Masked material casting opaque shadow in rendered video

Hello Users,

I am rendering a movie and running into issues with shadows. See the snips below. Editor is showing nice transparent shadows (first picture), while rendered video shows shadows cast as if the asset was fully opaque (second picture). Maybe Movie Render Queue settings are overriding something? Project is using Lumen.
2024-05-07 23_47_43-CIAV_Unreal - Unreal Editor


Thank you all in advance!