diff --git a/src/libslic3r/Print.cpp b/src/libslic3r/Print.cpp
index 1ac7448cee..645d8f416d 100644
--- a/src/libslic3r/Print.cpp
+++ b/src/libslic3r/Print.cpp
@@ -2235,9 +2235,11 @@ StringObjectException Print::validate(std::vector<StringObjectException> *warnin
             //FIXME It is quite expensive to generate object layers just to get the print height!
             auto layers = generate_object_layers(print_object.slicing_parameters(), layer_height_profile(print_object_idx), print_object.config().precise_z_height.value);
             if (!layers.empty()) {
-                effective_max_z      = layers.back();
+                // The object layers start above the raft.
+                const double raft_z  = print_object.slicing_parameters().object_print_z_min;
+                effective_max_z      = raft_z + layers.back();
                 last_layer_below_max = layers.size() >= 2 &&
-                    0.5 * (layers[layers.size() - 2] + layers.back()) <= this->config().printable_height + EPSILON;
+                    raft_z + 0.5 * (layers[layers.size() - 2] + layers.back()) <= this->config().printable_height + EPSILON;
                 have_height          = true;
             }
         }
@@ -2245,7 +2247,11 @@ StringObjectException Print::validate(std::vector<StringObjectException> *warnin
         if (!have_height)
             continue;
 
-        if (shrinkage_compensation_z != 1. && effective_max_z > (this->config().printable_height / shrinkage_compensation_z + EPSILON)) {
+        // The layers of a regular printer already carry the Z shrinkage compensation, the belt height does not.
+        const double compensated_max_z   = belt_printer ? effective_max_z * shrinkage_compensation_z : effective_max_z;
+        const double uncompensated_max_z = belt_printer ? effective_max_z : print_object.slicing_parameters().object_print_z_uncompensated_max;
+        if (shrinkage_compensation_z != 1. && compensated_max_z > this->config().printable_height + EPSILON &&
+            uncompensated_max_z <= this->config().printable_height + EPSILON) {
             // The object exceeds the maximum build volume height because of shrinkage compensation.
             return StringObjectException{
                 Slic3r::format(_u8L("While the object %1% itself fits the build volume, it exceeds the maximum build volume height because of material shrinkage compensation."), print_object.model_object()->name),
diff --git a/tests/fff_print/test_print.cpp b/tests/fff_print/test_print.cpp
index 4b76de4b55..1b81eea0ea 100644
--- a/tests/fff_print/test_print.cpp
+++ b/tests/fff_print/test_print.cpp
@@ -26,6 +26,7 @@
 #include <catch2/catch_all.hpp>
 
 #include "libslic3r/Print.hpp"
+#include "libslic3r/Slicing.hpp"
 #include "libslic3r/Layer.hpp"
 #include "libslic3r/BuildVolume.hpp"
 #include "libslic3r/Support/TreeModelVolumes.hpp"
@@ -1596,3 +1597,58 @@ TEST_CASE("Belt supports reach the belt under a leading overhang", "[Print][belt
         CHECK(lowest->print_z - floor_under_lowest > -0.2 - EPSILON);
     }
 }
+
+TEST_CASE("The build height check counts the Z shrinkage compensation once", "[Print][validate][Regression]")
+{
+    // printable_height is 100 mm and Z shrinks to 95 %, so the object is sliced 100 / 95 times taller.
+    // 92 mm become about 96.8 mm and fit; 97 mm become about 102.1 mm and only the compensation makes them too tall; 101 mm are too tall on their own.
+    const auto [height, expected] = GENERATE(table<double, std::string>({
+        { 92., "" },
+        { 97., "because of material shrinkage compensation" },
+        { 101., "exceeds the maximum build volume height." },
+    }));
+    DynamicPrintConfig config = DynamicPrintConfig::full_print_config();
+    config.set_deserialize_strict({
+        { "printable_height", 100. },
+        { "filament_shrinkage_compensation_z", "95%" },
+        { "layer_height", 0.2 },
+        { "initial_layer_print_height", 0.2 },
+        { "layer_change_gcode", "G92 E0\n" }, // validate() relative-E reset
+    });
+
+    Print print;
+    Model model;
+    init_print({ make_cube(20., 20., height) }, print, model, config);
+    const std::string error = print.validate().string;
+    INFO(error);
+    if (expected.empty())
+        CHECK(error.empty());
+    else
+        CHECK(error.find(expected) != std::string::npos);
+}
+
+TEST_CASE("The build height check counts the raft", "[Print][validate][Regression]")
+{
+    // printable_height is 100 mm; three raft layers lift the object by 0.9 mm.
+    const auto [height, fits] = GENERATE(table<double, bool>({ { 98.8, true }, { 99.8, false } }));
+    DynamicPrintConfig config = DynamicPrintConfig::full_print_config();
+    config.set_deserialize_strict({
+        { "printable_height", 100. },
+        { "raft_layers", 3 },
+        { "layer_height", 0.2 },
+        { "initial_layer_print_height", 0.2 },
+        { "layer_change_gcode", "G92 E0\n" }, // validate() relative-E reset
+    });
+
+    Print print;
+    Model model;
+    init_print({ make_cube(20., 20., height) }, print, model, config);
+    const SlicingParameters &slicing_params = print.objects().front()->slicing_parameters();
+    REQUIRE_THAT(slicing_params.object_print_z_min, Catch::Matchers::WithinAbs(0.9, EPSILON));
+    const std::string error = print.validate().string;
+    INFO(error);
+    if (fits)
+        CHECK(error.empty());
+    else
+        CHECK(error.find("maximum build volume height") != std::string::npos);
+}