diff --git a/src/PhpSpreadsheet/Calculation/LookupRef.php b/src/PhpSpreadsheet/Calculation/LookupRef.php
index e6b0f320..f2d22c00 100644
--- a/src/PhpSpreadsheet/Calculation/LookupRef.php
+++ b/src/PhpSpreadsheet/Calculation/LookupRef.php
@@ -794,8 +794,10 @@ class LookupRef
             $lookupLower = StringHelper::strToLower($lookup_value);
             $rowDataLower = StringHelper::strToLower($rowData);
 
-            if (($bothNumeric && $rowData > $lookup_value) ||
-                ($bothNotNumeric && $rowDataLower > $lookupLower)) {
+            if ($not_exact_match && (
+                ($bothNumeric && $rowData > $lookup_value) ||
+                ($bothNotNumeric && $rowDataLower > $lookupLower)
+                )) {
                 break;
             }
 
diff --git a/tests/data/Calculation/LookupRef/HLOOKUP.php b/tests/data/Calculation/LookupRef/HLOOKUP.php
index 25bcea87..6a87a5a1 100644
--- a/tests/data/Calculation/LookupRef/HLOOKUP.php
+++ b/tests/data/Calculation/LookupRef/HLOOKUP.php
@@ -284,5 +284,15 @@ return [
         ],
         2,
         false
-    ]
+    ],
+    [
+        2,
+        'B',
+        [
+            ['Selection column', 'C', 'B', 'A'],
+            ['Value to retrieve', 3, 2, 1]
+        ],
+        2,
+        false
+    ],
 ];