You can download a subtitle file in 2 ways. They are:

Open the subtitle project, and from the left panel, click on ‘Translations.’

There, you can find the subtitles in all the languages you added.

To download a subtitle, click on the download icon on the respective subtitle.

You can download a subtitle in 3 formats - .srt, .sbv, .vtt & .ass.

Another way to download a subtitle is from the exports section. After exporting a Subtitle project, you can find it in the ‘Manage export’ section.

Click on the project, and you will find the option to download the subtitles.

Here, you can download the subtitle file only in .srt format.