That's correct. I believe that there was a version you could download from the Apple app store if your iPad screen was less than 10.1"...or it used to be. Otherwise it is not transferable to an iPad unless you have the subscription.
Scroll down on this link from Amazon where Microsoft put a three column description of which licensing includes office iPad.
Amazon.com
Quote:
Originally Posted by Papa_lecki
You wont be able to transfer the software to an iPad. Only way to get MS on iPad is with MS 365.
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