Hi Sofia,
I already installed version 9.2.0. That made me to think of downgrading the version to see how it reacts.
I installed version 8.12.14 and it worked a charm. So I believe the problem resides in the hot fox 9.2.0
I am reporting this as a bug in your last hotfix.
for your information, I ran my code on different servers with different os and the results are the same: 9.1.0 and 9.2.0 have the same issue with WaterMark
I am expecting my bonus anytime soon

Conclusion:
Downgraded to 8.12.14 and it is working for me.
Cheers,