diff --git a/RELEASE.md b/RELEASE.md
index fbefc6b7..c90a1acc 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -23,6 +23,13 @@
   area instead of a single file, so the bindings build in parallel and
   editing one binding header recompiles only its unit. The module's
   contents and registration order are unchanged.
+- The Python extension is no longer link-time optimized by default. The hot
+  loops are header templates compiled at ``-O3`` inside the extension and
+  LTO cannot reach the static ``aare_core``, so it only added a 20 s
+  single-threaded link and made the binary 15 % smaller. LTO follows the
+  standard CMake property now:
+  ``set_property(TARGET _aare PROPERTY INTERPROCEDURAL_OPTIMIZATION ON)`` or
+  ``-DCMAKE_INTERPROCEDURAL_OPTIMIZATION=ON`` restores it.
 
 ## 2026.9.30
 
diff --git a/python/CMakeLists.txt b/python/CMakeLists.txt
index 9510a5ab..f53ce76a 100644
--- a/python/CMakeLists.txt
+++ b/python/CMakeLists.txt
@@ -20,8 +20,16 @@ endif()
 
 # The compiled python extension: one translation unit per binding area so they
 # compile in parallel; see src/module.cpp for the registration order.
+#
+# Without NO_EXTRAS pybind11 links pybind11::lto, which forces full LTO on the
+# extension regardless of the target's INTERPROCEDURAL_OPTIMIZATION property.
+# LTO cannot reach aare_core (a plain static library) and the templated hot
+# paths are already compiled at -O3 inside the extension, so it only adds a long
+# single-threaded link step. With NO_EXTRAS the standard target property decides
+# (off by default); the other extras are re-added below.
 pybind11_add_module(
   _aare # name of the module
+  NO_EXTRAS
   src/module.cpp
   src/bind_io.cpp
   src/bind_hist.cpp
@@ -38,6 +46,16 @@ set_target_properties(_aare PROPERTIES LIBRARY_OUTPUT_DIRECTORY
                                        ${CMAKE_BINARY_DIR})
 target_link_libraries(_aare PRIVATE aare_core aare_compiler_flags)
 
+# The pybind11_add_module extras that NO_EXTRAS skipped, LTO excepted
+if(MSVC)
+  target_link_libraries(_aare PRIVATE pybind11::windows_extras) # /bigobj, /MP
+elseif(CMAKE_BUILD_TYPE)
+  string(TOUPPER "${CMAKE_BUILD_TYPE}" _aare_build_type)
+  if(NOT _aare_build_type MATCHES "DEBUG|RELWITHDEBINFO|NONE")
+    pybind11_strip(_aare) # strip symbols from optimized builds
+  endif()
+endif()
+
 target_include_directories(
   _aare SYSTEM
   PRIVATE $<TARGET_PROPERTY:aare::Minuit2,INTERFACE_INCLUDE_DIRECTORIES>)