I think the first step should be to verify that this transmission is 100% coming from ISS, so we need observations from other stations to verify it.
@EU1SAT don’t get me wrong I believe you and I’m 99% sure is coming from ISS, but I have this 1% that we may miss something.
In parallel there was also a similar finding near this frequency we are talking about:
Not exactly at 437.025 but near.
To be honest I’m finding it unlikely given that the observed frequency is more than 100KHz away from these satellites’ frequencies. But it doesn’t hurt to keep it as a scenario.