ING Group
ING Groep N.V. is a Dutch multinational banking and financial services corporation headquartered in Amsterdam.[1][2] Formed in 1991 through the merger of insurer Nationale-Nederlanden and banking group NMB Postbank Groep, it operates retail and wholesale banking services in more than 100 countries, employing over 60,000 staff.[3][2] As of mid-2024, ING manages total assets of €1,041 billion.[4] The company pioneered branchless online banking with the launch of ING Direct in 1997, expanding this model internationally and influencing the shift toward digital financial services.[3] It has grown through acquisitions, such as Barings Bank in 1995 following its collapse, and later divested non-core insurance operations, including the 2014 demerger of NN Group to focus on banking.[3] ING ranks among the world's largest banks by assets and has received recognition for sustainable finance initiatives, though it maintains involvement in sectors like defense funding aligned with national security needs.[5][6] Notable controversies include a 2018 settlement of €775 million with Dutch authorities for systemic shortcomings in anti-money laundering controls, which allowed criminal activity through its accounts over years.[7][8] More recently, ING faces litigation from environmental groups alleging inadequate due diligence on climate risks in its lending practices.[9] These events underscore ongoing regulatory pressures in an industry prone to compliance challenges, despite ING's efforts to enhance risk management systems post-settlement.[8]History
Origins in Insurance and Banking
The insurance heritage of ING Group originated with De Nederlanden van 1845, established on April 12, 1845, in Zutphen, Netherlands, by cousins Gerrit Jan Dercksen and Christiaan Henny as a fire insurance company named Assurantie-maatschappij tegen Brandschade.[10] This entity initially focused on insuring against fire and other property risks, expanding over time to include life insurance and pensions.[11] In 1863, the Nationale Levensverzekering-Bank was founded in Rotterdam by lawyer William Siewertsz van Reesema and insurance agent Simon van der Heldt, specializing in life insurance policies.[12] These two companies merged in 1963 to form Nationale-Nederlanden, which grew into one of the Netherlands' largest insurers by combining property, casualty, and life insurance operations.[10] ING's banking roots stem from the Nederlandsche Middenstandsbank (NMB), founded in 1927 through the merger of several regional banks aimed at serving Dutch small businesses and the middle class, including the Algemeene Nederlandsche Centrale Middenstandsbank, Hanzebank, BOAZ Bank, and Middenstandsbank voor Groningen en Omstreken.[13] NMB developed into a commercial bank with a focus on retail and corporate lending, establishing a network across the Netherlands and international branches.[3] Complementing this was Postbank, which evolved from the Dutch postal savings and giro system initiated in the 19th century for public deposits and payments; it was privatized and incorporated as Postbank N.V. in 1986, serving 7.5 million account holders primarily through postal outlets.[14] In the same year, NMB merged with Postbank to create NMB Postbank Groep, integrating commercial banking with mass-market retail services.[3] These insurance and banking entities laid the foundation for ING by combining complementary strengths in risk management and deposit-based lending, reflecting the Dutch tradition of specialized financial institutions adapting to economic needs.[3] Prior to their 1991 consolidation, Nationale-Nederlanden and NMB Postbank Groep operated as independent pillars, with the former emphasizing long-term savings products and the latter prioritizing accessible transaction banking.[10]Formation and Early Mergers
In 1989, Nederlandsche Middenstandsbank (NMB Bank), a commercial bank focused on small and medium-sized enterprises, merged with Postbank N.V., the privatized former postal savings bank with a large retail customer base, to create NMB Postbank Groep N.V.[15][16] The merger, finalized on October 4, combined NMB's corporate banking expertise with Postbank's extensive network of over 7.5 million private account holders and government-backed stability, forming one of the Netherlands' largest banking entities at the time.[15] This banking group then merged with the insurance company Nationale-Nederlanden on March 4, 1991, establishing Internationale Nederlanden Groep N.V. (ING Group).[17][3] Nationale-Nederlanden, itself recently formed in 1989 from the combination of De Nederlanden van 1845 and Nationale Levensverzekering-Bank, brought a strong life and non-life insurance portfolio to the union, creating a diversified financial conglomerate with combined assets exceeding those of many European peers.[3] The new entity's name reflected its international ambitions, though initial operations remained centered in the Netherlands. Following the merger, ING Group was listed on the Amsterdam Stock Exchange (now Euronext Amsterdam) in March 1991, enabling public trading and capital raising for expansion.[18] This structure integrated banking and insurance under a single holding company, a model that positioned ING for cross-selling opportunities but also introduced complexities in regulatory oversight and risk management during the early 1990s European financial integration.[3]International Expansion and Acquisitions
