When trying to create and apply the offline subscription file, the first step of creating the Activation Code txt file works ok from Toad, but when trying to import it on the License Portal website - in order to get the offline subscription file, the following error appears: 'The provided code is invalid or could not be decrypted'

This happens with or without admin permissions, however something in the environment seems to be "corrupting" the data generated for the export process.
When the same steps are run on a machine outside of the work environment, both the online and offline activation steps complete successfully.
Process Monitor capture the processes involved during the offline licence activation request and shows a large number of interactions with "security" tools. When attempting to perform an online activation in the same environment there is an error, "Response: 276, Description: Server disconnected before handshake completion [0xffffffff]."
There appears to be something within the environment interacting with the "encryption" of the licence details, resulting in the licensing portal having an inability to "decrypt" the offline data.
This can occur in a secured network environment (with no admin rights) and heavily constrained internet access also.
As a first step to troubleshoot any restrictions that might block the Activation Code .txt file from being uploaded/read on the license website, before it can create the offline subscription file, please check through the Toad for Oracle connection checklist, to ensure the URLs needed are whitelisted.