EDIT – Solution found (strange behavior):
After further investigation, I discovered that the issue was entirely related to the Spine version being used.
Here are the versions I tested:
4.2.43 (latest stable) → Does NOT work.
3.7.94 → Does NOT work.
4.3.39 (latest beta) → Works perfectly!
At first, I was confused because the Trial version of Spine worked correctly with Spriter2Spine, while my Essential license did not. After some digging, I realized that the Trial was actually running version 4.3.39 (latest beta) by default.
When I installed the beta version on my Essential license, the conversion started working immediately.
It doesn’t make much sense that the stable release fails while the beta works, but for now, using 4.3.39 beta solves the issue completely.
Hopefully, this helps anyone running into the same problem!