diff --git a/src/pretix/presale/views/event.py b/src/pretix/presale/views/event.py
index 1500ac70f..9270a22ed 100644
--- a/src/pretix/presale/views/event.py
+++ b/src/pretix/presale/views/event.py
@@ -335,12 +335,14 @@ def get_grouped_items(event, subevent=None, voucher=None, channel='web', require
             original_price = item_price_override.get(item.pk, item.default_price)
             if voucher:
                 price = voucher.calculate_price(original_price)
+                include_bundled = not voucher.all_bundles_included
             else:
                 price = original_price
+                include_bundled = True
 
-            item.display_price = item.tax(price, currency=event.currency, include_bundled=True)
+            item.display_price = item.tax(price, currency=event.currency, include_bundled=include_bundled)
             if item.free_price and item.free_price_suggestion is not None:
-                item.suggested_price = item.tax(max(price, item.free_price_suggestion), currency=event.currency, include_bundled=True)
+                item.suggested_price = item.tax(max(price, item.free_price_suggestion), currency=event.currency, include_bundled=include_bundled)
             else:
                 item.suggested_price = item.display_price
 
@@ -384,17 +386,19 @@ def get_grouped_items(event, subevent=None, voucher=None, channel='web', require
                 original_price = var_price_override.get(var.pk, var.price)
                 if voucher:
                     price = voucher.calculate_price(original_price)
+                    include_bundled = not voucher.all_bundles_included
                 else:
                     price = original_price
+                    include_bundled = True
 
-                var.display_price = var.tax(price, currency=event.currency, include_bundled=True)
+                var.display_price = var.tax(price, currency=event.currency, include_bundled=include_bundled)
 
                 if item.free_price and var.free_price_suggestion is not None:
                     var.suggested_price = item.tax(max(price, var.free_price_suggestion), currency=event.currency,
-                                                   include_bundled=True)
+                                                   include_bundled=include_bundled)
                 elif item.free_price and item.free_price_suggestion is not None:
                     var.suggested_price = item.tax(max(price, item.free_price_suggestion), currency=event.currency,
-                                                   include_bundled=True)
+                                                   include_bundled=include_bundled)
                 else:
                     var.suggested_price = var.display_price