diff --git a/win/build-deps.py b/win/build-deps.py
index b47ec4556b..5694887fbf 100644
--- a/win/build-deps.py
+++ b/win/build-deps.py
@@ -377,7 +377,7 @@ def main() -> None:
     install_occt(vs_cfg_vars, ARGS.build_type, build_deps_cache, ARGS.build_cfg, MSBUILD_MULTIPROC)
     pythonhome = install_python(vs_cfg_vars, ARGS.install_python, ARGS.python_version, build_deps_cache, nuget_exe)
     install_swig(vs_cfg_vars, ARGS.build_type, build_deps_cache, MSBUILD_MULTIPROC)
-    install_cgal(vs_cfg_vars, ARGS.build_type, ARGS.build_cfg, MSBUILD_MULTIPROC)
+    install_cgal(vs_cfg_vars, ARGS.build_type, build_deps_cache, ARGS.build_cfg, MSBUILD_MULTIPROC)
     install_eigen(vs_cfg_vars)
     install_zstd(vs_cfg_vars, ARGS.build_type, ARGS.build_cfg, MSBUILD_MULTIPROC)
     install_rocksdb(vs_cfg_vars, ARGS.build_type, ARGS.build_cfg, MSBUILD_MULTIPROC)
diff --git a/win/installers.py b/win/installers.py
index e93d38be75..0940cc98ac 100644
--- a/win/installers.py
+++ b/win/installers.py
@@ -1036,6 +1036,7 @@ def install_swig(
 def install_cgal(
     vs_cfg_vars: VsCfgResult,
     build_type: BuildType,
+    build_deps_cache: BuildDepsCache,
     build_cfg: BuildCfg,
     msbuild_multiproc: tuple[str, ...],
 ) -> None:
@@ -1043,11 +1044,15 @@ def install_cgal(
     install_dir = vs_cfg_vars.install_dir
 
     # TODO: bump to v5.6.3 to match nix/build-all.py.
-    # TODO: add CGAL_VERSION to the install path during the next version bump.
     CGAL_VERSION = "5.5.5"
     DEPENDENCY_NAME = "cgal"
     dependency_dir = deps_dir / "cgal"
-    dependency_install_dir = install_dir / "cgal"
+    # The version is part of the install path: the CI dependency cache is keyed on the
+    # directory name and only ever adds to it, so the unversioned `cgal` directory kept
+    # serving CGAL 5.2.3 after the minimum was raised to 5.4.
+    dependency_install_dir = install_dir / f"cgal-{CGAL_VERSION}"
+
+    build_deps_cache.add_entry("CGAL_INSTALL_DIR", str(dependency_install_dir))
 
     if is_already_installed(dependency_install_dir):
         return
diff --git a/win/run-cmake.py b/win/run-cmake.py
index f50524aa98..9d296b1d99 100644
--- a/win/run-cmake.py
+++ b/win/run-cmake.py
@@ -68,7 +68,7 @@ class Deps:
         # We don't install Eigen currently,
         # so there's no Eigen3config.cmake and therefore we provide path explicitly.
         "eigen": Dep("EIGEN_DIR", Path("Eigen"), cmake_prefix=False, pass_as_cmake_arg=True),
-        "cgal": Dep("CGAL_INSTALL_DIR", Path("cgal")),
+        "cgal": Dep("CGAL_INSTALL_DIR", None),
         "gmp": Dep("GMP_INSTALL_DIR", Path("mpir")),
         "mpfr": Dep("MPFR_INSTALL_DIR", Path("mpfr")),
         # CCACHE_INSTALL_DIR is only set when ccache wasn't found on PATH.