diff --git a/dump.c b/dump.c
index ef1d8025c9..107a67165a 100644
--- a/dump.c
+++ b/dump.c
@@ -192,7 +192,7 @@ static void write_elf64_load(DumpState *s, MemoryMapping *memory_mapping,
     phdr.p_paddr = cpu_to_dump64(s, memory_mapping->phys_addr);
     phdr.p_filesz = cpu_to_dump64(s, filesz);
     phdr.p_memsz = cpu_to_dump64(s, memory_mapping->length);
-    phdr.p_vaddr = cpu_to_dump64(s, memory_mapping->virt_addr);
+    phdr.p_vaddr = cpu_to_dump64(s, memory_mapping->virt_addr) ?: phdr.p_paddr;
 
     assert(memory_mapping->length >= filesz);
 
@@ -216,7 +216,8 @@ static void write_elf32_load(DumpState *s, MemoryMapping *memory_mapping,
     phdr.p_paddr = cpu_to_dump32(s, memory_mapping->phys_addr);
     phdr.p_filesz = cpu_to_dump32(s, filesz);
     phdr.p_memsz = cpu_to_dump32(s, memory_mapping->length);
-    phdr.p_vaddr = cpu_to_dump32(s, memory_mapping->virt_addr);
+    phdr.p_vaddr =
+        cpu_to_dump32(s, memory_mapping->virt_addr) ?: phdr.p_paddr;
 
     assert(memory_mapping->length >= filesz);
 
diff --git a/scripts/dump-guest-memory.py b/scripts/dump-guest-memory.py
index 198cd0fe40..2c587cbefc 100644
--- a/scripts/dump-guest-memory.py
+++ b/scripts/dump-guest-memory.py
@@ -163,6 +163,7 @@ class ELF(object):
         phdr = get_arch_phdr(self.endianness, self.elfclass)
         phdr.p_type = p_type
         phdr.p_paddr = p_paddr
+        phdr.p_vaddr = p_paddr
         phdr.p_filesz = p_size
         phdr.p_memsz = p_size
         self.segments.append(phdr)