diff --git a/src/EFCore.Relational/Query/RelationalEntityShaperExpression.cs b/src/EFCore.Relational/Query/RelationalEntityShaperExpression.cs
index 4c5c4d475a0..41f068a0c48 100644
--- a/src/EFCore.Relational/Query/RelationalEntityShaperExpression.cs
+++ b/src/EFCore.Relational/Query/RelationalEntityShaperExpression.cs
@@ -99,16 +99,43 @@ protected override LambdaExpression GenerateMaterializationCondition(IEntityType
         if (table.IsOptional(entityType))
         {
             // Optional dependent
+            var body = baseCondition.Body;
             var valueBufferParameter = baseCondition.Parameters[0];
-            var condition = entityType.GetNonPrincipalSharedNonPkProperties(table)
-                .Where(e => !e.IsNullable)
-                .Select(
+            Expression? condition = null;
+            var requiredNonPkProperties = entityType.GetProperties().Where(p => !p.IsNullable && !p.IsPrimaryKey()).ToList();
+            if (requiredNonPkProperties.Count > 0)
+            {
+                condition = requiredNonPkProperties
+                    .Select(
+                        p => NotEqual(
+                            valueBufferParameter.CreateValueBufferReadValueExpression(typeof(object), p.GetIndex(), p),
+                            Constant(null)))
+                    .Aggregate((a, b) => AndAlso(a, b));
+            }
+
+            var allNonPrincipalSharedNonPkProperties = entityType.GetNonPrincipalSharedNonPkProperties(table);
+            // We don't need condition for nullable property if there exist at least one required property which is non shared.
+            if (allNonPrincipalSharedNonPkProperties.Any()
+                && allNonPrincipalSharedNonPkProperties.All(p => p.IsNullable))
+            {
+                var atLeastOneNonNullValueInNullablePropertyCondition = allNonPrincipalSharedNonPkProperties
+                    .Select(
                         p => NotEqual(
                             valueBufferParameter.CreateValueBufferReadValueExpression(typeof(object), p.GetIndex(), p),
                             Constant(null)))
-                .Aggregate((a, b) => AndAlso(a, b));
+                    .Aggregate((a, b) => OrElse(a, b));
+
+                condition = condition == null
+                    ? atLeastOneNonNullValueInNullablePropertyCondition
+                    : AndAlso(condition, atLeastOneNonNullValueInNullablePropertyCondition);
+            }
+
+            if (condition != null)
+            {
+                body = Condition(condition, body, Default(typeof(IEntityType)));
+            }
 
-            return Lambda(Condition(condition, baseCondition.Body, Default(typeof(IEntityType))), valueBufferParameter);
+            return Lambda(body, valueBufferParameter);
         }
 
         return baseCondition;
diff --git a/test/EFCore.Relational.Specification.Tests/Query/OwnedEntityQueryRelationalTestBase.cs b/test/EFCore.Relational.Specification.Tests/Query/OwnedEntityQueryRelationalTestBase.cs
index 88728379702..ba4435abfc4 100644
--- a/test/EFCore.Relational.Specification.Tests/Query/OwnedEntityQueryRelationalTestBase.cs
+++ b/test/EFCore.Relational.Specification.Tests/Query/OwnedEntityQueryRelationalTestBase.cs
@@ -227,4 +227,12 @@ protected override void OnModelCreating(ModelBuilder modelBuilder)
                 });
         }
     }
+
+    protected override DbContextOptionsBuilder AddOptions(DbContextOptionsBuilder builder)
+    {
+        return base.AddOptions(builder).ConfigureWarnings(
+            c => c
+                .Log(RelationalEventId.OptionalDependentWithoutIdentifyingPropertyWarning)
+                .Log(RelationalEventId.OptionalDependentWithAllNullPropertiesWarning));
+    }
 }
diff --git a/test/EFCore.Specification.Tests/Query/OwnedEntityQueryTestBase.cs b/test/EFCore.Specification.Tests/Query/OwnedEntityQueryTestBase.cs
index 966c06835d2..47095868bce 100644
--- a/test/EFCore.Specification.Tests/Query/OwnedEntityQueryTestBase.cs
+++ b/test/EFCore.Specification.Tests/Query/OwnedEntityQueryTestBase.cs
@@ -231,7 +231,8 @@ public virtual async Task Projecting_correlated_collection_property_for_owned_en
         var query = context.Warehouses.Select(
             x => new WarehouseModel
             {
-                WarehouseCode = x.WarehouseCode, DestinationCountryCodes = x.DestinationCountries.Select(c => c.CountryCode).ToArray()
+                WarehouseCode = x.WarehouseCode,
+                DestinationCountryCodes = x.DestinationCountries.Select(c => c.CountryCode).ToArray()
             }).AsNoTracking();
 
