Released: 2025 H1 Cumulative Update for Exchange Server

Thanks for the reply - this is the current output from the services:
As I sayed, it's a fresh install ... so it's still hanging and there are no new entries in the setup log.

PS C:\WINDOWS\system32> get-service mse*

Status   Name               DisplayName
------   ----               -----------
Stopped  MSExchangeADTop... Microsoft Exchange Active Directory...
Stopped  MSExchangeAntis... Microsoft Exchange Anti-spam Update
Stopped  MSExchangeEdgeSync Microsoft Exchange EdgeSync
Stopped  MSExchangeHM       Microsoft Exchange Health Manager
Stopped  MSExchangeHMRec... Microsoft Exchange Health Manager R...
Stopped  MSExchangeServi... Microsoft Exchange Service Host
Stopped  MSExchangeTrans... Microsoft Exchange Transport
Stopped  MSExchangeTrans... Microsoft Exchange Transport Log Se...

PS C:\WINDOWS\system32> get-service wmi*

Status   Name               DisplayName
------   ----               -----------
Stopped  wmiApSrv           WMI Performance Adapter

This are the last lines from the setup log:

[02.11.2025 09:08:18.0720] [1] Executing: 
          $file = 'web.config';
          $relPath = "ClientAccess\PowerShell-Proxy";
          $dirPath = [System.IO.Path]::Combine($RoleInstallPath, $relPath);

          Set-InstallPathInAppConfig -ConfigFileRelativePath $relPath -ConfigFileName $file;
          Preserve-AppSettings -RoleInstallPath $dirPath -ConfigFileName $file;
        
[02.11.2025 09:08:18.0721] [2] Active Directory session settings for 'Set-InstallPathInAppConfig' are: View Entire Forest: 'True', Configuration Domain Controller: 'vdc01.xxxxx', Preferred Global Catalog: 'vdc01.xxxxx', Preferred Domain Controllers: '{ vdc01.xxxxx }'
[02.11.2025 09:08:18.0721] [2] User specified parameters:  -ConfigFileRelativePath:'ClientAccess\PowerShell-Proxy' -ConfigFileName:'web.config'
[02.11.2025 09:08:18.0721] [2] Beginning processing Set-InstallPathInAppConfig
[02.11.2025 09:08:18.0732] [2] Ending processing Set-InstallPathInAppConfig
[02.11.2025 09:08:18.0734] [2] Active Directory session settings for 'Preserve-AppSettings' are: View Entire Forest: 'True', Configuration Domain Controller: 'vdc01.xxxxx', Preferred Global Catalog: 'vdc01.xxxxx', Preferred Domain Controllers: '{ vdc01.xxxxx }'
[02.11.2025 09:08:18.0734] [2] User specified parameters:  -RoleInstallPath:'C:\Program Files\Microsoft\Exchange Server\V15\ClientAccess\PowerShell-Proxy' -ConfigFileName:'web.config'
[02.11.2025 09:08:18.0734] [2] Beginning processing Preserve-AppSettings
[02.11.2025 09:08:18.0736] [2] Backup config file does not exist at: C:\Program Files\Microsoft\Exchange Server\V15\ConfigBackup\ClientAccess\PowerShell-Proxy\web.config. Skipping preservation.
[02.11.2025 09:08:18.0736] [2] Ending processing Preserve-AppSettings
[02.11.2025 09:08:18.0738] [1] Processing component 'WSMan IIS Hosting Configuration' (WSMan IIS Hosting Configuration Component).
[02.11.2025 09:08:18.0738] [1] Executing: 
					configure-WSManIISHosting -EnableKerberosModule;
				
[02.11.2025 09:08:18.0740] [2] Active Directory session settings for 'Configure-WSManIISHosting' are: View Entire Forest: 'True', Configuration Domain Controller: 'vdc01.xxxxx', Preferred Global Catalog: 'vdc01.xxxxx', Preferred Domain Controllers: '{ vdc01.xxxxx }'
[02.11.2025 09:08:18.0740] [2] User specified parameters:  -EnableKerberosModule:'True'
[02.11.2025 09:08:18.0740] [2] Beginning processing configure-WSManIISHosting
[02.11.2025 09:08:18.0742] [2] Changing the start type of WINRM service to Automatic Delayed...
[02.11.2025 09:08:18.0742] [2] Starting WINRM service...
[02.11.2025 09:08:18.0744] [2] Checking required files...
[02.11.2025 09:08:18.0814] [2] Installing Kerberos authentication global module 'C:\Program Files\Microsoft\Exchange Server\V15\Bin\kerbauth.dll'...
[02.11.2025 09:08:18.0919] [2] Successfully ran the command: 
C:\WINDOWS\system32\inetsrv\appcmd.exe install module /name:kerbauth /image:"C:\Program Files\Microsoft\Exchange Server\V15\Bin\kerbauth.dll" /add:false
Output: GLOBAL MODULE object "kerbauth" added

[02.11.2025 09:08:18.0920] [2] Checking required registry keys...
[02.11.2025 09:08:18.0920] [2] Restarting WSMan service...