diff --git a/pandatool/CMakeLists.txt b/pandatool/CMakeLists.txt
index 4af516d7a4..8db045f4d5 100644
--- a/pandatool/CMakeLists.txt
+++ b/pandatool/CMakeLists.txt
@@ -47,5 +47,7 @@ add_subdirectory(src/xfile)
 add_subdirectory(src/xfileegg)
 add_subdirectory(src/xfileprogs)
 
-export_targets(Tools)
+if(BUILD_TOOLS)
+  export_targets(Tools)
+endif()
 export_targets(ToolsDevel NAMESPACE "Panda3D::Tools::" COMPONENT ToolsDevel)