diff --git a/arch/arm64/kvm/arm.c b/arch/arm64/kvm/arm.c
index 152049c5055d..14b747266607 100644
--- a/arch/arm64/kvm/arm.c
+++ b/arch/arm64/kvm/arm.c
@@ -337,12 +337,6 @@ void kvm_arch_vcpu_unblocking(struct kvm_vcpu *vcpu)
 	preempt_enable();
 }
 
-#define __ptrauth_save_key(regs, key)						\
-({										\
-	regs[key ## KEYLO_EL1] = read_sysreg_s(SYS_ ## key ## KEYLO_EL1);	\
-	regs[key ## KEYHI_EL1] = read_sysreg_s(SYS_ ## key ## KEYHI_EL1);	\
-})
-
 void kvm_arch_vcpu_load(struct kvm_vcpu *vcpu, int cpu)
 {
 	int *last_ran;
@@ -376,17 +370,8 @@ void kvm_arch_vcpu_load(struct kvm_vcpu *vcpu, int cpu)
 	else
 		vcpu_set_wfx_traps(vcpu);
 
-	if (vcpu_has_ptrauth(vcpu)) {
-		struct kvm_cpu_context *ctxt = vcpu->arch.host_cpu_context;
-
-		__ptrauth_save_key(ctxt->sys_regs, APIA);
-		__ptrauth_save_key(ctxt->sys_regs, APIB);
-		__ptrauth_save_key(ctxt->sys_regs, APDA);
-		__ptrauth_save_key(ctxt->sys_regs, APDB);
-		__ptrauth_save_key(ctxt->sys_regs, APGA);
-
+	if (vcpu_has_ptrauth(vcpu))
 		vcpu_ptrauth_disable(vcpu);
-	}
 }
 
 void kvm_arch_vcpu_put(struct kvm_vcpu *vcpu)
diff --git a/arch/arm64/kvm/handle_exit.c b/arch/arm64/kvm/handle_exit.c
index 065251efa2e6..5a02d4c90559 100644
--- a/arch/arm64/kvm/handle_exit.c
+++ b/arch/arm64/kvm/handle_exit.c
@@ -162,25 +162,14 @@ static int handle_sve(struct kvm_vcpu *vcpu, struct kvm_run *run)
 	return 1;
 }
 
-/*
- * Handle the guest trying to use a ptrauth instruction, or trying to access a
- * ptrauth register.
- */
-void kvm_arm_vcpu_ptrauth_trap(struct kvm_vcpu *vcpu)
-{
-	if (vcpu_has_ptrauth(vcpu))
-		vcpu_ptrauth_enable(vcpu);
-	else
-		kvm_inject_undefined(vcpu);
-}
-
 /*
  * Guest usage of a ptrauth instruction (which the guest EL1 did not turn into
- * a NOP).
+ * a NOP). If we get here, it is that we didn't fixup ptrauth on exit, and all
+ * that we can do is give the guest an UNDEF.
  */
 static int kvm_handle_ptrauth(struct kvm_vcpu *vcpu, struct kvm_run *run)
 {
-	kvm_arm_vcpu_ptrauth_trap(vcpu);
+	kvm_inject_undefined(vcpu);
 	return 1;
 }
 
diff --git a/arch/arm64/kvm/hyp/switch.c b/arch/arm64/kvm/hyp/switch.c
index c07a45643cd4..d60c2ef0fe8c 100644
--- a/arch/arm64/kvm/hyp/switch.c
+++ b/arch/arm64/kvm/hyp/switch.c
@@ -490,6 +490,64 @@ static bool __hyp_text handle_tx2_tvm(struct kvm_vcpu *vcpu)
 	return true;
 }
 
+static bool __hyp_text esr_is_ptrauth_trap(u32 esr)
+{
+	u32 ec = ESR_ELx_EC(esr);
+
+	if (ec == ESR_ELx_EC_PAC)
+		return true;
+
+	if (ec != ESR_ELx_EC_SYS64)
+		return false;
+
+	switch (esr_sys64_to_sysreg(esr)) {
+	case SYS_APIAKEYLO_EL1:
+	case SYS_APIAKEYHI_EL1:
+	case SYS_APIBKEYLO_EL1:
+	case SYS_APIBKEYHI_EL1:
+	case SYS_APDAKEYLO_EL1:
+	case SYS_APDAKEYHI_EL1:
+	case SYS_APDBKEYLO_EL1:
+	case SYS_APDBKEYHI_EL1:
+	case SYS_APGAKEYLO_EL1:
+	case SYS_APGAKEYHI_EL1:
+		return true;
+	}
+
+	return false;
+}
+
+#define __ptrauth_save_key(regs, key)						\
+({										\
+	regs[key ## KEYLO_EL1] = read_sysreg_s(SYS_ ## key ## KEYLO_EL1);	\
+	regs[key ## KEYHI_EL1] = read_sysreg_s(SYS_ ## key ## KEYHI_EL1);	\
+})
+
+static bool __hyp_text __hyp_handle_ptrauth(struct kvm_vcpu *vcpu)
+{
+	struct kvm_cpu_context *ctxt;
+	u64 val;
+
+	if (!vcpu_has_ptrauth(vcpu) ||
+	    !esr_is_ptrauth_trap(kvm_vcpu_get_hsr(vcpu)))
+		return false;
+
+	ctxt = kern_hyp_va(vcpu->arch.host_cpu_context);
+	__ptrauth_save_key(ctxt->sys_regs, APIA);
+	__ptrauth_save_key(ctxt->sys_regs, APIB);
+	__ptrauth_save_key(ctxt->sys_regs, APDA);
+	__ptrauth_save_key(ctxt->sys_regs, APDB);
+	__ptrauth_save_key(ctxt->sys_regs, APGA);
+
+	vcpu_ptrauth_enable(vcpu);
+
+	val = read_sysreg(hcr_el2);
+	val |= (HCR_API | HCR_APK);
+	write_sysreg(val, hcr_el2);
+
+	return true;
+}
+
 /*
  * Return true when we were able to fixup the guest exit and should return to
  * the guest, false when we should restore the host state and return to the
@@ -524,6 +582,9 @@ static bool __hyp_text fixup_guest_exit(struct kvm_vcpu *vcpu, u64 *exit_code)
 	if (__hyp_handle_fpsimd(vcpu))
 		return true;
 
+	if (__hyp_handle_ptrauth(vcpu))
+		return true;
+
 	if (!__populate_fault_info(vcpu))
 		return true;
 
diff --git a/arch/arm64/kvm/sys_regs.c b/arch/arm64/kvm/sys_regs.c
index ad1d57501d6d..564995084cf8 100644
--- a/arch/arm64/kvm/sys_regs.c
+++ b/arch/arm64/kvm/sys_regs.c
@@ -1034,16 +1034,13 @@ static bool trap_ptrauth(struct kvm_vcpu *vcpu,
 			 struct sys_reg_params *p,
 			 const struct sys_reg_desc *rd)
 {
-	kvm_arm_vcpu_ptrauth_trap(vcpu);
-
 	/*
-	 * Return false for both cases as we never skip the trapped
-	 * instruction:
-	 *
-	 * - Either we re-execute the same key register access instruction
-	 *   after enabling ptrauth.
-	 * - Or an UNDEF is injected as ptrauth is not supported/enabled.
+	 * If we land here, that is because we didn't fixup the access on exit
+	 * by allowing the PtrAuth sysregs. The only way this happens is when
+	 * the guest does not have PtrAuth support enabled.
 	 */
+	kvm_inject_undefined(vcpu);
+
 	return false;
 }