Goldi2005 This was my first impression as well as it does not recognize the previously installed SU correctly according to the logs. Did you try to uninstall KB5025903? I did not so far, I don't want to interrupt services and I don't have a dogfood Exchange environment running anywhere at the moment.
First customer called with broken Exchange. I currently give the KB5029503 uninstall theory a shot there.
EDIT: No, uninstalling June 2023 Exchange SU KB5029503 does not resolve the install issue.
Property(S): INTERIM_UPDATE_INSTALLED = 5024296
Property(S): MsiRunningElevated = 1
Property(S): OriginalDatabase = C:\Windows\Installer\7d6c1.msi
Property(S): Preselected = 1
Property(S): StartupFolder = C:\ProgramData\Microsoft\Windows\Start Menu\Programs\Startup\
Property(S): KB5019077 = KB5019077
Property(S): RecentFolder = C:\Users\Merlin\AppData\Roaming\Microsoft\Windows\Recent\
Property(S): msgInterimIncorrectRollup = Installation cannot continue. The Setup Wizard has determined that this Interim Update is incompatible with the current Microsoft Exchange Server 2016 Cumulative Update 23 configuration.
Property(S): VirtualMemory = 22323
Property(S): TextHeight = 16
Property(S): DesktopFolder = C:\Users\Public\Desktop\
Property(S): QFEUpgrade = 2
Property(S): SECONDSEQUENCE = 1
Property(S): AdminToolsFolder = C:\ProgramData\Microsoft\Windows\Start Menu\Programs\Administrative Tools\
Property(S): ProgramFilesFolder = C:\Program Files (x86)\
Property(S): _BF926C0711244181ACD223071C51BDD3 = C:\Windows\Installer\4da70bc.msp
What's even more **bleep**: I cannot even install KB5025903 again on this server - is now also incompatible!