diff --git a/CMakeLists.txt b/CMakeLists.txt
index ad61efd96b5..03ac543a450 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -144,21 +144,34 @@ target_link_libraries(mbed-core INTERFACE ${MBED_TARGET_CONVERTED})
 #
 function(mbed_generate_bin_hex target)
     get_property(elf_to_bin GLOBAL PROPERTY ELF2BIN)
-    if(MBED_TOOLCHAIN STREQUAL "GCC_ARM")
-        set(CMAKE_POST_BUILD_COMMAND
-            COMMAND ${elf_to_bin} -O binary $<TARGET_FILE:${target}> ${CMAKE_CURRENT_BINARY_DIR}/${target}.bin
-            COMMAND ${CMAKE_COMMAND} -E echo "-- built: ${CMAKE_CURRENT_BINARY_DIR}/${target}.bin"
-            COMMAND ${elf_to_bin} -O ihex $<TARGET_FILE:${target}> ${CMAKE_CURRENT_BINARY_DIR}/${target}.hex
-            COMMAND ${CMAKE_COMMAND} -E echo "-- built: ${CMAKE_CURRENT_BINARY_DIR}/${target}.hex"
-        )
+    if (MBED_TOOLCHAIN STREQUAL "GCC_ARM")
+        # The first condition is quoted in case MBED_OUTPUT_EXT is unset
+        if ("${MBED_OUTPUT_EXT}" STREQUAL "" OR MBED_OUTPUT_EXT STREQUAL "bin")
+            list(APPEND CMAKE_POST_BUILD_COMMAND
+                COMMAND ${elf_to_bin} -O binary $<TARGET_FILE:${target}> ${CMAKE_CURRENT_BINARY_DIR}/${target}.bin
+                COMMAND ${CMAKE_COMMAND} -E echo "-- built: ${CMAKE_CURRENT_BINARY_DIR}/${target}.bin"
+            )
+        endif()
+        if ("${MBED_OUTPUT_EXT}" STREQUAL "" OR MBED_OUTPUT_EXT STREQUAL "hex")
+            list(APPEND CMAKE_POST_BUILD_COMMAND
+                COMMAND ${elf_to_bin} -O ihex $<TARGET_FILE:${target}> ${CMAKE_CURRENT_BINARY_DIR}/${target}.hex
+                COMMAND ${CMAKE_COMMAND} -E echo "-- built: ${CMAKE_CURRENT_BINARY_DIR}/${target}.hex"
+            )
+        endif()
     elseif(MBED_TOOLCHAIN STREQUAL "ARM")
         get_property(mbed_studio_arm_compiler GLOBAL PROPERTY MBED_STUDIO_ARM_COMPILER)
-        set(CMAKE_POST_BUILD_COMMAND
-            COMMAND ${elf_to_bin} ${mbed_studio_arm_compiler} --bin  -o ${CMAKE_CURRENT_BINARY_DIR}/${target}.bin $<TARGET_FILE:${target}>
-            COMMAND ${CMAKE_COMMAND} -E echo "-- built: ${CMAKE_CURRENT_BINARY_DIR}/${target}.bin"
+        if ("${MBED_OUTPUT_EXT}" STREQUAL "" OR MBED_OUTPUT_EXT STREQUAL "bin")
+            list(APPEND CMAKE_POST_BUILD_COMMAND
+                COMMAND ${elf_to_bin} ${mbed_studio_arm_compiler} --bin  -o ${CMAKE_CURRENT_BINARY_DIR}/${target}.bin $<TARGET_FILE:${target}>
+                COMMAND ${CMAKE_COMMAND} -E echo "-- built: ${CMAKE_CURRENT_BINARY_DIR}/${target}.bin"
+            )
+        endif()
+        if ("${MBED_OUTPUT_EXT}" STREQUAL "" OR MBED_OUTPUT_EXT STREQUAL "hex")
+            list(APPEND CMAKE_POST_BUILD_COMMAND
             COMMAND ${elf_to_bin} ${mbed_studio_arm_compiler} --i32combined  -o ${CMAKE_CURRENT_BINARY_DIR}/${target}.hex $<TARGET_FILE:${target}>
             COMMAND ${CMAKE_COMMAND} -E echo "-- built: ${CMAKE_CURRENT_BINARY_DIR}/${target}.hex"
-        )
+            )
+        endif()
     endif()
     add_custom_command(
         TARGET
diff --git a/targets/targets.json b/targets/targets.json
index ef62982274e..2b68f7ac3a9 100644
--- a/targets/targets.json
+++ b/targets/targets.json
@@ -4855,7 +4855,8 @@
             "ARMCLANG",
             "GNUARM"
         ],
-        "tfm_delivery_dir": "TARGET_ARM_SSG/TARGET_MUSCA_B1"
+        "tfm_delivery_dir": "TARGET_ARM_SSG/TARGET_MUSCA_B1",
+        "OUTPUT_EXT": "bin"
     },
     "ARM_MUSCA_S1": {
         "inherits": [
@@ -4910,7 +4911,8 @@
         "tfm_delivery_dir": "TARGET_ARM_SSG/TARGET_MUSCA_S1",
         "detect_code": [
             "5009"
-        ]
+        ],
+        "OUTPUT_EXT": "bin"
     },
     "RZ_A1XX": {
         "inherits": [