I am running MacOS Tahoe 26.3.1 on an Apple M4 Max, and Premiere Pro (+ Media Encoder) 26.0.2.
When sending any sequence from Premiere Pro to Media Encoder, the text and/or captions do not appear in the Media Encoder preview or the final file.
I have recreated the issue using a range of export presets/formats, a variety of the standard sequence settings and various fonts. The issue happens every time.
It has occurred when using the absolute simplest sequence possible: new project, saved on desktop, new default sequence, a single graphic layer featuring the default ‘New Text Layer’ text & font, but when viewing the preview in Media Encoder, it features nothing but black.
The issue does not occur when exporting from Premiere Pro.