Following its formation in 1991 through the merger of Nationale-Nederlanden and NMB Postbank Groep, ING Group pursued aggressive international expansion via acquisitions to build capabilities in banking, insurance, and wholesale finance beyond the Netherlands.[3] This strategy targeted established institutions in mature markets and emerging opportunities in Central Europe and Asia, leveraging synergies between retail, commercial, and investment operations. By the late 1990s, ING had established a multinational footprint, with acquisitions enhancing its wholesale banking in the UK and Asia while bolstering insurance in North America.[19] A pivotal early move occurred in 1995, when ING acquired the collapsed Barings Bank for a symbolic £1 after massive derivatives losses led to its failure; this provided ING with Barings' global network, including key hubs in London for investment banking and operations in Singapore and Tokyo that strengthened its Asian wholesale presence.[3][20] The deal, though initially tarnished by the scandal, integrated Barings' expertise in emerging markets and fixed-income trading, contributing to ING's diversification into higher-margin activities.[21] In 1997, ING expanded into the U.S. by acquiring Equitable of Iowa Companies, a life insurance provider, for $2.2 billion, which elevated its position in the American defined-contribution and annuity markets and marked one of its largest cross-border insurance deals at the time.[22] The same year, ING launched its ING Direct online banking brand, initially in the UK and Canada, enabling low-cost retail entry into competitive markets without physical branches; this model later scaled to the U.S. in 2000 and Australia in 1999, attracting millions of customers through high-yield savings products.[3] Concurrently, ING secured a controlling stake in Belgium's Banque Bruxelles Lambert (BBL) starting in 1997, achieving full ownership by 2000 through a merger that created ING Belgium and solidified retail and corporate banking in Western Europe.[23] Expansion into Central and Eastern Europe gained momentum in the early 2000s, with ING acquiring a majority stake in Poland's Bank Śląski in 2001, enhancing its retail and SME lending in a high-growth market post-EU accession preparations.[19] In Asia-Pacific, ING bolstered its footprint in 2000 by purchasing Aetna's financial services businesses, adding insurance and retirement products across the region and supporting organic growth in countries like India and China through joint ventures.[24] These moves diversified revenue streams amid European regulatory changes and positioned ING for emerging market scale. By 2007, ahead of the global financial crisis, ING further extended into the Middle East and emerging Europe by acquiring Turkey's Oyak Bank for $2.673 billion, gaining 300 branches and a strong corporate client base in a dynamic economy; the deal, accretive to earnings from 2008, reflected ING's appetite for bolt-on acquisitions in underserved segments.[25][21] Overall, these acquisitions—totaling dozens in the 1990s and 2000s—doubled ING's international revenue exposure, though they also increased complexity and balance sheet risks that later necessitated restructuring.[26]Global Financial Crisis and Government Intervention
During the 2008 global financial crisis, ING Group faced significant pressures from its exposure to U.S. mortgage-backed securities, resulting in substantial losses that strained its capital position and liquidity.[27][28] Despite being described as fundamentally healthy, the bank encountered difficulties accessing capital markets amid widespread credit freezes, prompting government action to prevent broader instability.[29] On October 9, 2008, the Dutch government announced €20 billion in potential support for viable financial institutions to stabilize the sector.[29] ING became the first to utilize this facility, receiving a €10 billion capital injection on October 19, 2008, structured as core Tier 1 securities issued to the state without voting rights.[28][30] This intervention aimed to bolster ING's tier 1 capital ratio to approximately 8% and restore market confidence, with the government acquiring a 10% indirect stake equivalent.[31] In January 2009, amid ongoing market turmoil, ING secured additional assistance through the Illiquid Assets Back-up Facility (IABF), under which the Dutch state assumed 80% of the risk on a portfolio of approximately €27.7 billion in illiquid U.S. alt-A residential mortgage-backed securities.[32][33] The facility, finalized with risk transfer effective March 31, 2009, included an option for ING to repurchase the protected assets after three years at a premium, providing a backstop against further writedowns while requiring the bank to divest non-core operations as a condition.[32] These measures, totaling around €10 billion in core support plus the IABF guarantee, enabled ING to navigate the crisis without immediate insolvency, though they imposed ongoing regulatory scrutiny from the European Commission.[29]Restructuring and Divestitures Post-Crisis
