I think I have finished the tests. The whole topic is technical and complicated, and so were the tests, and details matter here.
Please be more detailed and attach all relevant information when sharing tests results - the output conversion (which may be set to automatic, and change from format to format, from Max version to version too) matters here. So here are the results with Corona 12 HF1 (nothing should have changed to color management since then), Max 2024 and 2025:
• PNG (low dynamic range) output from Corona VFB and Max VFB differ, if there is display/view transformation set (default) for output. Confirmed in a simple scene, for Max 2024 and 2025.
• PNG output from Corona VFB and Max VFB are the same, if there is no output conversion set. True for Max 2024 and 2025
• EXR (high dynamic range) output from Corona VFB and Max VFB, without output conversion, are identical for Max 2024 and 2025.
• EXR output from Corona VFB and Max VFB, if there is display/view transformation set (default) for output, will differ only for Max 2025 - now this is the tricky part:
Diplay/view/color transformation-conversions should be ignored for high dynamic range outputs (they should be set by viewing application, e.g. VFBs, and should not alter the original high dynamic range render when saved). Max 2024 did not ignore output conversion (bug) for high dynamic range outputs, and apparently so did and currently does Corona VFB.
But Max 2025 "fixed" it - saving out EXR with (1) or without (2) output conversion, from Max VFB, results to exact same image (correct). Saving EXR from Corona VFB, without output conversion (3), will be correct, as in 1 == 2 == 3. But when saving EXR with explicitly set output conversion, from Corona VFB, will take the conversion settings into consideration and result in a different output.