Received a PDF file with embedded Excel attachments, but Adobe Reader does not allow me to open them.
Adobe security settings block opening Excel files (especially XLSM).
You have to fix it via registry:
regedit
HKLM\SOFTWARE\Policies\Adobe\Adobe Rreader\DC\FeatureLockdown\cDefaultLaunchAttachmentPerms
tBuiltInPermList
|.xlsm:2|.xlsx:2|.xls:2
Make sure each extension is listed only once or it might not work. It might be a good idea to copy and paste the entire list into notepad and edit it there.