Hi. This isn’t a 100% fix for your situation, but I’ve made some small changes to the way the plugin handles excerpts.
Generated excerpts (where no custom excerpt has been entered for the page) will still be stripped of their HTML tags (for the reasons outlined above), but custom excerpts will now only be passed through wp_trim_excerpt (which would remove HTML) if they are longer than the specified word count (55 by default, set using the words
parameter: [child_pages words="255"]
).
When combined with the Rich Text Excerpts plugin, this should mean that you can specify formatted text as a custom excerpt for each page.
(You will need to add the rich text editor to the pages post type using the settings in the Rich Text Excerpts plugin, as pages do not have excerpts by default – my plugin adds that functionality.)
I will look at refining this solution in the future, but hopefully this will help in the meantime.