diff --git a/lib/modules/manager/pip_setup/__fixtures__/setup.py b/lib/modules/manager/pip_setup/__fixtures__/setup.py
index 3ecfce85151a6642ab13ee0fa0bf98e6198cacdc..1ba6263119f5dbe5778e3a73a37b03fcb67cc43e 100644
--- a/lib/modules/manager/pip_setup/__fixtures__/setup.py
+++ b/lib/modules/manager/pip_setup/__fixtures__/setup.py
@@ -61,6 +61,7 @@ setup(
         flask=[
             'flask>=0.11,<2.0',
             'blinker>=1.4,<2.0',
+            'flask2==1.2.3',
         ],
         pg=[
             'sqlparse',
diff --git a/lib/modules/manager/pip_setup/__snapshots__/extract.spec.ts.snap b/lib/modules/manager/pip_setup/__snapshots__/extract.spec.ts.snap
index 9ebc8247dc7a11f8aa7c0b581efad993602b753f..d1367fccdbccb8e5bce6784911023d928909864b 100644
--- a/lib/modules/manager/pip_setup/__snapshots__/extract.spec.ts.snap
+++ b/lib/modules/manager/pip_setup/__snapshots__/extract.spec.ts.snap
@@ -75,12 +75,22 @@ exports[`modules/manager/pip_setup/extract extractPackageFile() returns found de
       },
       "packageName": "blinker",
     },
+    {
+      "currentValue": "==1.2.3",
+      "currentVersion": "1.2.3",
+      "datasource": "pypi",
+      "depName": "flask2",
+      "managerData": {
+        "lineNumber": 63,
+      },
+      "packageName": "flask2",
+    },
     {
       "currentValue": ">=19.7.0,<20.0",
       "datasource": "pypi",
       "depName": "gunicorn",
       "managerData": {
-        "lineNumber": 74,
+        "lineNumber": 75,
       },
       "packageName": "gunicorn",
     },
@@ -89,7 +99,7 @@ exports[`modules/manager/pip_setup/extract extractPackageFile() returns found de
       "datasource": "pypi",
       "depName": "Werkzeug",
       "managerData": {
-        "lineNumber": 75,
+        "lineNumber": 76,
       },
       "packageName": "werkzeug",
     },
@@ -98,7 +108,7 @@ exports[`modules/manager/pip_setup/extract extractPackageFile() returns found de
       "datasource": "pypi",
       "depName": "statsd",
       "managerData": {
-        "lineNumber": 75,
+        "lineNumber": 76,
       },
       "packageName": "statsd",
     },
@@ -107,7 +117,7 @@ exports[`modules/manager/pip_setup/extract extractPackageFile() returns found de
       "datasource": "pypi",
       "depName": "requests",
       "managerData": {
-        "lineNumber": 76,
+        "lineNumber": 77,
       },
       "packageName": "requests",
       "skipReason": "ignored",
@@ -117,7 +127,7 @@ exports[`modules/manager/pip_setup/extract extractPackageFile() returns found de
       "datasource": "pypi",
       "depName": "raven",
       "managerData": {
-        "lineNumber": 77,
+        "lineNumber": 78,
       },
       "packageName": "raven",
     },
@@ -126,7 +136,7 @@ exports[`modules/manager/pip_setup/extract extractPackageFile() returns found de
       "datasource": "pypi",
       "depName": "future",
       "managerData": {
-        "lineNumber": 78,
+        "lineNumber": 79,
       },
       "packageName": "future",
     },
@@ -135,7 +145,7 @@ exports[`modules/manager/pip_setup/extract extractPackageFile() returns found de
       "datasource": "pypi",
       "depName": "ipaddress",
       "managerData": {
-        "lineNumber": 79,
+        "lineNumber": 80,
       },
       "packageName": "ipaddress",
     },
@@ -144,7 +154,7 @@ exports[`modules/manager/pip_setup/extract extractPackageFile() returns found de
       "datasource": "pypi",
       "depName": "zope.interface",
       "managerData": {
-        "lineNumber": 80,
+        "lineNumber": 81,
       },
       "packageName": "zope-interface",
     },
diff --git a/lib/modules/manager/pip_setup/extract.spec.ts b/lib/modules/manager/pip_setup/extract.spec.ts
index 8b852653aee84d96c31d85bb547435dfad2be97a..f7a725b6c1cfdcc31d8b01dc984f8b3c6ec92c7c 100644
--- a/lib/modules/manager/pip_setup/extract.spec.ts
+++ b/lib/modules/manager/pip_setup/extract.spec.ts
@@ -21,6 +21,7 @@ describe('modules/manager/pip_setup/extract', () => {
           { depName: 'django', currentValue: '>=1.11.23,<2.0' },
           { depName: 'flask', currentValue: '>=0.11,<2.0' },
           { depName: 'blinker', currentValue: '>=1.4,<2.0' },
+          { depName: 'flask2', currentValue: '==1.2.3' },
           { depName: 'gunicorn', currentValue: '>=19.7.0,<20.0' },
           { depName: 'Werkzeug', currentValue: '>=0.15.3,<0.16' },
           { depName: 'statsd', currentValue: '>=3.2.1,<4.0' },
diff --git a/lib/modules/manager/pip_setup/extract.ts b/lib/modules/manager/pip_setup/extract.ts
index c2b362f5f54457c5f024434be857285c6260293e..283318a492dc2775ed53bd389ad249d6c76c4dc2 100644
--- a/lib/modules/manager/pip_setup/extract.ts
+++ b/lib/modules/manager/pip_setup/extract.ts
@@ -55,6 +55,10 @@ function depStringHandler(
     datasource: PypiDatasource.id,
   };
 
+  if (currentValue?.startsWith('==')) {
+    dep.currentVersion = currentValue.replace(regEx(/^==\s*/), '');
+  }
+
   return { ...ctx, deps: [...ctx.deps, dep] };
 }