[Form 4] Cass Information Systems Inc Insider Trading Activity

Rhea-AI Filing Summary

Linde plc (LIN) 10-Q highlights for Q2 2025 (ended 30 Jun 2025)

• Sales grew 2.8 % YoY to $8.50 bn; H1 sales up 1.5 % to $16.61 bn.
• Operating profit rose 7.8 % to $2.35 bn, pushing the margin to 27.7 % (26.4 % LY).
• Net income attributable to Linde advanced 6.2 % to $1.77 bn; diluted EPS climbed 8.4 % to $3.73. H1 EPS reached $7.24 (+6.6 %).
• Cash flow: H1 operating cash flow +13 % to $4.37 bn; capex $2.53 bn, leaving ≈$1.85 bn free cash flow.
• Capital returns: $2.22 bn buybacks and $1.41 bn dividends year-to-date.

Segments – Americas (+4 % sales) and EMEA (+3 %) led growth with margin expansion; APAC was flat; Engineering revenue +1 %. Merchant and packaged-gas channels contributed 66 % of Q2 sales.

Balance sheet: Debt increased 20 % to $25.9 bn after €2.25 bn and CHF0.5 bn note issues; cash steady at $4.8 bn. Goodwill and PPE rose on capex and acquisitions.

Risks: $1.9 bn liabilities tied to suspended Russian projects and an additional ~$0.7 bn Amur GPP claim persist despite favourable Hong Kong rulings. Receivables and inventories outpaced revenue.

Outlook: Pricing discipline and cost control are boosting profitability; new U.S. tax law reinstating 100 % bonus depreciation should support future cash generation, but higher leverage and legal uncertainties warrant close monitoring.

Insights

Senior Equity Analyst

TL;DR: Earnings beat, margins at record, cash flow strong; leverage rise acceptable given growth capex and cheap euro debt.

Linde’s 8 % EPS growth outpaced a modest 3 % top-line gain, confirming effective pricing and disciplined cost structure. H1 operating cash flow covered both elevated capex and aggressive $2.2 bn buyback, signalling sustained FCF capacity. New euro and CHF bonds lengthen duration at historically low coupons, so the step-up in gross debt adds limited interest burden (net interest down YoY). Segment data show Americas and EMEA delivering double-digit operating profit gains; packaged-gas resilience offsets softer APAC volumes. OBBBA’s reinstated bonus depreciation should enhance 2026-27 cash yields. Valuation positive: expanding margins and tax tailwinds outweigh leverage uptick.

Corporate Risk Analyst

TL;DR: Rising leverage and unresolved $2.6 bn Russia exposure temper otherwise solid fundamentals.

Total debt is up $4.3 bn in six months, lifting net debt/EBITDA to roughly 2× and reducing financial flexibility ahead of a potential capex cycle. The filing details $1.9 bn in contract liabilities plus a new $0.7 bn contingent claim linked to Russian projects; enforcement actions continue despite international arbitration. A prolonged dispute could trigger cash outflows, asset seizures or equity write-downs. Working-capital creep (receivables +13 %, inventory +9 %) also bears watching if macro conditions weaken, especially in APAC where revenue was flat. Credit-profile outlook: stable but sensitive to litigation outcomes.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Resch Martin H.

(Last) (First) (Middle)

12444 POWERSCOURT DRIVE

SUITE 550

(Street)

ST. LOUIS MO 63131

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CASS INFORMATION SYSTEMS INC [ CASS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/31/2025		P		500	A	$39.75	40,920(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes restricted stock bonus shares, subject to vesting and forfeiture.

Remarks:

	/s/ Martin H Resch	08/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.