diff --git a/build-aux/speedo/w32/inst.nsi b/build-aux/speedo/w32/inst.nsi
index c8a09ae71..24d5d4d27 100644
--- a/build-aux/speedo/w32/inst.nsi
+++ b/build-aux/speedo/w32/inst.nsi
@@ -579,7 +579,7 @@ Section "GnuPG" SEC_gnupg
   File "bin/gpgconf.exe"
   File "bin/gpg-connect-agent.exe"
   File "bin/gpgtar.exe"
-  File "bin/gpg-preset-passphrase.exe"
+  File "libexec/gpg-preset-passphrase.exe"
 
   ClearErrors
   SetOverwrite try