diff --git a/arch/powerpc/kvm/book3s_hv.c b/arch/powerpc/kvm/book3s_hv.c
index cb66c9534dbf..8c1c93ebd669 100644
--- a/arch/powerpc/kvm/book3s_hv.c
+++ b/arch/powerpc/kvm/book3s_hv.c
@@ -3794,9 +3794,15 @@ static int kvmhv_vcpu_entry_p9_nested(struct kvm_vcpu *vcpu, u64 time_limit, uns
 {
 	struct kvmppc_vcore *vc = vcpu->arch.vcore;
 	unsigned long host_psscr;
+	unsigned long msr;
 	struct hv_guest_state hvregs;
-	int trap;
+	struct p9_host_os_sprs host_os_sprs;
 	s64 dec;
+	int trap;
+
+	switch_pmu_to_guest(vcpu, &host_os_sprs);
+
+	save_p9_host_os_sprs(&host_os_sprs);
 
 	/*
 	 * We need to save and restore the guest visible part of the
@@ -3805,6 +3811,27 @@ static int kvmhv_vcpu_entry_p9_nested(struct kvm_vcpu *vcpu, u64 time_limit, uns
 	 * this is done in kvmhv_vcpu_entry_p9() below otherwise.
 	 */
 	host_psscr = mfspr(SPRN_PSSCR_PR);
+
+	hard_irq_disable();
+	if (lazy_irq_pending())
+		return 0;
+
+	/* MSR bits may have been cleared by context switch */
+	msr = 0;
+	if (IS_ENABLED(CONFIG_PPC_FPU))
+		msr |= MSR_FP;
+	if (cpu_has_feature(CPU_FTR_ALTIVEC))
+		msr |= MSR_VEC;
+	if (cpu_has_feature(CPU_FTR_VSX))
+		msr |= MSR_VSX;
+	if (cpu_has_feature(CPU_FTR_TM) ||
+	    cpu_has_feature(CPU_FTR_P9_TM_HV_ASSIST))
+		msr |= MSR_TM;
+	msr = msr_check_and_set(msr);
+
+	if (unlikely(load_vcpu_state(vcpu, &host_os_sprs)))
+		msr = mfmsr(); /* TM restore can update msr */
+
 	mtspr(SPRN_PSSCR_PR, vcpu->arch.psscr);
 	kvmhv_save_hv_regs(vcpu, &hvregs);
 	hvregs.lpcr = lpcr;
@@ -3846,12 +3873,20 @@ static int kvmhv_vcpu_entry_p9_nested(struct kvm_vcpu *vcpu, u64 time_limit, uns
 	vcpu->arch.psscr = mfspr(SPRN_PSSCR_PR);
 	mtspr(SPRN_PSSCR_PR, host_psscr);
 
+	store_vcpu_state(vcpu);
+
 	dec = mfspr(SPRN_DEC);
 	if (!(lpcr & LPCR_LD)) /* Sign extend if not using large decrementer */
 		dec = (s32) dec;
 	*tb = mftb();
 	vcpu->arch.dec_expires = dec + (*tb + vc->tb_offset);
 
+	timer_rearm_host_dec(*tb);
+
+	restore_p9_host_os_sprs(vcpu, &host_os_sprs);
+
+	switch_pmu_to_host(vcpu, &host_os_sprs);
+
 	return trap;
 }
 
@@ -3862,9 +3897,7 @@ static int kvmhv_p9_guest_entry(struct kvm_vcpu *vcpu, u64 time_limit,
 			 unsigned long lpcr, u64 *tb)
 {
 	struct kvmppc_vcore *vc = vcpu->arch.vcore;
-	struct p9_host_os_sprs host_os_sprs;
 	u64 next_timer;
-	unsigned long msr;
 	int trap;
 
 	next_timer = timer_get_next_tb();
@@ -3875,33 +3908,6 @@ static int kvmhv_p9_guest_entry(struct kvm_vcpu *vcpu, u64 time_limit,
 
 	vcpu->arch.ceded = 0;
 
-	save_p9_host_os_sprs(&host_os_sprs);
-
-	/*
-	 * This could be combined with MSR[RI] clearing, but that expands
-	 * the unrecoverable window. It would be better to cover unrecoverable
-	 * with KVM bad interrupt handling rather than use MSR[RI] at all.
-	 *
-	 * Much more difficult and less worthwhile to combine with IR/DR
-	 * disable.
-	 */
-	hard_irq_disable();
-	if (lazy_irq_pending())
-		return 0;
-
-	/* MSR bits may have been cleared by context switch */
-	msr = 0;
-	if (IS_ENABLED(CONFIG_PPC_FPU))
-		msr |= MSR_FP;
-	if (cpu_has_feature(CPU_FTR_ALTIVEC))
-		msr |= MSR_VEC;
-	if (cpu_has_feature(CPU_FTR_VSX))
-		msr |= MSR_VSX;
-	if (cpu_has_feature(CPU_FTR_TM) ||
-	    cpu_has_feature(CPU_FTR_P9_TM_HV_ASSIST))
-		msr |= MSR_TM;
-	msr = msr_check_and_set(msr);
-
 	kvmppc_subcore_enter_guest();
 
