Hi @sergejo73956991 - Thanks for submitting your bug report. We need a few more details to try to help with the issue.
I have checked in 25.2 and do see that transparency is working with files that have an alpha channel.
Can you try what Ann has suggested by holding down "SHIFT" while launching Premiere and check the boxes
"Reset app preferences" (Backup Preferences first)
"Clear media cache files"
If you are looking for the Software Renderer this has been moved to the "Shift" and launch Pre
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