Following the 2008 global financial crisis, ING Group received €10 billion in state aid from the Dutch government, comprising a €10 billion capital injection in November 2008 and guarantees on US Alt-A mortgages in January 2009.[29] The European Commission approved ING's initial restructuring plan on November 18, 2009, mandating the separation of its banking and insurance operations, divestiture of non-core assets to reduce market share and repay the aid, and restrictions on expansion to restore viability without distorting competition.[34] This plan was amended in November 2012 to extend divestment timelines and increase flexibility amid challenging market conditions, with commitments to repay remaining capital by 2015.[35] A cornerstone of the restructuring was the separation of ING's insurance and investment management businesses. On October 26, 2009, ING announced plans to fully divest these units, culminating in the creation of NN Group N.V. as the legal successor to ING's insurance operations effective March 2014.[36] NN Group launched its initial public offering on Euronext Amsterdam on July 2, 2014, with ING selling 77 million shares at €20 each, raising approximately €1.54 billion.[37] ING progressively reduced its stake through follow-on offerings, achieving IFRS deconsolidation of NN Group on May 26, 2015, after selling down to 42.4%, thereby fulfilling key European Commission requirements.[38] The final divestment occurred on April 14, 2016, with the sale of ING's remaining 14.1% stake in NN Group for €457 million.[39] Significant banking divestitures included the sale of ING Direct USA, its online banking unit with $95 billion in deposits, to Capital One Financial Corporation. Announced on June 16, 2011, for $9 billion (€6.3 billion), the transaction closed on February 17, 2012, helping ING meet EU-mandated reductions in US retail banking presence.[40] In the insurance sector, ING divested its US operations through Voya Financial, Inc. (formerly ING U.S.), completing the sale of its remaining 45.6 million shares for approximately $2 billion in March 2015.[41] Other notable exits encompassed the 2010 sale of three US broker-dealer units comprising 75% of ING Advisors Network to a consortium led by Lightyear Capital, generating $65 million; the 2013 divestment of ING's Thai insurance and banking operations to QSuper for $128 million; and sales of Asian insurance arms, including ING Life Insurance in South Korea and ING's stake in ING Funds in Australia.[42][43] Between late 2008 and early 2014, ING executed 31 divestments across various countries, generating proceeds that facilitated full repayment of the €10 billion state aid plus €3 billion in interest and premiums by December 2014.[27] In November 2013, ING reached an agreement with the European Commission to accelerate completion of the restructuring to the end of 2016, two years ahead of the amended schedule, with substantial progress by mid-2015 allowing focus on core European retail and wholesale banking.[44] These measures restored ING's standalone viability, reduced its balance sheet by over €200 billion in non-core assets, and positioned it as a pure banking entity by 2016.[45]Business Operations
Retail Banking
ING's Retail Banking division delivers financial services to individual customers, small and medium-sized enterprises (SMEs), and mid-corporate clients, emphasizing primary banking relationships where customers consolidate their core banking activities with the institution.[46] The division operates a digital-first model, prioritizing mobile and online channels to provide accessible, efficient services across its markets.[46] Products encompass current and savings accounts, mortgages, personal and business loans, investment options, and payment solutions, tailored to local regulations and customer needs in most operating regions.[2][47] The division maintains a presence in key European markets such as the Netherlands, Belgium, and Germany, alongside challenger markets including Australia, Poland, Romania, and Turkey, with selective activities in Asia.[48] These markets are categorized internally as leaders, challengers, and growth areas to guide resource allocation and expansion strategies.[46] In the Netherlands, for example, Retail Banking includes business lending and consumer products integrated with daily banking operations.[49] As of the second quarter of 2025, more than 41% of customers selected ING as their primary bank, reflecting success in deepening relationships through targeted offerings.[50] Digital initiatives form the core of Retail Banking's competitive edge, with heavy investment in technology to enhance customer experience and operational efficiency. ING has deployed generative AI-powered chatbots for personalized support and introduced features like instant app verification to combat fraud and digital overdraft protections for business clients.[51][52] This approach drove a 1.1 million increase in mobile primary customers during the first half of 2025, alongside net inflows of €8.9 billion in customer deposits in the second quarter alone.[53][54] The strategy supports sustained growth in lending and deposits, positioning Retail Banking to adapt to evolving consumer preferences for seamless, technology-enabled services.[55]Wholesale Banking
