diff --git a/target/arm/ptw.c b/target/arm/ptw.c
index 58a6de09bc..6d72950a79 100644
--- a/target/arm/ptw.c
+++ b/target/arm/ptw.c
@@ -2576,6 +2576,7 @@ static ARMCacheAttrs combine_cacheattrs(uint64_t hcr,
 
     assert(!s1.is_s2_format);
     ret.is_s2_format = false;
+    ret.guarded = s1.guarded;
 
     if (s1.attrs == 0xf0) {
         tagged = true;