Calc export as HTML ignores conditional formatting

LibreOffice 5.3.2.2 in Xubuntu 16.04.

I have conditional formatting in some cells in a Calc spreadsheet. Specifically, currency values are red if negative, black if positive and light grey if zero.

If I export as PDF the conditional formatting is displayed correctly.

If I export as HTML (or preview the spreadsheet in a web browser) the conditional formatting is ignored.

Is this a bug in Calc’s HTML conversion, or am I overlooking something?