 	vc->entry_exit_map = 1;
@@ -3909,11 +3915,6 @@ static int kvmhv_p9_guest_entry(struct kvm_vcpu *vcpu, u64 time_limit,
 
 	vcpu_vpa_increment_dispatch(vcpu);
 
-	if (unlikely(load_vcpu_state(vcpu, &host_os_sprs)))
-		msr = mfmsr(); /* MSR may have been updated */
-
-	switch_pmu_to_guest(vcpu, &host_os_sprs);
-
 	if (kvmhv_on_pseries()) {
 		trap = kvmhv_vcpu_entry_p9_nested(vcpu, time_limit, lpcr, tb);
 
@@ -3956,16 +3957,8 @@ static int kvmhv_p9_guest_entry(struct kvm_vcpu *vcpu, u64 time_limit,
 			vcpu->arch.slb_max = 0;
 	}
 
-	switch_pmu_to_host(vcpu, &host_os_sprs);
-
-	store_vcpu_state(vcpu);
-
 	vcpu_vpa_increment_dispatch(vcpu);
 
-	timer_rearm_host_dec(*tb);
-
-	restore_p9_host_os_sprs(vcpu, &host_os_sprs);
-
 	vc->entry_exit_map = 0x101;
 	vc->in_guest = 0;
 
diff --git a/arch/powerpc/kvm/book3s_hv_p9_entry.c b/arch/powerpc/kvm/book3s_hv_p9_entry.c
index 5a34f0199bfe..ea531f76f116 100644
--- a/arch/powerpc/kvm/book3s_hv_p9_entry.c
+++ b/arch/powerpc/kvm/book3s_hv_p9_entry.c
@@ -530,6 +530,7 @@ static void save_clear_guest_mmu(struct kvm *kvm, struct kvm_vcpu *vcpu)
 
 int kvmhv_vcpu_entry_p9(struct kvm_vcpu *vcpu, u64 time_limit, unsigned long lpcr, u64 *tb)
 {
+	struct p9_host_os_sprs host_os_sprs;
 	struct kvm *kvm = vcpu->kvm;
 	struct kvm_nested_guest *nested = vcpu->arch.nested;
 	struct kvmppc_vcore *vc = vcpu->arch.vcore;
@@ -559,9 +560,6 @@ int kvmhv_vcpu_entry_p9(struct kvm_vcpu *vcpu, u64 time_limit, unsigned long lpc
 
 	vcpu->arch.ceded = 0;
 
-	/* Could avoid mfmsr by passing around, but probably no big deal */
-	msr = mfmsr();
-
 	host_hfscr = mfspr(SPRN_HFSCR);
 	host_ciabr = mfspr(SPRN_CIABR);
 	host_dawr0 = mfspr(SPRN_DAWR0);
@@ -576,6 +574,41 @@ int kvmhv_vcpu_entry_p9(struct kvm_vcpu *vcpu, u64 time_limit, unsigned long lpc
 	local_paca->kvm_hstate.host_purr = mfspr(SPRN_PURR);
 	local_paca->kvm_hstate.host_spurr = mfspr(SPRN_SPURR);
 
+	switch_pmu_to_guest(vcpu, &host_os_sprs);
+
+	save_p9_host_os_sprs(&host_os_sprs);
+
+	/*
+	 * This could be combined with MSR[RI] clearing, but that expands
+	 * the unrecoverable window. It would be better to cover unrecoverable
+	 * with KVM bad interrupt handling rather than use MSR[RI] at all.
+	 *
+	 * Much more difficult and less worthwhile to combine with IR/DR
+	 * disable.
+	 */
+	hard_irq_disable();
+	if (lazy_irq_pending()) {
+		trap = 0;
+		goto out;
+	}
+
+	/* MSR bits may have been cleared by context switch */
+	msr = 0;
+	if (IS_ENABLED(CONFIG_PPC_FPU))
+		msr |= MSR_FP;
+	if (cpu_has_feature(CPU_FTR_ALTIVEC))
+		msr |= MSR_VEC;
+	if (cpu_has_feature(CPU_FTR_VSX))
+		msr |= MSR_VSX;
+	if (cpu_has_feature(CPU_FTR_TM) ||
+	    cpu_has_feature(CPU_FTR_P9_TM_HV_ASSIST))
+		msr |= MSR_TM;
+	msr = msr_check_and_set(msr);
+	/* Save MSR for restore. This is after hard disable, so EE is clear. */
+
+	if (unlikely(load_vcpu_state(vcpu, &host_os_sprs)))
+		msr = mfmsr(); /* MSR may have been updated */
+
 	if (vc->tb_offset) {
 		u64 new_tb = *tb + vc->tb_offset;
 		mtspr(SPRN_TBU40, new_tb);
@@ -634,6 +667,14 @@ int kvmhv_vcpu_entry_p9(struct kvm_vcpu *vcpu, u64 time_limit, unsigned long lpc
 	mtspr(SPRN_SPRG2, vcpu->arch.shregs.sprg2);
 	mtspr(SPRN_SPRG3, vcpu->arch.shregs.sprg3);
 
