<div *ngIf="pageNotFound && !isLoading; else pageContents" class="mat-card">
  <h1>Page Not Found</h1>
  <p>Sorry! The page you are looking for does't not exist, either it has been deactivate or removed.</p>
</p>
</div>

<ng-template #pageContents>

</ng-template>

@if (pageNotFound && !isLoading) {
<div class="mat-card">
  <h1>Company Profile Not Found</h1>
  <p>Sorry! The profile you are looking for does't not exist, either it has been deactivate or removed.</p>
 </div>
} @else {

  The code which was inside the ng-template is placed here (without any changes).

}

<ng-template #pageContents>
The code with the new control flow remains here inside ng-template. It should have been placed inside the above else statement, and this ng-template block should have been removed.
</ng-template>

No exception, is show because generated code is till valid. But migrations is not performed properly.

17.0.0-rc.2