diff --git a/news/12306.bugfix.rst b/news/12306.bugfix.rst
new file mode 100644
index 000000000..eb6eecaaf
--- /dev/null
+++ b/news/12306.bugfix.rst
@@ -0,0 +1 @@
+Use ``-r=...`` instead of ``-r ...`` to specify references with Mercurial.
diff --git a/src/pip/_internal/vcs/mercurial.py b/src/pip/_internal/vcs/mercurial.py
index 4595960b5..e440c1221 100644
--- a/src/pip/_internal/vcs/mercurial.py
+++ b/src/pip/_internal/vcs/mercurial.py
@@ -31,7 +31,7 @@ class Mercurial(VersionControl):
 
     @staticmethod
     def get_base_rev_args(rev: str) -> List[str]:
-        return ["-r", rev]
+        return [f"-r={rev}"]
 
     def fetch_new(
         self, dest: str, url: HiddenText, rev_options: RevOptions, verbosity: int
diff --git a/tests/unit/test_vcs.py b/tests/unit/test_vcs.py
index fb6c3ea31..4a3750f2d 100644
--- a/tests/unit/test_vcs.py
+++ b/tests/unit/test_vcs.py
@@ -66,7 +66,7 @@ def test_rev_options_repr() -> None:
         # First check VCS-specific RevOptions behavior.
         (Bazaar, [], ["-r", "123"], {}),
         (Git, ["HEAD"], ["123"], {}),
-        (Mercurial, [], ["-r", "123"], {}),
+        (Mercurial, [], ["-r=123"], {}),
         (Subversion, [], ["-r", "123"], {}),
         # Test extra_args.  For this, test using a single VersionControl class.
         (