diff --git a/CMakeLists.txt b/CMakeLists.txt
index d5b40a9aa9..01104fb488 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -332,7 +332,7 @@ if(HAIKU)
     target_link_libraries(openttd "be" "network" "midi")
 endif()
 
-if(IPO_FOUND)
+if(IPO_FOUND AND NOT OPTION_NO_LTO)
     set_target_properties(openttd PROPERTIES INTERPROCEDURAL_OPTIMIZATION_RELEASE True)
     set_target_properties(openttd PROPERTIES INTERPROCEDURAL_OPTIMIZATION_MINSIZEREL True)
     set_target_properties(openttd PROPERTIES INTERPROCEDURAL_OPTIMIZATION_RELWITHDEBINFO True)