diff --git a/pungi/phases/pkgset/sources/source_koji.py b/pungi/phases/pkgset/sources/source_koji.py
index bd9cb5d5..18c6746d 100644
--- a/pungi/phases/pkgset/sources/source_koji.py
+++ b/pungi/phases/pkgset/sources/source_koji.py
@@ -901,7 +901,13 @@ def populate_global_pkgset(compose, koji_wrapper, event):
         if pkgset.reuse is None:
             pkgset.populate(
                 compose_tag,
-                event,
+                # We care about packages as they existed on the specified
+                # event. However, modular content tags are not expected to
+                # change, so the event doesn't matter there. If an exact NSVC
+                # of a module is specified, the code above would happily find
+                # its content tag, but fail here if the content tag doesn't
+                # exist at the given event.
+                event=event if is_traditional else None,
                 inherit=should_inherit,
                 include_packages=modular_packages,
             )
diff --git a/tests/test_pkgset_source_koji.py b/tests/test_pkgset_source_koji.py
index 3f90822b..b270bd52 100644
--- a/tests/test_pkgset_source_koji.py
+++ b/tests/test_pkgset_source_koji.py
@@ -116,7 +116,14 @@ class TestPopulateGlobalPkgset(helpers.PungiTestCase):
         self.assertEqual(len(pkgsets), 1)
         self.assertIs(pkgsets[0], orig_pkgset)
         pkgsets[0].assert_has_calls(
-            [mock.call.populate("f25", 123456, inherit=True, include_packages=set())],
+            [
+                mock.call.populate(
+                    "f25",
+                    event=123456,
+                    inherit=True,
+                    include_packages=set(),
+                ),
+            ],
         )
 
     def mock_materialize(self, compose, pkgset, prefix, mmd):
@@ -157,12 +164,16 @@ class TestPopulateGlobalPkgset(helpers.PungiTestCase):
         )
 
         pkgsets[0].assert_has_calls(
-            [mock.call.populate("f25", 123456, inherit=True, include_packages=set())]
+            [
+                mock.call.populate(
+                    "f25", event=123456, inherit=True, include_packages=set()
+                ),
+            ]
         )
         pkgsets[1].assert_has_calls(
             [
                 mock.call.populate(
-                    "f25-extra", 123456, inherit=True, include_packages=set()
+                    "f25-extra", event=123456, inherit=True, include_packages=set()
                 ),
             ]
         )