diff --git a/target/s390x/tcg/translate.c b/target/s390x/tcg/translate.c
index a6ee2d4423..0cef6efbef 100644
--- a/target/s390x/tcg/translate.c
+++ b/target/s390x/tcg/translate.c
@@ -2383,10 +2383,14 @@ static DisasJumpType op_epsw(DisasContext *s, DisasOps *o)
     int r1 = get_field(s, r1);
     int r2 = get_field(s, r2);
     TCGv_i64 t = tcg_temp_new_i64();
+    TCGv_i64 t_cc = tcg_temp_new_i64();
 
     /* Note the "subsequently" in the PoO, which implies a defined result
        if r1 == r2.  Thus we cannot defer these writes to an output hook.  */
+    gen_op_calc_cc(s);
+    tcg_gen_extu_i32_i64(t_cc, cc_op);
     tcg_gen_shri_i64(t, psw_mask, 32);
+    tcg_gen_deposit_i64(t, t, t_cc, 12, 2);
     store_reg32_i64(r1, t);
     if (r2 != 0) {
         store_reg32_i64(r2, psw_mask);