Microsoft Print to PDF

The header picture is the useful clue here. Since Word prints correctly and Excel Safe Mode makes no difference, this points more toward Excel’s handling of the header image or its interaction with the PDF printer. It doesn’t establish that the Windows print system is broken.

On the laptop, try File > Export > Create PDF/XPS, using Standard quality, instead of Microsoft Print to PDF. This uses Office’s PDF export rather than the printer driver. If the letterhead looks correct, you have a workaround and have narrowed the problem to the printing route.

Then compare these settings on both computers under Page Layout > Page Setup (the small corner arrow) > Header/Footer:

• Scale with document and Align with page margins.
• Custom Header > select the section containing &[Picture] > Format Picture. Compare the actual height and width, not just the scaling percentage.

Those settings can affect the header picture separately from the worksheet’s print settings.

If they match, compare the exact Excel version and build under File > Account > About Excel. Matching Windows and printer settings doesn’t necessarily mean both computers are using the same Excel rendering code. If the laptop is behind, update Office and retest. If direct PDF export works and the builds also match, reinstalling the Microsoft Print to PDF feature on the laptop is a reasonable next step.