ING's Wholesale Banking division provides specialized financial services to large multinational corporations, financial institutions, and other institutional clients, focusing on lending, transaction services, and capital markets solutions across more than 35 markets primarily in Europe, Asia, the Americas, and the Middle East.[56] It emphasizes sector-specific expertise in areas such as energy, manufacturing, technology, and trade, combining local market insights with global capabilities to deliver tailored solutions including sustainable finance and risk management.[57] The division operates through an international network of offices in over 40 countries, enabling it to support cross-border activities for clients with complex needs.[58] Wholesale Banking is organized into four primary business lines: Industry Lending, which finances sector-specific projects and operations; General Lending and Transaction Services, covering working capital solutions, payments, and cash management; Financial Markets, offering debt and equity capital raising, hedging, and trading services; and a dedicated banking segment for institutional counterparts.[58] Services extend to core banking functions like payments and treasury management, alongside advanced offerings such as multi-bank cash pooling and digital onboarding platforms now available in eight countries with plans for further expansion.[59][60] This structure supports non-lending revenue streams, which ING aims to increase to approximately 67% of wholesale income over the long term from around 50% in 2023, driven by growth in corporate finance and advisory.[61] In 2024, Wholesale Banking reported a gross result of €3,423 million, reflecting resilient income from expanded lending and deposits amid investments in front-office capabilities and strong performance in Financial Markets.[62] The division has prioritized digital transformation and client-centric innovations, such as next-generation payments solutions for multi-bank environments, to enhance efficiency and competitiveness in a recovering mergers and acquisitions landscape.[59][63]Digital and Direct Banking Initiatives
ING has prioritized digital banking as a core component of its operations since the early 2000s, establishing itself as one of Europe's largest online retail banks with a focus on seamless, anytime-accessible services for individual and small business customers.[64] The bank's Think Forward strategy, launched in 2016, allocated €800 million toward digital transformation, emphasizing mobile banking and payments innovation to enhance customer experience and efficiency.[65] This included a shift to agile organizational models inspired by tech firms like Spotify, implemented starting in 2015, which restructured teams into "squads" and "tribes" to accelerate digital product development. Central to these efforts is the ING Banking mobile app, available on iOS and Android platforms, which enables users to manage accounts, execute payments, monitor transactions, control cards, and access features like cashbacks, notifications, and investment options in real time.[66] [67] As of 2025, the app supports over 146,000 reviews with a 4.5-star average rating on Google Play, reflecting high adoption rates, particularly among mobile-primary customers in retail segments.[66] ING reported growing mobile banking usage in Q1 2025, alongside launches of three new digital features aimed at improving personalization and security, such as real-time account updates and enhanced PIN management in commercial card apps.[52] [68] In direct banking, ING maintains branchless models in select markets, notably Australia, where it operates as a pioneer direct bank since 1999, offering no-physical-branch services via online and mobile channels exclusively.[69] This approach extends to innovations like generative AI-powered chatbots for customer support, developed in partnership with McKinsey's QuantumBlack in recent years, prioritizing user-centric interactions over traditional call centers.[51] The bank has also pursued a cloud-first strategy and AI acceleration, investing in cross-border digital capabilities while navigating generational differences in client tech adoption across Europe.[70] These initiatives supported a 2018 strategy update that involved cutting 7,000 jobs to reallocate resources toward digital scaling, underscoring a commitment to cost efficiency amid competitive pressures.[71]Global Presence
Operations in Europe
