[Form 4] Peoples Bancorp Inc/OH Insider Trading Activity

Rhea-AI Filing Summary

Trane Technologies (TT) posted robust Q2-2025 results. Net revenue rose 8% YoY to $5.75 bn, led by Americas (+9%) while Asia-Pac fell 7%. Operating income increased 13% to $1.16 bn, lifting the margin 80 bp to 20.3%. Diluted EPS advanced 18% to $3.89; for 1H-25 EPS is up 26% to $6.55 on 10% higher sales.

Operating cash flow improved 9% to $1.04 bn; after $209 m capex, free cash flow reached ~ $835 m. Uses of cash included $880 m of share repurchases, $420 m dividends and $276 m for the BrainBox AI and EMEA distributor acquisitions, trimming the cash balance to $774 m (vs. $1.59 bn YE-24). Net debt dipped as long-term borrowings fell $398 m. A new $1 bn revolver maturing 2030 keeps total unused credit capacity at $2 bn.

The BrainBox deal added $192 m goodwill and $74 m technology intangibles. Other highlights: OCI swing of +$364 m driven by FX; effective tax rate down to 19.1%; ongoing asbestos Chapter 11 cases funded by a $270 m trust with appeals pending—no incremental charge this quarter.

Positive

• Revenue up 8% YoY to $5.75 bn with double-digit Americas growth.
• Operating margin expanded 80 bp to 20.3%, highest in recent years.
• Diluted EPS grew 18% to $3.89; 1H-25 EPS up 26%.
• Operating cash flow +9% to $1.04 bn, supporting $835 m free cash flow.
• $1 bn 2030 revolver adds to $2 bn untapped credit capacity, safeguarding liquidity.
• BrainBox AI acquisition enhances AI-driven HVAC optimization capabilities.

Negative

• Cash balance down 51% since YE-24 due to buybacks, dividends and M&A.
• Inventory increased 20% to $2.36 bn, potentially pressuring working capital.
• Asia Pacific revenue fell 7%, signaling regional softness.
• Asbestos litigation unresolved; appeals could prolong or raise settlement costs.

Insights

Equity Research Analyst

TL;DR: Strong top-line, margin expansion and buybacks drive double-digit EPS growth—overall bullish.

Revenue and EPS beat last year by 8% and 18%, respectively, showing price discipline and resilient HVAC demand. Operating margin at 20.3% is the highest in five years, reflecting mix shift to services and productivity gains. Free cash flow conversion of 72% comfortably covers the 1.9% dividend yield and aggressive buybacks, which reduced share count 1.5%. Net leverage remains conservative at ~0.7× EBITDA even after acquisitions. The new $1 bn revolver further strengthens liquidity. Guidance was not provided, but run-rate earnings power appears ahead of consensus. Shares should react positively.

Risk Analyst

TL;DR: Cash depletion, inventory build and unresolved asbestos litigation temper the upside.

Cash fell 51% YTD as repurchases outpaced generation; any demand slowdown could pressure liquidity. Inventories rose 20% YoY, heightening obsolescence risk if order rates soften. Asia-Pac revenue contraction and flat EMEA margins flag geopolitical and macro exposures. The Aldrich/Murray asbestos cases remain a tail risk—$545 m proposed settlement is funded, yet appeals continue and could delay resolution or inflate costs. Overall risk profile is contained but warrants monitoring, keeping our impact view neutral.

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).

1. Name and Address of Reporting Person^*

SKINNER FRANCES A

(Last) (First) (Middle)

138 PUTNAM STREET

(Street)

MARIETTA OH 45750

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PEOPLES BANCORP INC [ PEBO ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

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	07/29/2025		P		100	A	$29.69	6,311.318	D
Common Stock	07/29/2025		P		100	A	$29.53	6,411.318	D
Common Stock	07/29/2025		P		100	A	$29.4	6,511.318	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:

Remarks:

	/s/ Jason A. Silcott, attorney-in-fact for Ms. Skinner	07/30/2025
	** 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.

FAQ

How much did Trane Technologies (TT) earn per share in Q2 2025?

Diluted EPS was $3.89, up 18% from $3.30 in Q2 2024.

What were TT's Q2 2025 revenues and growth rate?

Net revenue reached $5.75 billion, an 8% YoY increase.

Did operating margins improve for Trane Technologies?

Yes, Q2 operating margin expanded to 20.3% versus 19.5% a year ago.

How much cash did TT deploy for share repurchases in the first half of 2025?

The company repurchased $879.6 million of its ordinary shares.

What is the status of the asbestos-related litigation?

A $270 m trust is funded; Chapter 11 proceedings for Aldrich & Murray continue with appeals pending, and no new charges were recorded this quarter.

How did the BrainBox AI acquisition affect TT's balance sheet?

It added $192 m goodwill and $73.9 m in technology intangibles.