diff --git a/target/s390x/excp_helper.c b/target/s390x/excp_helper.c
index dbff772d34..552098be5f 100644
--- a/target/s390x/excp_helper.c
+++ b/target/s390x/excp_helper.c
@@ -127,7 +127,7 @@ bool s390_cpu_tlb_fill(CPUState *cs, vaddr address, int size,
     CPUS390XState *env = &cpu->env;
     target_ulong vaddr, raddr;
     uint64_t asc;
-    int prot, fail;
+    int prot, fail, excp;
 
     qemu_log_mask(CPU_LOG_MMU, "%s: addr 0x%" VADDR_PRIx " rw %d mmu_idx %d\n",
                   __func__, address, access_type, mmu_idx);
@@ -141,12 +141,14 @@ bool s390_cpu_tlb_fill(CPUState *cs, vaddr address, int size,
             vaddr &= 0x7fffffff;
         }
         fail = mmu_translate(env, vaddr, access_type, asc, &raddr, &prot, true);
+        excp = 0; /* exception already raised */
     } else if (mmu_idx == MMU_REAL_IDX) {
         /* 31-Bit mode */
         if (!(env->psw.mask & PSW_MASK_64)) {
             vaddr &= 0x7fffffff;
         }
         fail = mmu_translate_real(env, vaddr, access_type, &raddr, &prot);
+        excp = 0; /* exception already raised */
     } else {
         g_assert_not_reached();
     }
@@ -159,7 +161,7 @@ bool s390_cpu_tlb_fill(CPUState *cs, vaddr address, int size,
         qemu_log_mask(CPU_LOG_MMU,
                       "%s: raddr %" PRIx64 " > ram_size %" PRIx64 "\n",
                       __func__, (uint64_t)raddr, (uint64_t)ram_size);
-        trigger_pgm_exception(env, PGM_ADDRESSING, ILEN_AUTO);
+        excp = PGM_ADDRESSING;
         fail = 1;
     }
 
@@ -175,6 +177,9 @@ bool s390_cpu_tlb_fill(CPUState *cs, vaddr address, int size,
         return false;
     }
 
+    if (excp) {
+        trigger_pgm_exception(env, excp, ILEN_AUTO);
+    }
     cpu_restore_state(cs, retaddr, true);
 
     /*