diff --git a/contrib/Makefile.am b/contrib/Makefile.am
index 3f84b22f1..f8e0a8ebf 100644
--- a/contrib/Makefile.am
+++ b/contrib/Makefile.am
@@ -22,6 +22,7 @@ terms_DATA = \
 install-exec-local:
 	pwd
 	find locale/ -name "*.po"
+	mkdir -p $(termsdir)
 	cp --parents -r $$(find locale/ -name "*.po") $(termsdir)
 
 rdatadir=$(datadir)/taler/exchange