Microsoft Excel slow on macOS Tahoe with formulas

Hello,

I am experiencing a serious performance issue with Microsoft Excel on macOS Tahoe 26.1.

When I open an Excel file that contains formulas:

• Excel becomes extremely slow
• I see the spinning wheel (“beach ball”) for a long time
• The application freezes or becomes unresponsive
• Sometimes I have to force quit Excel

This issue happens as soon as the file is opened, even before making any changes.

Environnement

• macOS version: macOS Tahoe 26.1
• Device: Mac Air M3
• Microsoft Excel version: Microsoft Excel for Microsoft 365 – Version 16.103.4 (25120717)
• File size: 40Mo
• Storage available: 150Gb

I did the following actions :

• Restarted the Mac
• Closed other applications
• Disabled auto-calculation (when possible)
• Tested with other Excel files (simple files work normally)
• Issue persists only with files containing formulas