diff --git a/cmake/QtPublicWalkLibsHelpers.cmake b/cmake/QtPublicWalkLibsHelpers.cmake
index 1d98dd6e58e..959283aca16 100644
--- a/cmake/QtPublicWalkLibsHelpers.cmake
+++ b/cmake/QtPublicWalkLibsHelpers.cmake
@@ -184,13 +184,13 @@ function(__qt_internal_walk_libs
             if(lib_target MATCHES "^::@")
                 continue()
             elseif(TARGET ${lib_target})
-                if ("${lib_target}" MATCHES "^Qt::(.*)")
-                    # If both, Qt::Foo and Foo targets exist, prefer the target name without
+                if(NOT "${lib_target}" MATCHES "^(Qt|${QT_CMAKE_EXPORT_NAMESPACE})::.+")
+                    # If both, Qt::Foo and Foo targets exist, prefer the target name with versioned
                     # namespace. Which one is preferred doesn't really matter. This code exists to
                     # avoid ending up with both, Qt::Foo and Foo in our dependencies.
-                    set(namespaceless_lib_target "${CMAKE_MATCH_1}")
-                    if(TARGET "${namespaceless_lib_target}")
-                        set(lib_target ${namespaceless_lib_target})
+                    set(versioned_qt_target "${QT_CMAKE_EXPORT_NAMESPACE}::${lib_target}")
+                    if(TARGET "${versioned_qt_target}")
+                        set(lib_target ${versioned_qt_target})
                     endif()
                 endif()
                 get_target_property(lib_target_type ${lib_target} TYPE)