Hello
Thank you for posting in Microsoft Community forum.
Yes, the Extended Security Updates (ESU) for Windows Server 2012/2012 R2 can be installed offline with a product key. Here are the steps:
Access your Multiple Activation Key (MAK): You can access your MAK from the Microsoft 365 Admin Center. It may take 3-5 business days for your Multiple Activation Key to become available after purchasing ESUs for on-premises VMs or physical servers.
Install the ESU Licensing Preparation Package: You need to install the ESU Licensing Preparation Package before you apply the ESU add-on key.
Apply the MAK Key: You can apply the MAK key using the command slmgr.vbs /ipk <MAK Key>.
Please note that you must have Software Assurance through Volume Licensing Programs such as an Enterprise Agreement (EA), Enterprise Agreement Subscription (EAS), Enrollment for Education Solutions (EES), or Server and Cloud Enrollment (SCE) in order to purchase ESUs.
Remember to restart your device after you install the required update and before you apply any Monthly Rollup, Security-Only Update, Preview of Monthly Rollup, or standalone update.
Best Regards,
Wesley Li