Category: 3. Business

Amsterdam,

ING announced today that, as part of our €2.0 billion share buyback programme announced on 2 May 2025, in total 4,587,249 shares were repurchased during the week of 23 June 2025 up to and including 27 June 2025.

The shares were repurchased at an average price of €18.20 for a total amount of €83,509,456.89. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see share buy back programme.

In line with the purpose of the programme to reduce the share capital of ING, the total number of shares repurchased under this programme to date is 39,687,217 at an average price of €18.34 for a total consideration of €728,031,948.83. To date, approximately 36.40% of the maximum total value of the share buyback programme has been completed.

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ING PROFILE

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

Important legal information

Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

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.
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.

DHAKA (ILO News) – Recognizing these challenges, the International Labour Organization (ILO), in partnership with SME Foundation, with the support of the Government of Canada has organized a seminar under the ProGRESS project to chart a way forward for SMEs. The event brought together entrepreneurs, policymakers, economists, business leaders, and development partners to share ideas and identify concrete solutions to strengthen Bangladesh’s SME ecosystem.

MSMEs: The engine of growth in Bangladesh

Speaking at the seminar, Anwar Hossain, Managing Director of SME Foundation, highlighted that Bangladesh’s SME sector provides employment to around 3.7 million people. He emphasized the importance of showcasing local products through a national display centre and introduced the newly developed Women Entrepreneurs Directory—tools aimed at boosting visibility, supporting market access, and elevating local enterprises.

Safia Tasneem Dola from the Manikganj Women Chamber of Commerce stressed the need to bring grassroots voices—especially those of rural and women entrepreneurs—into national policy discussions.

Nabin Kumar Karna, Specialist from the ILO’s ProGRESS project, opened the discussion by setting the context of MSMEs in Bangladesh, drawing comparisons with other countries in the region. He shared key recommendations on unlocking the sector’s full potential.

Structural barriers and policy gaps

Economist Dr Debapriyo Bhattacharya, keynote speaker at the event, highlighted key challenges including differing SMEs definitions across government institutions, high informality rate, weak social protection systems, and the sector’s heavy reliance on loans. He urged that the upcoming 2025 SME Policy focus on formalization and sustainability, rather than solely financing.

Pedro Jr Bellen, Officer-in-Charge of the ILO Country Office for Bangladesh, echoed these concerns, calling for a coordinated effort to simplify regulations and strengthen value chains. He stated, “SMEs are vital for promoting decent work and inclusive economic growth, and that inclusive employment must be at the heart of every economic and social policies.”

Ashik Chowdhury, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), added that improving logistics and strengthening backward linkages would position Bangladesh as a major player in global supply chains. “SMEs must be at the heart of this transition,” he emphasized.

© ILO

Call to Action: Are we doing enough?

Lutfey Siddiqi, Chief Adviser’s Envoy for International Affairs, delivered a powerful message to stakeholders: “SMEs are the drivers. We are just the facilitators. Are we doing enough to support the risk-takers who’ve built this employment engine?”

New tools to support SME formalization

A major highlight of the event was the launch of user-friendly Tax and VAT Manuals designed to help entrepreneurs navigate business regulations more easily. Developed jointly by SME Foundation and the ILO, these manuals aim to simplify what is often a complex and intimidating process for small business owners, helping protect their interests and promote formalization.

Celebrating entrepreneurs and showcasing innovation

The seminar also featured a vibrant product exhibition where 60 entrepreneurs showcased their work, with over 200 participants gathering to exchange ideas and connect with partners.

As Bangladesh marks MSME Day 2025, this event served as a timely reminder: when SMEs succeed, the economy thrives. The ILO remains committed to working alongside partners to promote decent work, inclusive growth, and an enabling environment where small businesses can unlock their full potential.

Tokyo, July 1, 2025 – Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has begun field test of a jointly developed “Surplus Renewable Energy Absorption and Release System” utilizing the Aquifer Thermal Energy Storage (ATES) system. The test is being carried out jointly with partners including Osaka Metropolitan University, which serves as project representative(Note1).

The project, titled “Development of Technology for Absorbing Surplus Renewable Energy in ATES systems,” was selected by the Japan’s Ministry of the Environment in 2023 as a “Regional Co-creation and Cross-sectoral Carbon Neutral Technology Research Development Program(Note2). In April 2025, cold-storage operation utilizing surplus energy began at the Osaka City Maishima Sports Center for Persons with Disabilities (AMITY MAISHIMA). From July 1, the project will transition to a new field test phase in which the stored cold water will be used directly for air-conditioning.

