diff --git a/moli-html2md/src/anchors.rs b/moli-html2md/src/anchors.rs
index 32c790dd26..ac97016687 100644
--- a/moli-html2md/src/anchors.rs
+++ b/moli-html2md/src/anchors.rs
@@ -37,6 +37,30 @@ pub(crate) fn contains<D: Dom + ?Sized>(
     })
 }
 
+pub(crate) fn within<D: Dom + ?Sized>(
+    dom: &D,
+    root: D::NodeId,
+    limit: usize,
+    ids: &HashSet<String>,
+) -> Vec<String> {
+    let mut found = Vec::new();
+    walk(dom, root, limit, |node| {
+        for attribute in ["id", "name"] {
+            if attribute == "name" && dom.node_kind(node) != NodeKind::Element("a") {
+                continue;
+            }
+            if let Some(id) = dom.attribute(node, attribute)
+                && ids.contains(id)
+                && !found.iter().any(|existing| existing == id)
+            {
+                found.push(id.to_owned());
+            }
+        }
+        false
+    });
+    found
+}
+
 fn walk<D: Dom + ?Sized>(
     dom: &D,
     root: D::NodeId,
diff --git a/moli-html2md/src/machine.rs b/moli-html2md/src/machine.rs
index fe780200d0..914a0bccb7 100644
--- a/moli-html2md/src/machine.rs
+++ b/moli-html2md/src/machine.rs
@@ -354,14 +354,15 @@ impl<'a, D: Dom + ?Sized> Machine<'a, D> {
             }
             "code" | "pre" => {
                 let remaining = self.options.max_depth - depth;
-                if subtree_has_link(self.dom, node, remaining)
-                    || (!self.anchor_targets.is_empty()
-                        && crate::anchors::contains(
-                            self.dom,
-                            node,
-                            remaining,
-                            &self.anchor_targets,
-                        ))
+                if tag == "code"
+                    && (subtree_has_link(self.dom, node, remaining)
+                        || (!self.anchor_targets.is_empty()
+                            && crate::anchors::contains(
+                                self.dom,
+                                node,
+                                remaining,
+                                &self.anchor_targets,
+                            )))
                 {
                     let html = crate::html_table::render(
                         self.dom,
@@ -370,13 +371,18 @@ impl<'a, D: Dom + ?Sized> Machine<'a, D> {
                         self.options.max_depth,
                         &self.anchor_targets,
                     );
-                    if tag == "pre" {
-                        self.writer().block(html.into(), 2, 2);
-                    } else {
-                        self.writer().inline_html(&html);
-                    }
+                    self.writer().inline_html(&html);
                     return;
                 }
+                if tag == "pre" && !self.anchor_targets.is_empty() {
+                    for id in
+                        crate::anchors::within(self.dom, node, remaining, &self.anchor_targets)
+                    {
+                        if self.emitted_anchors.insert(id.clone()) {
+                            self.writer().inline_html(&crate::anchors::markup(&id));
+                        }
+                    }
+                }
                 self.raw.clear();
                 let end = if tag == "pre" {
                     Task::EndPre(self.language(node))
diff --git a/moli-html2md/tests/regressions.rs b/moli-html2md/tests/regressions.rs
index 88bb7e28e2..e74808454e 100644
--- a/moli-html2md/tests/regressions.rs
+++ b/moli-html2md/tests/regressions.rs
@@ -867,6 +867,8 @@ fn html_fallback_preserves_referenced_targets_for_special_nodes() {
         false,
     );
     assert!(code.contains("<a id=\"L1\"></a>"), "{code}");
+    assert!(code.contains("```\nlet x = 1;\n```"), "{code}");
+    assert!(!code.contains("<pre>"), "{code}");
     let table = markdown(
         "<a href='#email'>Email</a><a href='#eq1'>Equation</a><a href='#video1'>Video</a><table><tr><td><input id='email' value='a@example.test'></td><td><math id='eq1'><mi>x</mi></math></td><td><video id='video1' src='/clip.mp4'></video></td></tr></table>",
         false,
@@ -888,18 +890,15 @@ fn invalid_nested_and_empty_headings_do_not_emit_literal_markers() {
 }
 
 #[test]
-fn preformatted_navigation_retains_link_targets() {
+fn preformatted_navigation_retains_literal_content_as_markdown_code() {
     let result = markdown(
         "<pre>ALL GAMES: <a href='home.shtml'>HOME GAMES</a> : <a href='away.shtml'>AWAY GAMES</a>\nScores stay aligned</pre>",
         false,
     );
-    assert!(result.contains("<pre>"), "{result}");
+    assert!(result.starts_with("```\n"), "{result}");
+    assert!(!result.contains("<pre>"), "{result}");
     assert!(
-        result.contains("<a href=\"home.shtml\">HOME GAMES</a>"),
-        "{result}"
-    );
-    assert!(
-        result.contains("<a href=\"away.shtml\">AWAY GAMES</a>"),
+        result.contains("ALL GAMES: HOME GAMES : AWAY GAMES"),
         "{result}"
     );
     assert!(result.contains("Scores stay aligned"), "{result}");
@@ -912,10 +911,12 @@ fn preformatted_code_preserves_externally_referenced_targets() {
         false,
     );
     assert!(result.contains("[Line 1](#L1)"), "{result}");
+    assert!(result.contains("<a id=\"L1\"></a>"), "{result}");
     assert!(
-        result.contains("<span id=\"L1\">let x = 1;</span>"),
+        result.contains("```\nlet x = 1;\nlet y = 2;\n```"),
         "{result}"
     );
+    assert!(!result.contains("<pre>"), "{result}");
 }
 
 #[test]