Thanks for your answer, @ajlittoz
I don’t need the EPUB to be dynamic; it’s OK to export the displayed values as fixed text. That’s what exporting to PDF does, and I was expecting EPUB to do the same. Perhaps I should amend my OP to explicitly say this.
I didn’t think of looking inside the EPUB file, so I have done so. The EPUB contains exactly what you see; there is nothing between the square brackets apart from some redundant formatting information, presumably caused by the presence (in the original ODT document) of the conditional text.
Here is the complete XML file (I’ve added some line-feeds for readability):
<?xml version="1.0" encoding="UTF-8"?>
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
<link href="../styles/stylesheet.css" rel="stylesheet" type="text/css"/>
</head>
<body class="body0" xmlns:epub="http://www.idpf.org/2007/ops">
<p class="para0">
<span class="span0">This is a sample paragraph that contains conditional text.
The bit inside the square brackets here [</span><span class="span0">] should read
“</span><span class="span0">boxed in</span><span class="span0">”, and indeed it does
so in LibreOffice. But, once exported to EPUB, it is empty.</span>
</p>
<p class="para0">
<span class="span0">The image below shows the conditional text, which is found from
the menu Insert > Cross-reference > Functions > Conditional text.</span>
</p>
<p class="para0">
<img alt="OEBPS/images/image0001.png" class="frame0" src="../images/image0001.png"/>
</p>
</body>
</html>
I shall submit a bug report and then post back here.