Application output not printed correctly on Windows

When running an application in Creator on Windows 11, sometimes several lines of text are bunched up rather than having line breaks between them:

creator-output.txt

If I run the same application from cmd.exe and capture the output with DbgView, it is as expected:

dbgview-output.txt

Qt Creator 12.0.1
Based on Qt 6.6.0 (MSVC 2019, x86_64)

Built on Dec 11 2023 00:22:59

From revision ee75c7276b