diff --git a/news/changelog-1.5.md b/news/changelog-1.5.md
index b5483dbd53b..8edb9527103 100644
--- a/news/changelog-1.5.md
+++ b/news/changelog-1.5.md
@@ -49,6 +49,7 @@ All changes included in 1.5:
 
 ## Powerpoint Format
 
+- ([#8667](https://github.com/quarto-dev/quarto-cli/issues/8667)): Fix regression with `FloatRefTarget` nodes in PPTX output.
 - ([#9680](https://github.com/quarto-dev/quarto-cli/issues/9680), [#9681](https://github.com/quarto-dev/quarto-cli/issues/9681)): Fix issues with HTML tables parsed by Quarto when converting to powerpoint presentations.
 
 ## Interactive Document
diff --git a/src/resources/filters/customnodes/floatreftarget.lua b/src/resources/filters/customnodes/floatreftarget.lua
index e71e4333acb..c2ba4a36fa5 100644
--- a/src/resources/filters/customnodes/floatreftarget.lua
+++ b/src/resources/filters/customnodes/floatreftarget.lua
@@ -1050,4 +1050,21 @@ end, function(float)
   end
 end)
 
+_quarto.ast.add_renderer("FloatRefTarget", function(_)
+  return _quarto.format.is_powerpoint_output()
+end, function(float)
+  if float.content == nil then
+    warn("Can't render float without content")
+    return pandoc.Null()
+  end
+  local im = quarto.utils.match("Plain/[1]/Image")(float.content)
+  if im == nil then
+    warn("PowerPoint output for FloatRefTargets require a single image as content")
+    return pandoc.Null()
+  end
+  decorate_caption_with_crossref(float)
+  im.caption = quarto.utils.as_inlines(float.caption_long)
+  return pandoc.Para({im})
+end)
+
 global_table_guid_id = 0
\ No newline at end of file
diff --git a/tests/docs/smoke-all/2024/06/24/8667.qmd b/tests/docs/smoke-all/2024/06/24/8667.qmd
new file mode 100644
index 00000000000..4c2ccbca2a2
--- /dev/null
+++ b/tests/docs/smoke-all/2024/06/24/8667.qmd
@@ -0,0 +1,9 @@
+---
+format: pptx
+---
+
+## Slide Title
+
+The text "Figure Caption" is not shown in Powerpoint output.
+
+![Figure Caption](./assets/existing-image.jpg){#fig-figure}
\ No newline at end of file
diff --git a/tests/docs/smoke-all/2024/06/24/assets/existing-image.jpg b/tests/docs/smoke-all/2024/06/24/assets/existing-image.jpg
new file mode 100644
index 00000000000..ef05c84dbf8
Binary files /dev/null and b/tests/docs/smoke-all/2024/06/24/assets/existing-image.jpg differ