A two-component polyurethane composition comprising: an aqueous dispersion comprising an emulsion polymer and a specific sulphate and/or sulfonate surfactant, and a water-dispersible polyisocyanate; the emulsion polymer with a weight average molecular weight of 70,000 g/mol or less comprising, by weight based on the weight of the emulsion polymer, greater than 0.25% of structural units of a phosphorous-containing acid monomer and/or salts thereof, greater than 15% of structural units of a hydroxy-functional alkyl (meth)acrylate, structural units of an monoethylenically unsaturated nonionic monomer, and from zero to 10% of structural units of an additional acid monomer and/or salts thereof; and a process of preparing the two-component polyurethane composition.