diff --git a/arch/arm64/kvm/fpsimd.c b/arch/arm64/kvm/fpsimd.c
index 15e17aca1dec..3f6b1e29cd6b 100644
--- a/arch/arm64/kvm/fpsimd.c
+++ b/arch/arm64/kvm/fpsimd.c
@@ -28,6 +28,20 @@ void kvm_arch_vcpu_load_fp(struct kvm_vcpu *vcpu)
 	if (!system_supports_fpsimd())
 		return;
 
+	/*
+	 * Avoid needless save/restore of the guest's common
+	 * FPSIMD/SVE/SME regs during transitions between L1/L2.
+	 *
+	 * These transitions only happens in a non-preemptible context
+	 * where the host regs have already been saved and unbound. The
+	 * live registers are either free or owned by the guest.
+	 */
+	if (vcpu_get_flag(vcpu, IN_NESTED_ERET) ||
+	    vcpu_get_flag(vcpu, IN_NESTED_EXCEPTION)) {
+		WARN_ON_ONCE(host_owns_fp_regs());
+		return;
+	}
+
 	/*
 	 * Ensure that any host FPSIMD/SVE/SME state is saved and unbound such
 	 * that the host kernel is responsible for restoring this state upon
@@ -102,6 +116,18 @@ void kvm_arch_vcpu_put_fp(struct kvm_vcpu *vcpu)
 {
 	unsigned long flags;
 
+	/*
+	 * See comment in kvm_arch_vcpu_load_fp(). Note that we also rely on
+	 * the guest's max VL to have been set by fpsimd_lazy_switch_to_host()
+	 * so that any intervening kernel-mode SIMD (NEON or otherwise)
+	 * operation sees the full guest state that needs saving.
+	 */
+	if (vcpu_get_flag(vcpu, IN_NESTED_ERET) ||
+	    vcpu_get_flag(vcpu, IN_NESTED_EXCEPTION)) {
+		WARN_ON_ONCE(host_owns_fp_regs());
+		return;
+	}
+
 	local_irq_save(flags);
 
 	if (guest_owns_fp_regs()) {