"over-indenting" of Blade directives on reformat

In a blade.php file I have an instance of

@if (condition)
<div>content1</div>
@else
<div>content2</div>
@endif

But hitting the Reformat Code command, PHPStorm insists on formatting this so that each blade directive gets increasingly indented.

I've tried all sorts of combinations of tab/indenting settings (of which there seem to be thousands), and tried resetting them to the default, too. Nothing works. What do I have to do to gain control over this formatting and stop PHPStorm from "over-indenting" (is that even a word?) Blade directives?