diff --git a/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/input.mjs b/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/input.mjs
new file mode 100644
index 000000000000..c3fee8a17564
--- /dev/null
+++ b/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/input.mjs
@@ -0,0 +1 @@
+import "core-js";
diff --git a/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/options.json b/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/options.json
new file mode 100644
index 000000000000..5fb36d472ea8
--- /dev/null
+++ b/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/options.json
@@ -0,0 +1,20 @@
+{
+  "validateLogs": true,
+  "ignoreOutput": true,
+  "presets": [
+    [
+      "env",
+      {
+        "debug": true,
+        "targets": {
+          "browsers": [
+            "last 2 versions",
+            "not ie <= 11",
+            "not ie_mob <= 11",
+            "not op_mob <= 12.1"
+          ]
+        }
+      }
+    ]
+  ]
+}
diff --git a/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/stdout.txt b/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/stdout.txt
new file mode 100644
index 000000000000..5dd3cc702309
--- /dev/null
+++ b/packages/babel-preset-env/test/fixtures/debug/browserslists-last-2-versions-not-ie/stdout.txt
@@ -0,0 +1,31 @@
+@babel/preset-env: `DEBUG` option
+
+Using targets:
+{
+  "android": "76",
+  "chrome": "77",
+  "edge": "17",
+  "firefox": "68",
+  "ios": "13",
+  "opera": "46",
+  "safari": "12.1",
+  "samsung": "9.2"
+}
+
+Using modules transform: auto
+
+Using plugins:
+  transform-template-literals { "safari":"12.1" }
+  transform-function-name { "edge":"17" }
+  transform-dotall-regex { "edge":"17", "firefox":"68", "opera":"46" }
+  transform-parameters { "edge":"17" }
+  proposal-async-generator-functions { "edge":"17", "opera":"46" }
+  proposal-object-rest-spread { "edge":"17", "opera":"46" }
+  proposal-unicode-property-regex { "edge":"17", "firefox":"68", "opera":"46" }
+  proposal-json-strings { "edge":"17", "opera":"46" }
+  proposal-optional-catch-binding { "edge":"17", "opera":"46" }
+  transform-named-capturing-groups-regex { "edge":"17", "firefox":"68", "opera":"46" }
+  transform-modules-commonjs { "android":"76", "chrome":"77", "edge":"17", "firefox":"68", "ios":"13", "opera":"46", "safari":"12.1", "samsung":"9.2" }
+  proposal-dynamic-import { "android":"76", "chrome":"77", "edge":"17", "firefox":"68", "ios":"13", "opera":"46", "safari":"12.1", "samsung":"9.2" }
+
+Using polyfills: No polyfills were added, since the `useBuiltIns` option was not set.