diff --git a/code/core/src/preview-api/modules/store/csf/portable-stories.test.ts b/code/core/src/preview-api/modules/store/csf/portable-stories.test.ts
index 6c85760cbd4e..24e286b3b909 100644
--- a/code/core/src/preview-api/modules/store/csf/portable-stories.test.ts
+++ b/code/core/src/preview-api/modules/store/csf/portable-stories.test.ts
@@ -77,6 +77,25 @@ describe('composeStory', () => {
     expect(composedStory.parameters.fromAnnotations.asDefaultImport).toEqual(true);
   });
 
+  it('should compose project annotations when used in named and default exports from the same module', () => {
+    setProjectAnnotations([
+      {
+        initialGlobals: { namedExportAnnotation: true },
+        default: {
+          parameters: { defaultExportAnnotation: true },
+        },
+      },
+    ]);
+
+    const Story: Story = {
+      render: () => {},
+    };
+
+    const composedStory = composeStory(Story, meta);
+    expect(composedStory.parameters.defaultExportAnnotation).toEqual(true);
+    expect(composedStory.globals.namedExportAnnotation).toEqual(true);
+  });
+
   it('should return story with composed annotations from story, meta and project', () => {
     const decoratorFromProjectAnnotations = vi.fn((StoryFn) => StoryFn());
     const decoratorFromStoryAnnotations = vi.fn((StoryFn) => StoryFn());
diff --git a/code/core/src/preview-api/modules/store/csf/portable-stories.ts b/code/core/src/preview-api/modules/store/csf/portable-stories.ts
index b9efd7da9792..22b449bd98f0 100644
--- a/code/core/src/preview-api/modules/store/csf/portable-stories.ts
+++ b/code/core/src/preview-api/modules/store/csf/portable-stories.ts
@@ -61,11 +61,8 @@ function extractAnnotation<TRenderer extends Renderer = Renderer>(
   // import * as annotations from '.storybook/preview'
   // import annotations from '.storybook/preview'
   // in both cases: 1 - the file has a default export; 2 - named exports only
-  // support imports such as
-  // import * as annotations from '.storybook/preview'
-  // import annotations from '.storybook/preview'
-  // in both cases: 1 - the file has a default export; 2 - named exports only
-  return 'default' in annotation ? annotation.default : annotation;
+  // also support when the file has both annotations coming from default and named exports
+  return composeConfigs([annotation]);
 }
 
 export function setProjectAnnotations<TRenderer extends Renderer = Renderer>(