diff --git a/target/s390x/tcg/translate.c b/target/s390x/tcg/translate.c
index de98115c4d..07620948ae 100644
--- a/target/s390x/tcg/translate.c
+++ b/target/s390x/tcg/translate.c
@@ -1131,13 +1131,13 @@ static DisasJumpType help_branch(DisasContext *s, DisasCompare *c,
         goto egress;
     }
     if (is_imm) {
-        if (dest == s->pc_tmp) {
-            /* Branch to next.  */
-            per_branch(s, true);
-            ret = DISAS_NEXT;
-            goto egress;
-        }
-        if (c->cond == TCG_COND_ALWAYS) {
+        /*
+         * Do not optimize a conditional branch if PER enabled, because we
+         * still need a conditional call to helper_per_branch.
+         */
+        if (c->cond == TCG_COND_ALWAYS
+            || (dest == s->pc_tmp &&
+                !(s->base.tb->flags & FLAG_MASK_PER_BRANCH))) {
             ret = help_goto_direct(s, dest);
             goto egress;
         }