diff --git a/Makefile.inc1 b/Makefile.inc1
index 99e6ed2560c9..75cede05ef23 100644
--- a/Makefile.inc1
+++ b/Makefile.inc1
@@ -983,9 +983,16 @@ buildkernel:
 .endif
 	@echo
 	@echo "--------------------------------------------------------------"
-	@echo ">>> stage 3.2: building everything"
+	@echo ">>> stage 3.2: building the kernel"
 	@echo "--------------------------------------------------------------"
-	cd ${KRNLOBJDIR}/${_kernel}; ${KMAKE} all -DNO_MODULES_OBJ
+	cd ${KRNLOBJDIR}/${_kernel}; ${KMAKE} kernel-all -DNO_MODULES_OBJ
+	@echo
+.if !defined(MODULES_WITH_WORLD) && !defined(NO_MODULES) && exists(${KERNSRCDIR}/modules)
+	@echo "--------------------------------------------------------------"
+	@echo ">>> stage 3.3: building the modules"
+	@echo "--------------------------------------------------------------"
+	cd ${KRNLOBJDIR}/${_kernel}; ${KMAKE} modules-all -DNO_MODULES_OBJ
+.endif
 	@echo "--------------------------------------------------------------"
 	@echo ">>> Kernel build for ${_kernel} completed on `LC_ALL=C date`"
 	@echo "--------------------------------------------------------------"