diff --git a/Source/cmExportInstallFileGenerator.cxx b/Source/cmExportInstallFileGenerator.cxx
index af97921906..9accd7ddc5 100644
--- a/Source/cmExportInstallFileGenerator.cxx
+++ b/Source/cmExportInstallFileGenerator.cxx
@@ -280,12 +280,14 @@ cmExportFileGenerator::ExportInfo cmExportInstallFileGenerator::FindExportInfo(
                     [&name](std::unique_ptr<cmTargetExport> const& te) {
                       return te->TargetName == name;
                     })) {
-      exportSets.insert(exp.first);
       std::vector<cmInstallExportGenerator const*> const* installs =
         exportSet.GetInstallations();
-      for (cmInstallExportGenerator const* install : *installs) {
-        exportFiles.push_back(install->GetDestinationFile());
-        namespaces.insert(install->GetNamespace());
+      if (!installs->empty()) {
+        exportSets.insert(exp.first);
+        for (cmInstallExportGenerator const* install : *installs) {
+          exportFiles.push_back(install->GetDestinationFile());
+          namespaces.insert(install->GetNamespace());
+        }
       }
     }
   }
diff --git a/Tests/RunCMake/InstallPackageInfo/DependsMultipleNotInstalled.cmake b/Tests/RunCMake/InstallPackageInfo/DependsMultipleNotInstalled.cmake
new file mode 100644
index 0000000000..7d6e06cc05
--- /dev/null
+++ b/Tests/RunCMake/InstallPackageInfo/DependsMultipleNotInstalled.cmake
@@ -0,0 +1,4 @@
+project(DependsMultipleNotInstalled CXX)
+set(NAMESPACE foo::)
+include(DependsMultipleCommon.cmake)
+install(TARGETS foo EXPORT foo-alt) # set foo-alt never installed
diff --git a/Tests/RunCMake/InstallPackageInfo/RunCMakeTest.cmake b/Tests/RunCMake/InstallPackageInfo/RunCMakeTest.cmake
index ebd3e896e7..71910a8cfa 100644
--- a/Tests/RunCMake/InstallPackageInfo/RunCMakeTest.cmake
+++ b/Tests/RunCMake/InstallPackageInfo/RunCMakeTest.cmake
@@ -35,3 +35,4 @@ run_cmake(LowerCaseFile)
 run_cmake(Requirements)
 run_cmake(TargetTypes)
 run_cmake(DependsMultiple)
+run_cmake(DependsMultipleNotInstalled)