Send FX Issue when exporting stems in Cubase 12?

Hi there,

I recently upgraded to Cubase 12 and im having an issue exporting stems with the send fx active.

I have a template set for this where all my send fx are set to solo defeat and I export as +Master/Groups/Sends (CSPM) - this always worked for me in the past on Cubase 11.
But for some reason that exact same template and settings are not working in Cubase 12. It exports totally dry with no send fx.

I opened up the same project in Cubase 11 and it exported it fine with all sends applied.
Does anyone know what the issue could be? Or if this is a bug in Cubase 12?

nobody else has experienced this issue?