio target has been revised to around 13%, providing a buffer above the MDA threshold [8] - The company is focused on enhancing earnings potential through capital-efficient loan book expansion and considering M&A opportunities [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic and geopolitical uncertainties but emphasized strong commercial momentum and capital generation [3][21] - The outlook for 2025 has been improved, with expectations for higher fees and stronger total income [10][21] - Management remains committed to supporting clients in their sustainability transitions, with sustainable finance volumes up 29% compared to the previous year [5] Other Important Information - The company announced a €1.6 billion distribution, including a new share buyback of €1.1 billion and a cash dividend of €500 million [7][21] - The company is actively integrating generative AI capabilities to enhance customer support and operational efficiency [17][38] Q&A Session Summary Question: On capital requirements and retail deposit outflows - Management does not foresee additional upward pressure on capital requirements and attributes retail deposit outflows to seasonal effects and the conclusion of marketing campaigns [25][27] Question: On lending margins and AI initiatives - Management expects lending margins to normalize and return to growth, while AI initiatives are being implemented globally, not just in the Netherlands [30][32] Question: On net interest income (NII) guidance - The guidance for NII is set between €15.2 billion and €15.3 billion, reflecting a significant catch-up in wholesale banking NII growth [42][46] Question: On fee growth momentum - Management is confident in the strong fee growth momentum and anticipates it will continue into the next year [91] Question: On capital deployment and M&A focus - The company is looking to make a more significant impact in markets where it currently operates, focusing on business banking and consumer lending opportunities [39][40] Question: On recent board appointments - The appointments are aimed at ensuring continuity and enhancing the company's strategic focus on risk management and cost discipline [85][87]

Financial Data and Key Metrics Changes - The company reported a net profit of EUR 6 billion over the past four quarters, contributing an additional two percentage points to the CET1 capital ratio [6] - The four-quarter rolling average ROE stands at 12.6%, with an upward revision of the full-year ROE outlook to more than 12.5% [5][11] - Total income for 2025 is expected to reach around EUR 22.8 billion, with fee income growth raised to more than 10% [10][11] Business Line Data and Key Metrics Changes - Retail banking saw a net core lending growth of EUR 8.6 billion, primarily driven by residential mortgages [4][13] - Wholesale banking also delivered strong growth, with a significant increase in lending and trade finance services [4][13] - Fee income grew by 15% year on year, with wholesale banking achieving a quarterly record fee income of EUR 383 million [12][16] Market Data and Key Metrics Changes - Customer balances grew at an annualized rate of 7% in the first nine months of 2025, aligning with the company's 4% annual growth target [5] - Core deposits declined slightly by around EUR 200 million, attributed to seasonal spending patterns and the conclusion of promotional campaigns [13][27] Company Strategy and Development Direction - The company aims to maintain an attractive shareholder return supported by a 50% dividend payout policy while investing in value-accretive growth [9] - The CET1 capital ratio target has been revised to around 13%, providing a buffer above the MDA threshold [8] - The company is focused on enhancing operational efficiencies and integrating generative AI capabilities across its services [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and quality of the loan book, despite macroeconomic uncertainties [19] - The outlook for 2025 has been improved, with expectations for higher fees and stronger total income [10][21] - Management remains committed to supporting clients in their sustainability transitions, with sustainable finance volumes up 29% compared to the previous year [5] Other Important Information - The company announced a EUR 1.6 billion distribution, including a new share buyback of EUR 1.1 billion and a cash dividend of EUR 500 million [7][21] - The company is actively investing in AI to enhance customer support and streamline processes [18][39] Q&A Session Summary Question: On capital requirements and retail deposit outflows - Management indicated no additional pressure on capital requirements and attributed retail deposit outflows to seasonal effects and the conclusion of marketing campaigns [23][25][27] Question: On lending margins and AI initiatives - Management expects lending margins to normalize and emphasized that AI initiatives are being rolled out globally, not just in the Netherlands [29][30][32] Question: On tech investments and M&A focus - Management confirmed ongoing investments in AI for KYC processes and stated that M&A focus remains on enhancing market relevance and capital efficiency [36][39][88] Question: On fee growth and capital updates - Management noted strong fee growth momentum and confirmed that capital updates will follow the established cadence of Q1 and Q3 updates [80][82] Question: On deposit campaigns and retention rates - Management confirmed retention rates were consistent with historical averages and expressed confidence in the return on investment from recent campaigns [91][92]