Today, renewable energy sources such as solar and wind power are being adopted toward realizing a decarbonized society. However, the amount of power generated is unstable due to their dependence on weather conditions. As a result, surplus energy often arises during transitional cooler seasons such as spring and autumn in Japan, when demand for air cooling/heating is low. To effectively utilize such surplus energy, infrastructural improvements are required-such as large-scale battery systems or extensive land use-both of which can result in significant additional costs. Against this backdrop, the joint project currently underway has focused on development of a surplus renewable energy absorption and release system that leverages the seasonal thermal storage function of the ATES system.

In this joint development, a surplus renewable energy absorption and release system is to be adopted in an ATES system for the first time worldwide. The system offers short-cycle thermal storage and discharge functionality, enabling flexible switching between cold and heat storage. It also incorporates a multi-layered seasonal storage function that allows lower-temperature chilled water to be stored within existing underground cold-water masses.

In conjunction with this project, MHI Thermal Systems is responsible for operating the ATES system and heat-pump type centrifugal chillers, as well as for designing and constructing a control system that efficiently utilizes surplus energy. The newly developed control system features a mode that automatically switches to the optimal operation depending on the surplus energy availability and underground water temperature. Furthermore, owing to the incorporation of a function that optimizes cold storage operation in real time based on fluctuations in electricity market prices and the volume of surplus power. This enables energy-saving operation that reduces electricity consumption during cooling while ensuring effective use of renewable energy.

An ATES system uses gravel and groundwater stored in aquifers deep underground as an enormous heat storage tank, allowing for the effective use of energy by enabling the circulation of heat across seasons, such as using the cold waste heat from winter heating for summer cooling, and the warm waste heat from summer cooling for winter heating. MHI Thermal Systems’ ATES system received the “Energy Conservation Center, Japan Chairman’s Award” in the “Best Practice Category” at the 2021 Energy Conservation Grand Prize,(Note3) and the “HPTCJ Promotion Award” at the 2022 “Demand Side Management Awards”(Note4).

MHI Group has made a declaration to achieve carbon neutrality by 2040, and is working to reduce CO₂ emissions from its own plants and other production-related facilities, as well as reduce the CO₂ emissions at customer facilities that use MHI Group products. As a part of MHI Group, MHI Thermal Systems supplies a large number of centrifugal chillers for general air conditioning, factory air conditioning, and district heating and cooling, boasting the top market share in Japan in this field. Going forward, MHI Thermal Systems will continue to respond to customer needs, and by delivering centrifugal chillers and thermal solution products with a low environmental load, contribute to the realization of a carbon neutral world.

Sodexo will hold a conference call (in English) today at 9:00 a.m. (Paris time), 8:00 a.m. (London time) to comment on its Q3 Fiscal 2025 revenues.

Those who wish to connect:

• From the UK: +44 121 281 8004, or
• From France: +33 1 70 91 87 04, or
• From the US: +1 718 705 8796,

Followed by the access code 07 26 13.

The live audio webcast will be available on www.sodexo.com

A Jersey engineer has been listed one of the UK’s top 50 women in engineering for 2025

The Institution of Civil Engineers (ICE) named Rachel Hayden as a role model for reaching more than 38,000 people through science, technology, engineering, and mathematics (STEM) volunteering.

The former Jersey College for Girls student was recognised for her “outstanding contributions to the profession and her tireless work inspiring the next generation” in the list published by the Women’s Engineering Society.

Ms Hayden, who works as a senior engineer at WSP, said an experience at secondary school had inspired her future career.

She said: “If it hadn’t been for a pasta bridge competition run by engineers when I was 16, I might never have discovered civil engineering.

“That moment changed my life – and now I’m passionate about creating those moments for others.”

ICE said that since Ms Hayden had become a STEM Ambassador in 2017, she had volunteered more than 715 hours and delivered 285 activities.

Ms Hayden said it was “a huge honour” to be recognised on the list.

“I hope it shows young people in Jersey and beyond that engineering is not only for everyone – it’s a career where you can make a real difference.”

Good morning from London, here are the opening calls

What to look out for Tuesday