ING Group's core operations are concentrated in Europe, where it delivers retail and wholesale banking services through its operating entity, ING Bank N.V., headquartered in Amsterdam, Netherlands. The bank's European footprint encompasses key retail markets in the Netherlands, Belgium, Germany, and other countries including Spain, Italy, Poland, Romania, and Luxembourg. Wholesale banking extends to over 20 markets in the region, facilitating corporate financing, trade, and capital markets activities.[2][72][48] In retail banking, ING reported robust growth in 2024, with net core lending expanding by €28 billion (4%) across its European segments, driven primarily by €19 billion in mortgage originations, particularly in Germany and the Netherlands. Net core deposits increased by €47 billion (7%), reflecting strong customer acquisition and retention. Mobile primary customers grew by 1.1 million to 14.4 million, with notable expansions in Germany, the Netherlands, Spain, and Poland. These operations are segmented into Retail Netherlands, Retail Belgium, Retail Germany, and Retail Other, which collectively form a substantial portion of ING's loan portfolio, estimated at around half from its primary European markets.[73][74] Wholesale banking in Europe supports multinational corporations, financial institutions, and mid-sized enterprises with services such as lending, cash management, and sustainable financing solutions. In 2024, this segment contributed to overall fee income growth exceeding 11%, bolstered by capital markets activities. ING has pursued strategic exits, including the sale of its Russian business to Global Development JSC in January 2025, amid geopolitical considerations. Concurrently, as of February 2025, the bank expressed interest in acquisitions to enhance its scale in Germany, Italy, and Spain.[73][75][76]
Operations in Asia and Australia
ING's operations in Asia and Australia are predominantly focused on wholesale banking, serving multinational corporations, financial institutions, and trade finance needs across 11 markets, including Australia, China, Hong Kong SAR, India, Indonesia, Japan, the Philippines, Singapore, South Korea, Taiwan, and Thailand.[77] The region hosts ING's largest wholesale banking branch network in Asia, employing over 300 financial experts with coverage extending to key financial centers such as Hong Kong, Beijing, Shanghai, and Taiwan.[78] In October 2024, ING appointed Uday Sareen as head of Wholesale Banking for Asia Pacific to oversee strategy and performance in these markets.[79] In China, ING holds a 13% stake in Bank of Beijing and operates branches in major cities, emphasizing corporate lending and sustainable finance initiatives.[80] The bank has prioritized trade finance and supply chain solutions, adapting to regional shifts away from China-centric models toward diversified digital partnerships amid geopolitical fragmentation.[81] Retail banking activities in Asia have been limited and subject to divestitures; for instance, ING wound down its retail operations in the Philippines by the end of 2022 to streamline its focus on wholesale segments.[82] Sustainable financing has been a growth area, including a $75 million loan to Singapore-based Cleantech Solar in July 2020 for clean energy projects in Southeast Asia.[83] In Australia, ING operates both retail and wholesale banking through its wholly owned subsidiary, ING Bank (Australia) Limited, which provides direct banking services, home loans, and savings products to over 1.4 million customers as of 2024.[84] The subsidiary traces its roots to earlier expansions but underwent significant restructuring post-2008 financial crisis, including the sale of its 51% stake in ING Australia insurance operations to ANZ in November 2009 and the divestiture of its investment management unit to UBS in June 2011.[85][86] Wholesale activities include project financing, such as the 100 MW Clare Solar Farm in Queensland funded in November 2017, marking one of ING's early renewable energy deals in the country.[87] As of 2025, ING continues to integrate digital innovations and sustainable lending in Australia, aligning with broader Asia Pacific priorities.[80]Other International Activities and Exits
ING maintains wholesale banking operations in the United States, servicing domestic and international corporates as well as institutional clients through offices in New York, Dallas, Los Angeles, and Houston, though it lacks a banking license and thus does not engage in retail deposit-taking activities.[88][2] In Turkey, ING operates a full-service retail and corporate banking presence established over nearly 30 years, with 207 branches nationwide and a focus on serving individual and business customers through products like loans, deposits, and investment services.[89][90] ING exited the Canadian market in 2009 by divesting its 70% stake in ING Canada, its insurance operations, through a spin-off valued at approximately US$2.2 billion, followed by the sale of its remaining 7% holding.[91] Separately, ING Direct Canada, its online banking unit, was sold to Scotiabank as part of broader post-crisis restructuring. In the United States, ING sold its ING Direct online banking subsidiary to Capital One in February 2012 for US$9 billion, comprising US$6.2 billion in cash and approximately 55.9 million shares in Capital One, marking the end of its retail banking presence there.