diff --git a/src/core/devices/nm-device.c b/src/core/devices/nm-device.c
index 20b849a9af..0c760f30f5 100644
--- a/src/core/devices/nm-device.c
+++ b/src/core/devices/nm-device.c
@@ -5394,9 +5394,10 @@ device_update_interface_flags(NMDevice *self, const NMPlatformLink *plink)
 static gboolean
 device_link_changed(NMDevice *self)
 {
-    NMDeviceClass *      klass                        = NM_DEVICE_GET_CLASS(self);
-    NMDevicePrivate *    priv                         = NM_DEVICE_GET_PRIVATE(self);
-    gboolean             ip_ifname_changed            = FALSE;
+    NMDeviceClass *      klass             = NM_DEVICE_GET_CLASS(self);
+    NMDevicePrivate *    priv              = NM_DEVICE_GET_PRIVATE(self);
+    gboolean             ip_ifname_changed = FALSE;
+    gboolean             hw_addr_changed;
     nm_auto_nmpobj const NMPObject *pllink_keep_alive = NULL;
     const NMPlatformLink *          pllink;
     const char *                    str;
@@ -5443,9 +5444,9 @@ device_link_changed(NMDevice *self)
     if (ifindex == nm_device_get_ip_ifindex(self))
         _stats_update_counters_from_pllink(self, pllink);
 
-    had_hw_addr = (priv->hw_addr != NULL);
-    nm_device_update_hw_address(self);
-    got_hw_addr = (!had_hw_addr && priv->hw_addr);
+    had_hw_addr     = (priv->hw_addr != NULL);
+    hw_addr_changed = nm_device_update_hw_address(self);
+    got_hw_addr     = (!had_hw_addr && priv->hw_addr);
     nm_device_update_permanent_hw_address(self, FALSE);
 
     if (pllink->name[0] && !nm_streq(priv->iface, pllink->name)) {
@@ -5495,6 +5496,8 @@ device_link_changed(NMDevice *self)
     /* Update DHCP, etc, if needed */
     if (ip_ifname_changed)
         nm_device_update_dynamic_ip_setup(self, "IP interface changed");
+    else if (hw_addr_changed)
+        nm_device_update_dynamic_ip_setup(self, "hw-address changed");
 
     was_up   = priv->up;
     priv->up = NM_FLAGS_HAS(pllink->n_ifi_flags, IFF_UP);