I have the following query which is used to export data in XML format. I was using the same query for years on SQL Server 2008.

Recently I had to upgrade to SQL Server 2019. Since then, while the query produces a valid XML if I run in SQL Server Management Studio, it exports a corrupted XML file, with validation errors if if run it using SQLCMD (I use SQLCMD to automate some tasks)

:XML ON
SET NOCOUNT ON;
SET ANSI_NULLS ON;
SET ANSI_WARNINGS ON;
SET QUOTED_IDENTIFIER ON;
SET ARITHABORT ON;
SET CONCAT_NULL_YIELDS_NULL ON;
SET ANSI_PADDING ON;

USE toll;

SELECT 
    ( 
        SELECT     
            PRODUCTSTABLE.CODE2 COLLATE Greek_CI_AS AS SKU, 
            PRODUCTSTABLE.NAME COLLATE Greek_CI_AS AS PRODUCT_NAME, 
            dbo.MTRMARK.NAME COLLATE Greek_CI_AS AS BRAND, 
            dbo.MTRMODEL.NAME COLLATE Greek_CI_AS AS GENDER, 
            dbo.MTRSEASON.CODE COLLATE Greek_CI_AS AS SEASON,
            ISNULL(dbo.utbl01.NAME COLLATE Greek_CI_AS,'') AS COLOR, 
            PRODUCTSTABLE.CODE COLLATE Greek_CI_AS AS SOFT1ID,
            /* START VARIATIONS */
            (
                SELECT 
                    dbo.MTRL.CODE2 + '-' + dbo.CCCMLFINF.CDIM1NAME COLLATE Greek_CI_AS AS VARIATION_SKU, 
                    dbo.CCCMLFINF.CDIM1NAME COLLATE Greek_CI_AS AS SIZE, 
                    CAST(CASE WHEN SUM(dbo.CCCMLFINF.NEWREST) > 0 THEN SUM(dbo.CCCMLFINF.NEWREST) ELSE 0 END AS INT) AS STOCK, 
                    LTRIM(STR(dbo.MTRL.PRICEW, 10, 2)) AS REGULAR_PRICE, 
                    dbo.MTRL.CODE2 COLLATE Greek_CI_AS AS PARENT_SKU, 
                    dbo.CDIMLINES.NAME1 COLLATE Greek_CI_AS AS CDIM, 
                    dbo.MTRL.MTRL AS MTRLID, 
                    dbo.CCCMLFINF.CDIM1, 
                    dbo.CCCMLFINF.CDIMLINES1 AS LINENUM1, 
                    CASE WHEN dbo.MTRL.PRICER = dbo.MTRL.PRICEW THEN '' ELSE LTRIM(STR(dbo.MTRL.PRICER, 10, 2)) END AS SALES_PRICE, 
                    CASE WHEN (dbo.MTREXTRA.BOOL02 = 1 AND CHARINDEX('/' + dbo.CCCMLFINF.CDIM1NAME + '/', dbo.MTREXTRA.VARCHAR01 COLLATE Greek_CI_AS) > 0) THEN 'yes' ELSE 'no' END AS ALLOW_BACKORDER
                FROM 
                    dbo.MTRL 
                INNER JOIN
                    dbo.CCCMLFINF ON dbo.MTRL.MTRL = dbo.CCCMLFINF.MTRL 
                INNER JOIN
                    dbo.MTREXTRA ON dbo.MTRL.MTRL = dbo.MTREXTRA.MTRL 
                INNER JOIN
                    dbo.CDIMLINES ON dbo.CCCMLFINF.COMPANY = dbo.CDIMLINES.COMPANY AND dbo.CCCMLFINF.CDIM1 = dbo.CDIMLINES.CDIM AND dbo.CCCMLFINF.CDIMLINES1 = dbo.CDIMLINES.CDIMLINES 
                WHERE 
                    dbo.MTRL.COMPANY = 2000 AND dbo.MTREXTRA.BOOL01 = 1 AND PRODUCTSTABLE.MTRL = dbo.MTRL.MTRL
                GROUP BY 
                    dbo.MTRL.CODE2, 
                    dbo.CCCMLFINF.CDIM1NAME, 
                    dbo.MTRL.PRICEW, 
                    dbo.CCCMLFINF.FISCPRD, 
                    dbo.CDIMLINES.NAME1, 
                    dbo.MTRL.MTRL, 
                    dbo.CCCMLFINF.CDIM1, 
                    dbo.CCCMLFINF.CDIMLINES1, 
                    dbo.MTRL.PRICER, 
                    dbo.MTREXTRA.BOOL02, 
                    dbo.MTREXTRA.VARCHAR01, 
                    dbo.MTREXTRA.VARCHAR02, 
                    dbo.MTREXTRA.VARCHAR03
                FOR XML PATH ('Variation'), TYPE, ROOT ('Variations')
            ) AS Variations
        FROM 
            dbo.MTRL AS PRODUCTSTABLE 
        INNER JOIN
            dbo.MTRSEASON ON PRODUCTSTABLE.COMPANY = dbo.MTRSEASON.COMPANY AND PRODUCTSTABLE.MTRSEASON = dbo.MTRSEASON.MTRSEASON 
        INNER JOIN
            dbo.MTRMARK ON PRODUCTSTABLE.MTRMARK = dbo.MTRMARK.MTRMARK AND PRODUCTSTABLE.COMPANY = dbo.MTRMARK.COMPANY AND PRODUCTSTABLE.SODTYPE = dbo.MTRMARK.SODTYPE 
        INNER JOIN
            dbo.MTRMODEL ON PRODUCTSTABLE.MTRMODEL = dbo.MTRMODEL.MTRMODEL AND PRODUCTSTABLE.COMPANY = dbo.MTRMODEL.COMPANY AND PRODUCTSTABLE.SODTYPE = dbo.MTRMODEL.SODTYPE 
        INNER JOIN
            dbo.MTREXTRA ON PRODUCTSTABLE.MTRL = dbo.MTREXTRA.MTRL  
        LEFT OUTER JOIN
            dbo.utbl01 ON dbo.MTREXTRA.UTBL01 = dbo.UTBL01.UTBL01 AND dbo.utbl01.COMPANY = 2000
        WHERE 
            PRODUCTSTABLE.COMPANY = 2000 AND dbo.MTREXTRA.BOOL01 = 1 AND DATEDIFF(minute, PRODUCTSTABLE.UPDDATE, SYSDATETIME()) < 60
        FOR XML PATH('Product'), TYPE
    )
FOR XML PATH(''), ROOT('Products');

GO

:XML OFF

My SQLCMD Invocation command is:

SQLCMD -U user -P password -S USER-PCSOFTONE -i QRSqxml.SQL -o QRSproducts_update.xml

I have tried using the -y0 flag with no solution

Any ideas why I have different output between SQL Server Management Studio and sqlcmd?