diff --git a/target/ppc/cpu.h b/target/ppc/cpu.h
index 1d38b8cf7a..5c81d459f4 100644
--- a/target/ppc/cpu.h
+++ b/target/ppc/cpu.h
@@ -350,6 +350,7 @@ typedef struct ppc_v3_pate_t {
 #define MMCR0_EBE   PPC_BIT(43)         /* Perf Monitor EBB Enable */
 #define MMCR0_FCECE PPC_BIT(38)         /* FC on Enabled Cond or Event */
 #define MMCR0_PMCC  PPC_BITMASK(44, 45) /* PMC Control */
+#define MMCR0_PMC1CE PPC_BIT(48)
 
 #define MMCR1_PMC1SEL_SHIFT (63 - 39)
 #define MMCR1_PMC1SEL PPC_BITMASK(32, 39)
diff --git a/target/ppc/pmu_book3s_helper.c b/target/ppc/pmu_book3s_helper.c
index 43cc0eb722..58ae65e22b 100644
--- a/target/ppc/pmu_book3s_helper.c
+++ b/target/ppc/pmu_book3s_helper.c
@@ -25,6 +25,7 @@
  * and SPAPR code.
  */
 #define PPC_CPU_FREQ 1000000000
+#define COUNTER_NEGATIVE_VAL 0x80000000
 
 static uint64_t get_cycles(uint64_t icount_delta)
 {
@@ -32,22 +33,9 @@ static uint64_t get_cycles(uint64_t icount_delta)
                     NANOSECONDS_PER_SECOND);
 }
 
-static void update_PMC_PM_INST_CMPL(CPUPPCState *env, int sprn,
-                                    uint64_t icount_delta)
-{
-    env->spr[sprn] += icount_delta;
-}
-
-static void update_PMC_PM_CYC(CPUPPCState *env, int sprn,
-                              uint64_t icount_delta)
-{
-    env->spr[sprn] += get_cycles(icount_delta);
-}
-
-static void update_programmable_PMC_reg(CPUPPCState *env, int sprn,
-                                        uint64_t icount_delta)
+static uint8_t get_PMC_event(CPUPPCState *env, int sprn)
 {
-    int event;
+    int event = 0x0;
 
     switch (sprn) {
     case SPR_POWER_PMC1:
@@ -65,11 +53,35 @@ static void update_programmable_PMC_reg(CPUPPCState *env, int sprn,
     case SPR_POWER_PMC4:
         event = MMCR1_PMC4SEL & env->spr[SPR_POWER_MMCR1];
         break;
+    case SPR_POWER_PMC5:
+        event = 0x2;
+        break;
+    case SPR_POWER_PMC6:
+        event = 0x1E;
+        break;
     default:
-        return;
+        break;
     }
 
-    switch (event) {
+    return event;
+}
+
+static void update_PMC_PM_INST_CMPL(CPUPPCState *env, int sprn,
+                                    uint64_t icount_delta)
+{
+    env->spr[sprn] += icount_delta;
+}
+
+static void update_PMC_PM_CYC(CPUPPCState *env, int sprn,
+                              uint64_t icount_delta)
+{
+    env->spr[sprn] += get_cycles(icount_delta);
+}
+
+static void update_programmable_PMC_reg(CPUPPCState *env, int sprn,
+                                        uint64_t icount_delta)
+{
+    switch (get_PMC_event(env, sprn)) {
     case 0x2:
         update_PMC_PM_INST_CMPL(env, sprn, icount_delta);
         break;
@@ -99,30 +111,57 @@ static void update_PMCs(CPUPPCState *env, uint64_t icount_delta)
     update_PMC_PM_CYC(env, SPR_POWER_PMC6, icount_delta);
 }
 