+	/*
+	 * It might be preferable to load_vcpu_state here, in order to get the
+	 * GPR/FP register loads executing in parallel with the previous mtSPR
+	 * instructions, but for now that can't be done because the TM handling
+	 * in load_vcpu_state can change some SPRs and vcpu state (nip, msr).
+	 * But TM could be split out if this would be a significant benefit.
+	 */
+
 	local_paca->kvm_hstate.in_guest = KVM_GUEST_MODE_HV_P9;
 
 	/*
@@ -811,6 +852,20 @@ int kvmhv_vcpu_entry_p9(struct kvm_vcpu *vcpu, u64 time_limit, unsigned long lpc
 	vc->dpdes = mfspr(SPRN_DPDES);
 	vc->vtb = mfspr(SPRN_VTB);
 
+	save_clear_guest_mmu(kvm, vcpu);
+	switch_mmu_to_host(kvm, host_pidr);
+
+	/*
+	 * If we are in real mode, only switch MMU on after the MMU is
+	 * switched to host, to avoid the P9_RADIX_PREFETCH_BUG.
+	 */
+	if (IS_ENABLED(CONFIG_PPC_TRANSACTIONAL_MEM) &&
+			vcpu->arch.shregs.msr & MSR_TS_MASK)
+		msr |= MSR_TS_S;
+	__mtmsrd(msr, 0);
+
+	store_vcpu_state(vcpu);
+
 	dec = mfspr(SPRN_DEC);
 	if (!(lpcr & LPCR_LD)) /* Sign extend if not using large decrementer */
 		dec = (s32) dec;
@@ -843,6 +898,19 @@ int kvmhv_vcpu_entry_p9(struct kvm_vcpu *vcpu, u64 time_limit, unsigned long lpc
 		mtspr(SPRN_DAWRX1, host_dawrx1);
 	}
 
+	mtspr(SPRN_DPDES, 0);
+	if (vc->pcr)
+		mtspr(SPRN_PCR, PCR_MASK);
+
+	/* HDEC must be at least as large as DEC, so decrementer_max fits */
+	mtspr(SPRN_HDEC, decrementer_max);
+
+	timer_rearm_host_dec(*tb);
+
+	restore_p9_host_os_sprs(vcpu, &host_os_sprs);
+
+	local_paca->kvm_hstate.in_guest = KVM_GUEST_MODE_NONE;
+
 	if (kvm_is_radix(kvm)) {
 		/*
 		 * Since this is radix, do a eieio; tlbsync; ptesync sequence
@@ -859,26 +927,8 @@ int kvmhv_vcpu_entry_p9(struct kvm_vcpu *vcpu, u64 time_limit, unsigned long lpc
 	if (cpu_has_feature(CPU_FTR_ARCH_31))
 		asm volatile(PPC_CP_ABORT);
 
-	mtspr(SPRN_DPDES, 0);
-	if (vc->pcr)
-		mtspr(SPRN_PCR, PCR_MASK);
-
-	/* HDEC must be at least as large as DEC, so decrementer_max fits */
-	mtspr(SPRN_HDEC, decrementer_max);
-
-	save_clear_guest_mmu(kvm, vcpu);
-	switch_mmu_to_host(kvm, host_pidr);
-	local_paca->kvm_hstate.in_guest = KVM_GUEST_MODE_NONE;
-
-	/*
-	 * If we are in real mode, only switch MMU on after the MMU is
-	 * switched to host, to avoid the P9_RADIX_PREFETCH_BUG.
-	 */
-	if (IS_ENABLED(CONFIG_PPC_TRANSACTIONAL_MEM) &&
-	    vcpu->arch.shregs.msr & MSR_TS_MASK)
-		msr |= MSR_TS_S;
-
-	__mtmsrd(msr, 0);
+out:
+	switch_pmu_to_host(vcpu, &host_os_sprs);
 
 	end_timing(vcpu);
 
