diff --git a/hugolib/cascade_test.go b/hugolib/cascade_test.go
index 47e53d927..f3060814c 100644
--- a/hugolib/cascade_test.go
+++ b/hugolib/cascade_test.go
@@ -876,3 +876,44 @@ Background: {{ .Params.background }}|
 		b.AssertFileContent("public/p1/index.html", "Background: yosemite.jpg")
 	}
 }
+
+// Issue #12465.
+func TestCascadeOverlap(t *testing.T) {
+	t.Parallel()
+
+	files := `
+-- hugo.toml --
+disableKinds = ['home','rss','sitemap','taxonomy','term']
+-- layouts/_default/list.html --
+{{ .Title }}
+-- layouts/_default/single.html --
+{{ .Title }}
+-- content/s/_index.md --
+---
+title: s
+cascade:
+  _build:
+    render: never
+---
+-- content/s/p1.md --
+---
+title: p1
+---
+-- content/sx/_index.md --
+---
+title: sx
+---
+-- content/sx/p2.md --
+---
+title: p2
+---
+`
+
+	b := Test(t, files)
+
+	b.AssertFileExists("public/s/index.html", false)
+	b.AssertFileExists("public/s/p1/index.html", false)
+
+	b.AssertFileExists("public/sx/index.html", true)    // failing
+	b.AssertFileExists("public/sx/p2/index.html", true) // failing
+}
diff --git a/hugolib/content_map_page.go b/hugolib/content_map_page.go
index 6927562f1..b930845e5 100644
--- a/hugolib/content_map_page.go
+++ b/hugolib/content_map_page.go
@@ -1397,7 +1397,7 @@ func (sa *sitePagesAssembler) applyAggregates() error {
 				pw.WalkContext.Data().Insert(keyPage, cascade)
 			}
 		} else {
-			_, data := pw.WalkContext.Data().LongestPrefix(keyPage)
+			_, data := pw.WalkContext.Data().LongestPrefix(paths.Dir(keyPage))
 			if data != nil {
 				cascade = data.(*maps.Ordered[page.PageMatcher, maps.Params])
 			}