diff --git a/Makefile b/Makefile
index d38311dce720a..81d3255ccd268 100644
--- a/Makefile
+++ b/Makefile
@@ -222,8 +222,10 @@ endif
 endif
 endif
 
+# Note that we disable MSYS2's path munging here, as otherwise
+# it replaces our `:`-separated list as a `;`-separated one.
 define stringreplace
-	$(build_depsbindir)/stringreplace $$(strings -t x - $1 | grep $2 | awk '{print $$1;}') $3 255 "$(call cygpath_w,$1)"
+	MSYS2_ARG_CONV_EXCL='*' $(build_depsbindir)/stringreplace $$(strings -t x - $1 | grep $2 | awk '{print $$1;}') $3 255 "$(call cygpath_w,$1)"
 endef