Hi ki29hz,
I understand how concerning this is, especially after the keys disappeared following the Windows reinstall. The exFAT format itself may not be the deciding factor here; recovery mainly depends on whether the original EFS private key is still available.
Since you mentioned a .pfx file, could you confirm whether it was exported from either laptop before Windows was reinstalled and whether you still know its password?
If so, sign in to Windows using the account that will access the files, then open the .pfx file and follow the Certificate Import Wizard. Import it into the Current User > Personal certificate store. Afterward, test one affected file from a copied set of the data rather than modifying the only copy.
You can also right-click an affected file, select Properties > Advanced > Details, and compare the listed certificate with the certificate contained in the .pfx. The .pfx must include the matching private key; importing an unrelated certificate will not restore access.
Please avoid formatting the HDD or altering the original files while checking this. If the .pfx is missing, does not contain the corresponding private key, or does not match the certificate used for those files, Windows cannot recreate the original EFS key after the reinstall. If the laptops were managed by a company or school, the administrator may also be able to check for an EFS Data Recovery Agent. Thank you so much for your understanding.
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