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Unable to export photos with graphics watermarks since upgrading to Lightroom CC V11. Worked ok on previous version of Lightroom Classic V11
Using Windows 11
I jusyested and it exported as expected for me.
If you are using a watermark preset, you may want to create a new watermark from scratch to see if the preset has been compromised.
Problem solved by remaking graphics watermarks in Photoshop 2022