A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
I had exactly the same symptom on PowerPoint for Mac: newly inserted equations showed “Cambria Math” with Italic on, but the variables were upright, and toggling Italic off and on fixed it. Updating Office and clearing the font cache did not help.
What fixed it for me:
Quit all Office apps.
In Finder, choose Go > Go to Folder and enter ~/Library/Group Containers/UBF8T346G9.Office/
Move the file MicrosoftRegistrationDB to the Trash. Copying it to the Desktop first is a safe backup.
Restart PowerPoint.
Equations are italic again from the moment they are inserted. Office recreates the file automatically on launch. It seems this settings database had become corrupted.