diff --git a/drivers/net/ethernet/ibm/emac/core.c b/drivers/net/ethernet/ibm/emac/core.c
index 372664686309..129f4e9f38da 100644
--- a/drivers/net/ethernet/ibm/emac/core.c
+++ b/drivers/net/ethernet/ibm/emac/core.c
@@ -2677,12 +2677,17 @@ static int emac_init_phy(struct emac_instance *dev)
 		if (of_phy_is_fixed_link(np)) {
 			int res = emac_dt_mdio_probe(dev);
 
-			if (!res) {
-				res = of_phy_register_fixed_link(np);
-				if (res)
-					mdiobus_unregister(dev->mii_bus);
+			if (res)
+				return res;
+
+			res = of_phy_register_fixed_link(np);
+			dev->phy_dev = of_phy_find_device(np);
+			if (res || !dev->phy_dev) {
+				mdiobus_unregister(dev->mii_bus);
+				return res ? res : -EINVAL;
 			}
-			return res;
+			emac_adjust_link(dev->ndev);
+			put_device(&dev->phy_dev->mdio.dev);
 		}
 		return 0;
 	}