         var result = async
@@ -401,4 +402,95 @@ protected class IntermediateOwnedEntity
         public CustomerData CustomerData { get; set; }
         public SupplierData SupplierData { get; set; }
     }
+
+    [ConditionalTheory]
+    [MemberData(nameof(IsAsyncData))]
+    public virtual async Task Owned_entity_with_all_null_properties_materializes_when_not_containing_another_owned_entity(bool async)
+    {
+        var contextFactory = await InitializeAsync<MyContext28247>(seed: c => c.Seed());
+
+        using var context = contextFactory.CreateContext();
+        var query = context.RotRutCases.OrderBy(e => e.Buyer);
+
+        var result = async
+            ? await query.ToListAsync()
+            : query.ToList();
+
+        Assert.Collection(result,
+            t =>
+            {
+                Assert.Equal("Buyer1", t.Buyer);
+                Assert.NotNull(t.Rot);
+                Assert.Equal(1, t.Rot.ServiceType);
+                Assert.Equal("1", t.Rot.ApartmentNo);
+                Assert.NotNull(t.Rut);
+                Assert.Equal(1, t.Rut.Value);
+            },
+            t =>
+            {
+                Assert.Equal("Buyer2", t.Buyer);
+                // Cannot verify owned entities here since they differ between relational/in-memory
+            });
+    }
+
+    protected class MyContext28247 : DbContext
+    {
+        public MyContext28247(DbContextOptions options)
+            : base(options)
+        {
+        }
+
+        public DbSet<RotRutCase> RotRutCases { get; set; }
+
+        protected override void OnModelCreating(ModelBuilder modelBuilder)
+        {
+            modelBuilder.Entity<RotRutCase>(b =>
+            {
+                b.ToTable("RotRutCases");
+
+                b.OwnsOne(e => e.Rot);
+                b.OwnsOne(e => e.Rut);
+            });
+        }
+
+        public void Seed()
+        {
+            Add(
+                new RotRutCase
+                {
+                    Buyer = "Buyer1",
+                    Rot = new Rot { ServiceType = 1, ApartmentNo = "1" },
+                    Rut = new Rut { Value = 1 }
+                });
+
+            Add(
+                new RotRutCase
+                {
+                    Buyer = "Buyer2",
+                    Rot = new Rot { ServiceType = null, ApartmentNo = null },
+                    Rut = new Rut { Value = null }
+                });
+
+            SaveChanges();
+        }
+    }
+
+    public class RotRutCase
+    {
+        public int Id { get; set; }
+        public string Buyer { get; set; }
+        public Rot Rot { get; set; }
+        public Rut Rut { get; set; }
+    }
+
+    public class Rot
+    {
+        public int? ServiceType { get; set; }
+        public string ApartmentNo { get; set; }
+    }
+
+    public class Rut
+    {
+        public int? Value { get; set; }
+    }
 }
diff --git a/test/EFCore.SqlServer.FunctionalTests/Query/OwnedEntityQuerySqlServerTest.cs b/test/EFCore.SqlServer.FunctionalTests/Query/OwnedEntityQuerySqlServerTest.cs
index ebd1df420bc..593a2ed35c4 100644
--- a/test/EFCore.SqlServer.FunctionalTests/Query/OwnedEntityQuerySqlServerTest.cs
+++ b/test/EFCore.SqlServer.FunctionalTests/Query/OwnedEntityQuerySqlServerTest.cs
@@ -138,4 +138,14 @@ ORDER BY [o].[Id]
 LEFT JOIN [IM_SupplierData] AS [i1] ON [t].[OwnerId] = [i1].[IntermediateOwnedEntityOwnerId]
 ORDER BY [t].[Id]");
     }
+
+    public override async Task Owned_entity_with_all_null_properties_materializes_when_not_containing_another_owned_entity(bool async)
+    {
+        await base.Owned_entity_with_all_null_properties_materializes_when_not_containing_another_owned_entity(async);
+
+        AssertSql(
+            @"SELECT [r].[Id], [r].[Buyer], [r].[Rot_ApartmentNo], [r].[Rot_ServiceType], [r].[Rut_Value]
+FROM [RotRutCases] AS [r]
+ORDER BY [r].[Buyer]");
+    }
 }