diff --git a/misc/python/materialize/version_list.py b/misc/python/materialize/version_list.py
index 2e86084cd6040..ad2489ac16847 100644
--- a/misc/python/materialize/version_list.py
+++ b/misc/python/materialize/version_list.py
@@ -407,7 +407,7 @@ def get_previous_mz_version(
         excluded_versions = set()
 
     if previous_major:
-        version = MzVersion.create(version.major, 0, 0)
+        version = MzVersion.create(version.major, version.minor, 0)
 
     if version.prerelease is not None and len(version.prerelease) > 0:
         # simply drop the prerelease, do not try to find a decremented version