+static void set_PMU_excp_timer(CPUPPCState *env)
+{
+    uint64_t timeout, now, remaining_val;
+
+    if (!(env->spr[SPR_POWER_MMCR0] & MMCR0_PMC1CE)) {
+        return;
+    }
+
+    remaining_val = COUNTER_NEGATIVE_VAL - env->spr[SPR_POWER_PMC1];
+
+    switch (get_PMC_event(env, SPR_POWER_PMC1)) {
+    case 0x2:
+        timeout = icount_to_ns(remaining_val);
+        break;
+    case 0x1e:
+        timeout = muldiv64(remaining_val, NANOSECONDS_PER_SECOND,
+                           PPC_CPU_FREQ);
+        break;
+    default:
+        return;
+    }
+
+    now = qemu_clock_get_ns(QEMU_CLOCK_VIRTUAL);
+
+    timer_mod(env->pmu_intr_timer, now + timeout);
+}
+
 static void cpu_ppc_pmu_timer_cb(void *opaque)
 {
     PowerPCCPU *cpu = opaque;
     CPUPPCState *env = &cpu->env;
-    uint64_t mmcr0;
-
-    mmcr0 = env->spr[SPR_POWER_MMCR0];
-    if (env->spr[SPR_POWER_MMCR0] & MMCR0_EBE) {
-        /* freeeze counters if needed */
-        if (mmcr0 & MMCR0_FCECE) {
-            mmcr0 &= ~MMCR0_FCECE;
-            mmcr0 |= MMCR0_FC;
-        }
+    uint64_t icount_delta = (uint64_t)icount_get_raw() - env->pmu_base_icount;
 
-        /* Clear PMAE and set PMAO */
-        if (mmcr0 & MMCR0_PMAE) {
-            mmcr0 &= ~MMCR0_PMAE;
-            mmcr0 |= MMCR0_PMAO;
-        }
-        env->spr[SPR_POWER_MMCR0] = mmcr0;
+    if (!(env->spr[SPR_POWER_MMCR0] & MMCR0_EBE)) {
+        return;
+    }
+
+    update_PMCs(env, icount_delta);
+
+    if (env->spr[SPR_POWER_MMCR0] & MMCR0_FCECE) {
+        env->spr[SPR_POWER_MMCR0] &= ~MMCR0_FCECE;
+        env->spr[SPR_POWER_MMCR0] |= MMCR0_FC;
+    }
 
-        /* Fire the PMC hardware exception */
-        ppc_set_irq(cpu, PPC_INTERRUPT_PMC, 1);
+    if (env->spr[SPR_POWER_MMCR0] & MMCR0_PMAE) {
+        env->spr[SPR_POWER_MMCR0] &= ~MMCR0_PMAE;
+        env->spr[SPR_POWER_MMCR0] |= MMCR0_PMAO;
     }
+
+    /* Fire the PMC hardware exception */
+    ppc_set_irq(cpu, PPC_INTERRUPT_PMC, 1);
 }
 
 void cpu_ppc_pmu_timer_init(CPUPPCState *env)
@@ -134,12 +173,19 @@ void cpu_ppc_pmu_timer_init(CPUPPCState *env)
     env->pmu_intr_timer = timer;
 }
 
+static bool mmcr0_counter_neg_cond_enabled(uint64_t mmcr0)
+{
+    return mmcr0 & MMCR0_PMC1CE;
+}
+
 void helper_store_mmcr0(CPUPPCState *env, target_ulong value)
 {
     uint64_t curr_icount = (uint64_t)icount_get_raw();
     bool curr_FC = env->spr[SPR_POWER_MMCR0] & MMCR0_FC;
     bool new_FC = value & MMCR0_FC;
 
+    env->spr[SPR_POWER_MMCR0] = value;
+
     /*
      * In an frozen count (FC) bit change:
      *
@@ -163,10 +209,19 @@ void helper_store_mmcr0(CPUPPCState *env, target_ulong value)
              * until the freeze.
              */
             update_PMCs(env, icount_delta);
+
+            /* delete pending timer */
+            timer_del(env->pmu_intr_timer);
         } else {
             env->pmu_base_icount = curr_icount;
+
+            /*
+             * Start performance monitor alert timer for counter negative
+             * events, if needed.
+             */
+            if (mmcr0_counter_neg_cond_enabled(env->spr[SPR_POWER_MMCR0])) {
+                set_PMU_excp_timer(env);
+            }
         }
     }
-
-    env->spr[SPR_POWER_MMCR0] = value;
 }
