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As far as I know, this behavior typically occurs because Exchange SE does not perform online license validation and relies on local service refresh to update its licensing state. Therefore, even if the key is accepted, the activation status may remain unchanged due to cached values in EAC or mismatched edition/build requirements.
That said, you can follow these steps to resolve this:
1. Run this cmdlet to verify current state:
Get-ExchangeServer <ServerName> | Format-List Name,Edition,*Trial*
2. Re-apply the key and restart services
Set-ExchangeServer <ServerName> -ProductKey <ProductKey>
Restart the services:
Restart-Service MSExchangeIS
Restart-Service MSExchangeServiceHost
For more information: https://dori-uw-1.kuma-moon.com/en-us/exchange/plan-and-deploy/post-installation-tasks/enter-product-key#use-the-eac-to-enter-the-product-key
Hope my answer will help you, for any further concern, kindly let me know in the comment section
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