A few comments
Always best to use big number of substitute spaces ..
I'd add "within reason". It does take Excel longer to evaluate REPT(" ",999) than to evaluate, say, REPT(" ",100).
So if you have a lot of these formulas, you can impair the sheet's calculation performance if you choose an unnecessarily large number. To balance that, you do need to choose one that is big enough to do the job.
If the data is all similar to the sample in post #1, then a much smaller 'REPT' number (say 50) should be sufficient (with appropriate adjustments to the other two numbers in the formula of course).
There is small downside to the formula in that from "/abc/cde/My Text? /vwx/1234" it will extract "My Text?" and not "My Text? " (with the trailing space). If that becomes important then you'll need to use something like this:
=MID(A1,FIND(CHAR(1),SUBSTITUTE(A1,"/",CHAR(1),3))+1,FIND(CHAR(1),SUBSTITUTE(A1,"/",CHAR(1),4))-FIND(CHAR(1),SUBSTITUTE(A1,"/",CHAR(1),3))-1)
Assuming that we are still just trying to extract the third term in the string, and preserve any leading/trailing spaces, then a shorter way would be as follows, where "|" is a character chosen that will not appear in your actual text. This has the added advantage of not returning an error if pointed at an empty cell or a cell that does not contain at least 4 "/" characters.
=SUBSTITUTE(TRIM(MID(SUBSTITUTE(SUBSTITUTE(A1," ","|"),"/",REPT(" ",50)),150,50)),"|"," ")
I've noticed that the data still needs some further progressing, I need to check the result if it contains "QAS " OR "QAS" with a string i.e. "/ABC/ABC/QASUNTITLED/123" or "/ABC/ABC/QAS UNTITLED/123" if so then apply the SUBSTITUTE above minus the first 3/4 characters. Any Ideas?
If I have understood your requirement, then I think this simpler formula does what you want.
=TRIM(SUBSTITUTE(MID(SUBSTITUTE(A1,"/",REPT(" ",100)),300,100),"QAS",""))