Reported in SF [Link Removed]
Lumen Panorama renders in 2025.2 may appear overexposed compared to the viewport, or when comparing the same render produced in 2025.1.1
This only appears to occur with Lumen enabled. The scene this occurs for was created in a prior versions and converted to 2025.2, but this does not appear to happen for all scenes - tested with the Lakehouse Retreat scene.
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Result: In 2025.2, the panoramas will be significantly overexposed and have a yellow tint that is not present in the viewport.
There's no existing public thread on this issue, so head over to Questions & Answers just mention TM-21987 in the post.