diff --git a/mex/build/octave/Makefile.am b/mex/build/octave/Makefile.am
index 2c4a8b7ba..132ddbe15 100644
--- a/mex/build/octave/Makefile.am
+++ b/mex/build/octave/Makefile.am
@@ -5,8 +5,10 @@ if DO_SOMETHING
 SUBDIRS = mjdgges kronecker bytecode libdynare++ gensylv k_order_perturbation dynare_simul_ qzcomplex ordschur block_kalman_filter sobol local_state_space_iterations
 
 if HAVE_GSL
+if HAVE_MATIO
 SUBDIRS += ms_sbvar
 endif
+endif
 
 # libslicot must come before kalman_steady_state
 if HAVE_FORT