diff --git a/hugolib/page.go b/hugolib/page.go
index d0951bff7..4b7c35d76 100644
--- a/hugolib/page.go
+++ b/hugolib/page.go
@@ -1069,6 +1069,16 @@ func (p *Page) prepareForRender(cfg *BuildCfg) error {
 	// or a template or similar has changed so wee need to do a rerendering
 	// of the shortcodes etc.
 
+	// Handle bundled pages first, so the content is available in the
+	// owners' shortcodes.
+	for _, r := range p.Resources.ByType(pageResourceType) {
+		p.s.PathSpec.ProcessingStats.Incr(&p.s.PathSpec.ProcessingStats.Pages)
+		bp := r.(*Page)
+		if err := bp.prepareForRender(cfg); err != nil {
+			s.Log.ERROR.Printf("Failed to prepare bundled page %q for render: %s", bp.BaseFileName(), err)
+		}
+	}
+
 	// If in watch mode or if we have multiple output formats,
 	// we need to keep the original so we can
 	// potentially repeat this process on rebuild.
@@ -1119,15 +1129,6 @@ func (p *Page) prepareForRender(cfg *BuildCfg) error {
 	//analyze for raw stats
 	p.analyzePage()
 
-	// Handle bundled pages.
-	for _, r := range p.Resources.ByType(pageResourceType) {
-		p.s.PathSpec.ProcessingStats.Incr(&p.s.PathSpec.ProcessingStats.Pages)
-		bp := r.(*Page)
-		if err := bp.prepareForRender(cfg); err != nil {
-			s.Log.ERROR.Printf("Failed to prepare bundled page %q for render: %s", bp.BaseFileName(), err)
-		}
-	}
-
 	return nil
 }