P: Camera Raw: Canon R5 Raw images are underexposed

Thank You!

This is a known issue and I've linked this thread to our internal bug report. It should be fixed in an upcoming release. 

I'm just concerned with the rendering itself - it seems like Adobe isn't accurately rendering the exposure on-screen and thus requiring additional adjustments. When I open a RAW file to further develop, I like some fidelity to what was originally captured. I'm not saying that adjustments aren't going to be needed, but I would expect to be starting at a point that doesn't "appear" to be underexposed.

I noticed that if I instead use a camera-generated JPG, the exposure retains that 1/2 to 2/3 stop greater brightness. Of course, you lose the dynamic range benefits of the RAW file that way, but the initial presentation on the screen is truer to what was photographed.

 Yes, it can be adjusted in PP...

What's important here is EVERYTHING you see in ACR or LR is 'PP'. It is always rendering based on some setting; the default out of the box or one you've made. It never shows you the actual raw which would look something like this:

http://www.digitaldog.net/files/ThisIsRaw.jpg

The exposure is what it is, why LR might preview one raw from a camera differently than other isn't unusual (even from the same manufacturer). 

The point is:
1. If anyone here is concerned with actual exposure of the raw data, no Adobe product gives you that data. 
2. An image can look ' over exposed' (actually too bright) or 'under exposed' (actually not bright enough), a slider called Exposure doesn't affect exposure at all. It affects the brightness via rendering the raw along with lots of other sliders. 
3. IF the default doesn't appear as you desire, make a custom default. 
4. An optimally exposed raw will nearly always look way, way to bright with the out of the box default settings. Which is why those of us shooting optimal raw exposures always have a custom default setting to ' normalize' the rendering for ideal raw exposure. 
5. The JPEG preview from a raw is based on the exposure for that raw and if it looks 'ok', the likelihood is the raw is grossly under exposed. That camera JPEG is over-written in ACR/LR based on its current rendering settings and again, this has no bearing on the exposure of the raw. It is simply a preview with one, maybe close or close to ideal rendering or one that isn't anything like the ideal rendering. 

I've noticed this also - same settings, same scene, all auto in-camera stuff turned off (lens corrections, etc.), same WB setting, same aperture, shutter, ISO, same lens - open the RAW files in DPP and the exposure is within 1/6 of a stop, actually very slightly brighter on the R5. Open the same two images in LR, and the R5 image is roughly 1/2 stop darker across the frame. 

The cameras appear to be exposing the same, but LR is rendering the CR3 file from the R5 slightly darker for some reason. Yes, it can be adjusted in PP, and I've set up a preset to bring things closer (modest changes in the calibration panel as well to true up some colors) to what it should be. 

When you open RAW files from the R and the R5 of the same image using Canons DPP the exposures are fairly equal. When you open those two flies using LrC 9.4 the R5 files are about 1/2 a stop darker.             

No, the exposure is the same, the rendering isn't. 
This has absolutely nothing to do with exposure. It has everything to do with some default rendering that lacks 'ideal' brightness which can easily be corrected. 

isn't DPP compensating for the in-camera settings?

This is what has been noticed. When you open RAW files from the R and the R5 of the same image using Canons DPP the exposures are fairly equal. When you open those two flies using LrC 9.4 the R5 files are about 1/2 a stop darker.            

LR recognizes the jPEG the camera generated for previews and you could keep them but they are useless and don't represent the JPEGs (or previews) LR  must build to represent the current rendering settings. So it rebuilds them. Been this way since day one. 

What you are seeing IN Camera is a JPG file that is Embedded into every RAW file. No camera that I know of uses the RAW data to show you an image on the cameras built in screen.
Also that embedded JPG is using whatever options you have set in the cameras menu system, the RAW data does not use them.