[92] In Latin America, ING divested its insurance, pension, savings, and investment management operations across Chile, Colombia, Mexico, Peru, Uruguay, and Brazil to Colombia's Grupo Sura in July 2011 for US$3.85 billion, aligning with European regulatory requirements to shed non-core insurance assets following government bailouts.[93] Regarding Russia, ING ceased new business in 2022 amid geopolitical tensions and announced the sale of ING Bank (Eurasia) JSC to local firm Global Development JSC in January 2025; however, as of September 2025, the transaction remains pending regulatory approvals, with ING having reduced its offshore exposure to Russian clients by over 85% to €0.7 billion.[94] These exits reflect ING's strategic refocus on core European and select international wholesale activities post-global financial crisis.Financial Performance
Historical Financial Trends
ING Group's total assets expanded significantly in the early 2000s through acquisitions and organic growth, rising from $623.8 billion in 2001 to a peak of $1.916 trillion in 2007, driven by expansions in banking and insurance operations across Europe and beyond.[95] This period reflected aggressive international diversification, including the integration of entities like Bank of Montreal's European retail operations in 1997 and subsequent deals. However, the 2008 global financial crisis severely impacted performance, with market turmoil leading to substantial impairments and a full-year net loss, exacerbated by declines in insurance and investment activities while banking remained partially resilient.[96] In response, ING received €10 billion in Dutch state aid, comprising a capital injection and guarantees, which stabilized operations but mandated restructuring under EU state aid rules.[29] The post-crisis restructuring from 2009 to 2014 involved extensive divestitures—31 in total—to repay the aid fully by November 2014 and refocus on core banking.[27] This led to a contraction in total assets, dropping from $1.857 trillion in 2008 to $1.652 trillion in 2010 and further to $888.89 billion by 2016, primarily due to the sale of insurance arms like ING Insurance Americas and NN Group.[95] Profitability began recovering, with an underlying net profit of €748 million in 2009 (versus a net loss of €935 million) and €3.893 billion in 2010, supported by cost controls and banking segment strength.[97][98] By the mid-2010s, assets stabilized around $1 trillion, reflecting a shift to higher-return retail and wholesale banking in Europe, with selective international presence.| Year | Total Assets (USD) | Net Profit (EUR, underlying where noted) |
|---|---|---|
| 2008 | $1.857 trillion | Net loss (specific figure not detailed in results; crisis-driven impairments)[96] |
| 2010 | $1.652 trillion | €3.893 billion (underlying); €3.220 billion (reported)[98] |
| 2015 | $1.099 trillion | Fluctuating recovery post-divestitures[95] |
| 2020 | $1.152 trillion | Positive amid pandemic challenges[95] |
| 2024 | $1.108 trillion | $5.772 billion (approx. €5.3 billion equivalent)[99][100] |
Recent Earnings and Shareholder Returns (2020-2025)
ING Group's net result for the full year 2020 was €2,485 million, reflecting impacts from the COVID-19 pandemic including elevated loan loss provisions and adherence to regulatory restrictions on distributions.[102] Earnings recovered in subsequent years amid rising interest rates, which boosted net interest income across retail and wholesale banking segments. The group reported a profit before tax of €2,369 million in the second quarter of 2025, supported by stable fee income and cost discipline, though facing headwinds from currency fluctuations and moderating liability margins.[103] Shareholder returns during this period emphasized progressive dividends and share repurchases once regulatory constraints eased post-pandemic. No dividends were paid in 2020 in compliance with European Central Bank recommendations prohibiting distributions from March 2020 to September 2021.[104] Dividends resumed in 2021 at €0.60 per share, increasing to €0.81 in 2022, €0.82 in 2023, €1.11 in 2024, and €1.22 projected for 2025, reflecting a policy targeting 50% of net profit distribution above a profitability hurdle.[105] Share buybacks were suspended during the early pandemic but restarted thereafter, with notable programs including a €2 billion repurchase completed in April 2025 and an additional €2 billion announced in October 2024 for completion by April 2025, alongside cash dividends totaling up to €2.5 billion in distributions for 2024.[106][107] These actions, combined with share price appreciation from pandemic lows around €6 to over €20 by late 2025, delivered a five-year total shareholder return of approximately 347%, outperforming broader market benchmarks.[108]| Year | Dividend per Share (€) | Key Buyback Activity |
|---|---|---|
| 2020 | 0.00 | Suspended |
| 2021 | 0.60 | Resumed post-ECB |
| 2022 | 0.81 | Ongoing programs |
| 2023 | 0.82 | Expanded |
| 2024 | 1.11 | €2B completed |
| 2025 | 1.22 (proj.) | €2B in progress |