diff --git a/arch/arm64/kvm/hyp/nvhe/setup.c b/arch/arm64/kvm/hyp/nvhe/setup.c
index 4e7687bc8ac6..6bcbf959821c 100644
--- a/arch/arm64/kvm/hyp/nvhe/setup.c
+++ b/arch/arm64/kvm/hyp/nvhe/setup.c
@@ -166,6 +166,7 @@ static int finalize_host_mappings_walker(u64 addr, u64 end, u32 level,
 					 enum kvm_pgtable_walk_flags flag,
 					 void * const arg)
 {
+	struct kvm_pgtable_mm_ops *mm_ops = arg;
 	enum kvm_pgtable_prot prot;
 	enum pkvm_page_state state;
 	kvm_pte_t pte = *ptep;
@@ -174,6 +175,15 @@ static int finalize_host_mappings_walker(u64 addr, u64 end, u32 level,
 	if (!kvm_pte_valid(pte))
 		return 0;
 
+	/*
+	 * Fix-up the refcount for the page-table pages as the early allocator
+	 * was unable to access the hyp_vmemmap and so the buddy allocator has
+	 * initialised the refcount to '1'.
+	 */
+	mm_ops->get_page(ptep);
+	if (flag != KVM_PGTABLE_WALK_LEAF)
+		return 0;
+
 	if (level != (KVM_PGTABLE_MAX_LEVELS - 1))
 		return -EINVAL;
 
@@ -206,7 +216,8 @@ static int finalize_host_mappings(void)
 {
 	struct kvm_pgtable_walker walker = {
 		.cb	= finalize_host_mappings_walker,
-		.flags	= KVM_PGTABLE_WALK_LEAF,
+		.flags	= KVM_PGTABLE_WALK_LEAF | KVM_PGTABLE_WALK_TABLE_POST,
+		.arg	= pkvm_pgtable.mm_ops,
 	};
 	int i, ret;