diff --git a/packages/core/src/hydration/annotate.ts b/packages/core/src/hydration/annotate.ts
index c94e64b74b42f..1cd80e4ad5253 100644
--- a/packages/core/src/hydration/annotate.ts
+++ b/packages/core/src/hydration/annotate.ts
@@ -402,6 +402,10 @@ function serializeLView(lView: LView, context: HydrationContext): SerializedView
       if (!(targetNode as HTMLElement).hasAttribute(SKIP_HYDRATION_ATTR_NAME)) {
         annotateHostElementForHydration(targetNode as RElement, lView[i], context);
       }
+      // Include node path info to the annotation in case `tNode.next` (which hydration
+      // relies upon by default) is different from the `tNode.projectionNext`. This helps
+      // hydration runtime logic to find the right node.
+      annotateNextNodePath(ngh, tNode, lView);
     } else {
       // <ng-container> case
       if (tNode.type & TNodeType.ElementContainer) {
@@ -462,19 +466,29 @@ function serializeLView(lView: LView, context: HydrationContext): SerializedView
           }
         }
 
-        if (tNode.projectionNext && tNode.projectionNext !== tNode.next &&
-            !isInSkipHydrationBlock(tNode.projectionNext)) {
-          // Check if projection next is not the same as next, in which case
-          // the node would not be found at creation time at runtime and we
-          // need to provide a location for that node.
-          appendSerializedNodePath(ngh, tNode.projectionNext, lView);
-        }
+        // Include node path info to the annotation in case `tNode.next` (which hydration
+        // relies upon by default) is different from the `tNode.projectionNext`. This helps
+        // hydration runtime logic to find the right node.
+        annotateNextNodePath(ngh, tNode, lView);
       }
     }
   }
   return ngh;
 }
 
+/**
+ * If `tNode.projectionNext` is different from `tNode.next` - it means that
+ * the next `tNode` after projection is different from the one in the original
+ * template. In this case we need to serialize a path to that next node, so that
+ * it can be found at the right location at runtime.
+ */
+function annotateNextNodePath(ngh: SerializedView, tNode: TNode, lView: LView<unknown>) {
+  if (tNode.projectionNext && tNode.projectionNext !== tNode.next &&
+      !isInSkipHydrationBlock(tNode.projectionNext)) {
+    appendSerializedNodePath(ngh, tNode.projectionNext, lView);
+  }
+}
+
 /**
  * Determines whether a component instance that is represented
  * by a given LView uses `ViewEncapsulation.ShadowDom`.
diff --git a/packages/platform-server/test/hydration_spec.ts b/packages/platform-server/test/hydration_spec.ts
index 448ff232811e1..c2e2cf266a481 100644
--- a/packages/platform-server/test/hydration_spec.ts
+++ b/packages/platform-server/test/hydration_spec.ts
@@ -4268,6 +4268,108 @@ describe('platform-server hydration integration', () => {
         verifyClientAndSSRContentsMatch(ssrContents, clientRootNode);
       });
 
+      it('should handle multiple nodes projected in a single slot', async () => {
+        @Component({
+          standalone: true,
+          selector: 'projector-cmp',
+          template: `
+            <ng-content select="foo" />
+            <ng-content select="bar" />
+          `,
+        })
+        class ProjectorCmp {
+        }
+
+        @Component({selector: 'foo', standalone: true, template: ''})
+        class FooCmp {
+        }
+
+        @Component({selector: 'bar', standalone: true, template: ''})
+        class BarCmp {
+        }
+
+        @Component({
+          standalone: true,
+          imports: [ProjectorCmp, FooCmp, BarCmp],
+          selector: 'app',
+          template: `
+            <projector-cmp>
+              <foo />
+              <bar />
+              <foo />
+            </projector-cmp>
+          `,
+        })
+        class SimpleComponent {
+        }
+
+        const html = await ssr(SimpleComponent);
+        const ssrContents = getAppContents(html);
+
+        expect(ssrContents).toContain('<app ngh');
+
+        resetTViewsFor(SimpleComponent, ProjectorCmp);
+
+        const appRef = await hydrate(html, SimpleComponent);
+        const compRef = getComponentRef<SimpleComponent>(appRef);
+        appRef.tick();
+
+        const clientRootNode = compRef.location.nativeElement;
+        verifyAllNodesClaimedForHydration(clientRootNode);
+        verifyClientAndSSRContentsMatch(ssrContents, clientRootNode);
+      });
+
+      it('should handle multiple nodes projected in a single slot (different order)', async () => {
+        @Component({
+          standalone: true,
+          selector: 'projector-cmp',
+          template: `
+            <ng-content select="foo" />
+            <ng-content select="bar" />
+          `,
+        })
+        class ProjectorCmp {
+        }
+
+        @Component({selector: 'foo', standalone: true, template: ''})
+        class FooCmp {
+        }
+
+        @Component({selector: 'bar', standalone: true, template: ''})
+        class BarCmp {
+        }
+
+        @Component({
+          standalone: true,
+          imports: [ProjectorCmp, FooCmp, BarCmp],
+          selector: 'app',
+          template: `
+            <projector-cmp>
+              <bar />
+              <foo />
+              <bar />
+            </projector-cmp>
+          `,
+        })
+        class SimpleComponent {
+        }
+
+        const html = await ssr(SimpleComponent);
+        const ssrContents = getAppContents(html);
+
+        expect(ssrContents).toContain('<app ngh');
+
+        resetTViewsFor(SimpleComponent, ProjectorCmp);
+
+        const appRef = await hydrate(html, SimpleComponent);
+        const compRef = getComponentRef<SimpleComponent>(appRef);
+        appRef.tick();
+
+        const clientRootNode = compRef.location.nativeElement;
+        verifyAllNodesClaimedForHydration(clientRootNode);
+        verifyClientAndSSRContentsMatch(ssrContents, clientRootNode);
+      });
+
       it('should handle empty projection slots within <ng-container>', async () => {
         @Component({
           standalone: true,