Hi @Peter Bannister ,
Welcome to our forum!
Based on my test on the ICS file link obtained in the following figure, other users can download the ICS file from this link of O365 account successfully.
To check if the issue is related to the link itself, it's suggested that you could send the link to other user to check if they can open the link successfully.
If all users cannot open it, please contact the owner of the shared calendar and recreate a link for you to check if there're any differences.
If the issue only occurs in your computer, please try to clean the browser cache and try again. Or it's also suggested that you could switch to other browser to check if the issue still exists.
In addition, considering the impact of some third-party programs on your computer, please try to perform a clean boot for windows and check if the issue still occur.
If the answer is helpful, please click "Accept Answer" and kindly upvote it. If you have extra questions about this answer, please click "Comment".
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