diff --git a/xen/include/asm-x86/paging.h b/xen/include/asm-x86/paging.h
index fa22558e2e..996c2cd038 100644
--- a/xen/include/asm-x86/paging.h
+++ b/xen/include/asm-x86/paging.h
@@ -400,11 +400,18 @@ static always_inline unsigned int paging_max_paddr_bits(const struct domain *d)
 {
     unsigned int bits = paging_mode_hap(d) ? hap_paddr_bits : paddr_bits;
 
-    if ( !IS_ENABLED(CONFIG_BIGMEM) && paging_mode_shadow(d) &&
-         !is_pv_domain(d) )
+    if ( paging_mode_external(d) )
     {
-        /* Shadowed superpages store GFNs in 32-bit page_info fields. */
-        bits = min(bits, 32U + PAGE_SHIFT);
+        if ( !IS_ENABLED(CONFIG_BIGMEM) && paging_mode_shadow(d) )
+        {
+            /* Shadowed superpages store GFNs in 32-bit page_info fields. */
+            bits = min(bits, 32U + PAGE_SHIFT);
+        }
+        else
+        {
+            /* Both p2m-ept and p2m-pt only support 4-level page tables. */
+            bits = min(bits, 48U);
+        }
     }
 
     return bits;