Exactly as the title says. It is the same with the Previous button when the first occurrence of the searched string is highlighted. Clicking Previous or Next in this configuration should keep the first or last match highlighted and do nothing. Of course, clicking Next when the first match is highlighted should always highlight the second match. Thank you very much for your work and for your attention.
Similarly to bug #15126, this is a vte issue which you might want to report against it.