diff --git a/maven-model-builder/src/main/java/org/apache/maven/model/building/DefaultModelBuilder.java b/maven-model-builder/src/main/java/org/apache/maven/model/building/DefaultModelBuilder.java
index 3bfcdbe4c818..704557951342 100644
--- a/maven-model-builder/src/main/java/org/apache/maven/model/building/DefaultModelBuilder.java
+++ b/maven-model-builder/src/main/java/org/apache/maven/model/building/DefaultModelBuilder.java
@@ -1812,7 +1812,7 @@ private DependencyManagement loadDependencyManagement(
             // Dependency excluded from import.
             List<org.apache.maven.api.model.Dependency> dependencies = importMgmt.getDependencies().stream()
                     .filter(candidate -> exclusions.stream().noneMatch(exclusion -> match(exclusion, candidate)))
-                    .map(candidate -> candidate.withExclusions(exclusions))
+                    .map(candidate -> addExclusions(candidate, exclusions))
                     .collect(Collectors.toList());
             importMgmt = importMgmt.withDependencies(dependencies);
         }
@@ -1820,6 +1820,12 @@ private DependencyManagement loadDependencyManagement(
         return importMgmt != null ? new DependencyManagement(importMgmt) : null;
     }
 
+    private static org.apache.maven.api.model.Dependency addExclusions(
+            org.apache.maven.api.model.Dependency candidate, List<Exclusion> exclusions) {
+        return candidate.withExclusions(Stream.concat(candidate.getExclusions().stream(), exclusions.stream())
+                .toList());
+    }
+
     private boolean match(Exclusion exclusion, org.apache.maven.api.model.Dependency candidate) {
         return match(exclusion.getGroupId(), candidate.getGroupId())
                 && match(exclusion.getArtifactId(), candidate.getArtifactId());