Solidworks PDM Client 2024 installation fails with error message:

The installation manager failed to register bomsource.dll

"C:\WINDOWS\SYSWOW64\regsvr32.exe /s "C:\program files (x86)\solidworks pdm\bomsource.dll" returned 0x3

This command fails:

09:35:14    Info    Step    90    0    "{0: Installing} MSI: {1: C:\Users\wsa-tm\Documents\SOLIDWORKS Downloads\SOLIDWORKS 2024 SP03.1\swpdmclient\SOLIDWORKS PDM Client.msi}; command-line: {2: INSTALLDIR="C:\Program Files\SOLIDWORKS\SOLIDWORKS PDM\"  PDMTYPE=1 PTID={05AD35C4-8A9A-4114-B51F-32186222ABA1} ADDLOCAL=Shared,PDMType,Shared64,PDMTypeX64,Client,ProductID,Client64,eDrw,InsoViewer,SolidWorks,DraftSight,ItemExplorer   SLDIM=1 MSIFASTINSTALL=4 REBOOT=ReallySuppress TRANSFORMS="C:\Users\wsa-tm\Documents\SOLIDWORKS Downloads\SOLIDWORKS 2024 SP03.1\swpdmclient\1033.mst" ARPSYSTEMCOMPONENT=1}

I have uninstalled and reinstalled all VC++ redist packages. I have tried admin image, manual installation, installation manager. I have tried to copy the files in place manually to the folder from a known working installation: C:\Program Files\SOLIDWORKS\SOLIDWORKS PDM\ Nothing works.