diff --git a/dlls/msi/format.c b/dlls/msi/format.c
index 128f159da4a..8c5b246a095 100644
--- a/dlls/msi/format.c
+++ b/dlls/msi/format.c
@@ -544,6 +544,10 @@ static FORMSTR *format_replace(FORMAT *format, BOOL propfound, BOOL nonprop,
     format->deformatted = str;
     format->len = size - 1;
 
+    /* don't reformat the NULL */
+    if (replace && !*replace)
+        format->n++;
+
     if (!replace)
         return NULL;
 
@@ -727,9 +731,6 @@ static UINT replace_stack(FORMAT *format, STACK *stack, STACK *values)
     msi_free(replaced);
     format->n = beg->n + beg->len;
 
-    if (type == FORMAT_PROPNULL)
-        format->n++;
-
     top = stack_peek(stack);
     if (top)
     {