diff --git a/src/xlsx/functions/cells.ts b/src/xlsx/functions/cells.ts
index d3717fee20..67494e5c4e 100644
--- a/src/xlsx/functions/cells.ts
+++ b/src/xlsx/functions/cells.ts
@@ -9,7 +9,8 @@ import {
 import { functionRegistry } from "../../functions";
 import { formatValue, isNumber } from "../../helpers";
 import { mdyDateRegexp, parseDateTime, timeRegexp, ymdDateRegexp } from "../../helpers/dates";
-import { ExcelCellData, Format } from "../../types";
+import { CellValue, ExcelCellData, Format } from "../../types";
+import { CellErrorType } from "../../types/errors";
 import { XMLAttributes, XMLString } from "../../types/xlsx";
 import { FORCE_DEFAULT_ARGS_FUNCTIONS, NON_RETROCOMPATIBLE_FUNCTIONS } from "../constants";
 import { getCellType, pushElement } from "../helpers/content_helpers";
@@ -33,7 +34,8 @@ export function addFormula(cell: ExcelCellData): {
   const attrs: XMLAttributes = [["t", type]];
   const XlsxFormula = adaptFormulaToExcel(formula);
 
-  const node = escapeXml/*xml*/ `<f>${XlsxFormula}</f><v>${cell.value}</v>`;
+  const exportedValue = adaptFormulaValueToExcel(cell.value);
+  const node = escapeXml/*xml*/ `<f>${XlsxFormula}</f><v>${exportedValue}</v>`;
   return { attrs, node };
 }
 
@@ -76,9 +78,16 @@ export function adaptFormulaToExcel(formulaText: string): string {
     ast = addMissingRequiredArgs(ast);
     return ast;
   });
+  ast = convertAstNodes(ast, "REFERENCE", (ast) => {
+    return ast.value === CellErrorType.InvalidReference ? { ...ast, value: "#REF!" } : ast;
+  });
   return ast ? astToFormula(ast) : formulaText;
 }
 
+function adaptFormulaValueToExcel(formulaValue: CellValue): CellValue {
+  return formulaValue === CellErrorType.InvalidReference ? "#REF!" : formulaValue;
+}
+
 /**
  * Some Excel function need required args that might not be mandatory in o-spreadsheet.
  * This adds those missing args.
diff --git a/tests/xlsx/__snapshots__/xlsx_export.test.ts.snap b/tests/xlsx/__snapshots__/xlsx_export.test.ts.snap
index 34255ac654..6dd76c92a4 100644
--- a/tests/xlsx/__snapshots__/xlsx_export.test.ts.snap
+++ b/tests/xlsx/__snapshots__/xlsx_export.test.ts.snap
@@ -10825,6 +10825,16 @@ exports[`Test XLSX export Generic sheets (style, hidden, size, cf) Simple model
                 </v>
             </c>
         </row>
+        <row r="41">
+            <c r="A41" s="3" t="str">
+                <f>
+                    #REF!+5
+                </f>
+                <v>
+                    #REF!
+                </v>
+            </c>
+        </row>
     </sheetData>
 </worksheet>",
       "contentType": "sheet",
diff --git a/tests/xlsx/xlsx_export.test.ts b/tests/xlsx/xlsx_export.test.ts
index ab2e9e1f69..15ff03123e 100644
--- a/tests/xlsx/xlsx_export.test.ts
+++ b/tests/xlsx/xlsx_export.test.ts
@@ -89,6 +89,7 @@ const simpleData = {
         A38: { content: `='<Sheet2>'!B2` },
         A39: { content: `=A39` },
         A40: { content: `=(1+2)/3` },
+        A41: { content: "=#REF + 5" },
         K3: { border: 5 },
         K4: { border: 4 },
         K5: { border: 4 },