Level inconsistencies when converting stereo to mono

I have a stereo track which peaks at -2.9dB in Cubase

When I use the Convert Files feature to get a mono version of this track, the new file peaks at -8.7dB

If I instead route the original stereo version to a mono group track, that track peaks at -5.7dB.

Shouldn’t these be the same.

Obviously I have no processing on any of the tracks, and all faders/gains are at 0dB.

Whats going on?

Not necessarily

Pan Law.

Sure, I know about pan law.

But they are completely different. It’s not subtle.

Pan Law is not subtle either. The difference is 3 dB. Set the project pan law to -6 dB, and the two files should be roughly the same.

OK Ta.