Excerpt macro does not render Page Includes

We use Confluence to publish customer-facing documentation. Within that documentation, some repetitive data, that is likely to change at some point (such as e-mail adresses) are placed in snippet-pages, and then displayed using the Page Include macro.

This works quite nice, except when this include happens to be inside an Excerpt macro. The page using this Excerpt, does not render the text on the embedded page, instead it renders the name of the included page.

See attached example.

I can imagine there are limitations as to what can be part of an excerpt, but since it can include formatting like headers, tables and bullets, I would assume a simple page include would not pose a problem .