Severe Pixelation on PNG with Motion After Rendering (Premiere Pro)

I'm experiencing severe pixelation on a PNG file after rendering in Premiere Pro.

• The PNG has motion graphics applied (Ease In/Out + Scale).
• In the timeline preview it looks perfectly fine.
• After rendering, the image becomes pixelated (see attached before/after).
• I tried exporting the PNG separately, nesting it, and re-importing — no difference.
• No additional effects applied, just basic motion.

Before: 

After Rendering:


System Info: 
Laptop Model: HP ENVY x360 Convertible 15-cn0xxx
OS: Windows 10 Home, Version 10.0.19045 (64-bit)
Processor: Intel Core i7-8550U @ 1.80GHz (4 cores / 8 threads)
Memory: 32 GB RAM
Graphics:
NVIDIA GeForce MX150 (4 GB VRAM)
Intel UHD Graphics 620
GPU Driver: 576.98

No clue what is causing this....