diff --git a/src/core/devices/nm-device.c b/src/core/devices/nm-device.c
index dd481180df..4edec0c462 100644
--- a/src/core/devices/nm-device.c
+++ b/src/core/devices/nm-device.c
@@ -13528,15 +13528,21 @@ nm_device_activate_schedule_stage3_ip_config(NMDevice *self, gboolean do_sync)
 static void
 _dev_ipsharedx_set_state(NMDevice *self, int addr_family, NMDeviceIPState state)
 {
-    NMDevicePrivate *priv    = NM_DEVICE_GET_PRIVATE(self);
-    const int        IS_IPv4 = NM_IS_IPv4(addr_family);
+    NMDevicePrivate *priv      = NM_DEVICE_GET_PRIVATE(self);
+    const int        IS_IPv4   = NM_IS_IPv4(addr_family);
+    NMDeviceIPState  old_state = priv->ipshared_data_x[IS_IPv4].state;
 
-    if (priv->ipshared_data_x[IS_IPv4].state != state) {
+    if (old_state != state) {
         _LOGD_ipshared(addr_family,
                        "set state %s (was %s)",
                        nm_device_ip_state_to_string(state),
-                       nm_device_ip_state_to_string(priv->ipshared_data_x[IS_IPv4].state));
+                       nm_device_ip_state_to_string(old_state));
         priv->ipshared_data_x[IS_IPv4].state = state;
+
+        if (old_state == NM_DEVICE_IP_STATE_READY || state == NM_DEVICE_IP_STATE_READY)
+            nm_manager_update_shared_connection(NM_MANAGER_GET,
+                                                addr_family,
+                                                state == NM_DEVICE_IP_STATE_READY);
     }
 }
 
diff --git a/src/core/nm-manager.c b/src/core/nm-manager.c
index 060e0c2c7c..87dde2c3af 100644
--- a/src/core/nm-manager.c
+++ b/src/core/nm-manager.c
@@ -136,6 +136,7 @@ enum {
     ACTIVE_CONNECTION_REMOVED,
     CONFIGURE_QUIT,
     DEVICE_IFINDEX_CHANGED,
+    SHARING_IPV4_CHANGED,
 
     LAST_SIGNAL
 };
@@ -238,6 +239,8 @@ typedef struct {
 
     guint8 device_state_prune_ratelimit_count;
 
+    guint shared_connections_ip4_count;
+
     bool startup : 1;
     bool devices_inited : 1;
 
@@ -8829,6 +8832,41 @@ nm_manager_emit_device_ifindex_changed(NMManager *self, NMDevice *device)
     g_signal_emit(self, signals[DEVICE_IFINDEX_CHANGED], 0, device);
 }
 
+void
+nm_manager_update_shared_connection(NMManager *self, int addr_family, gboolean enabled)
+{
+    NMManagerPrivate *priv = NM_MANAGER_GET_PRIVATE(self);
+    gboolean          state_changed, state;
+
+    /* Only IPv4 supported for the moment */
+    if (addr_family != AF_INET)
+        return;
+
+    if (enabled) {
+        g_return_if_fail(priv->shared_connections_ip4_count < G_MAXUINT);
+        priv->shared_connections_ip4_count++;
+        state_changed = priv->shared_connections_ip4_count == 1;
+    } else {
+        g_return_if_fail(priv->shared_connections_ip4_count > 0);
+        priv->shared_connections_ip4_count--;
+        state_changed = priv->shared_connections_ip4_count == 0;
+    }
+
+    if (state_changed) {
+        state = priv->shared_connections_ip4_count > 0;
+        _LOGD(LOGD_SHARING, "sharing-ipv4 state change %d -> %d", !state, state);
+        g_signal_emit(self, signals[SHARING_IPV4_CHANGED], 0, state);
+    }
+}
+
+gboolean
+nm_manager_get_sharing_ipv4(NMManager *self)
+{
+    NMManagerPrivate *priv = NM_MANAGER_GET_PRIVATE(self);
+
+    return priv->shared_connections_ip4_count > 0;
+}
+
 /*****************************************************************************/
 
 NM_DEFINE_SINGLETON_REGISTER(NMManager);
@@ -9932,6 +9970,17 @@ nm_manager_class_init(NMManagerClass *manager_class)
                                                    G_TYPE_NONE,
                                                    1,
                                                    NM_TYPE_DEVICE);
+
+    signals[SHARING_IPV4_CHANGED] = g_signal_new(NM_MANAGER_SHARING_IPV4_CHANGED,
+                                                 G_OBJECT_CLASS_TYPE(object_class),
+                                                 G_SIGNAL_RUN_FIRST,
+                                                 0,
+                                                 NULL,
+                                                 NULL,
+                                                 NULL,
+                                                 G_TYPE_NONE,
+                                                 1,
+                                                 G_TYPE_BOOLEAN);
 }
 
 NMConfig *
diff --git a/src/core/nm-manager.h b/src/core/nm-manager.h
index 3c5213c4f2..e10ca0d110 100644
--- a/src/core/nm-manager.h
+++ b/src/core/nm-manager.h
@@ -61,6 +61,7 @@
 #define NM_MANAGER_CONFIGURE_QUIT            "configure-quit"
 #define NM_MANAGER_INTERNAL_DEVICE_ADDED     "internal-device-added"
 #define NM_MANAGER_INTERNAL_DEVICE_REMOVED   "internal-device-removed"
+#define NM_MANAGER_SHARING_IPV4_CHANGED      "sharing-ipv4-changed"
 
 GType nm_manager_get_type(void);
 
@@ -212,6 +213,9 @@ struct _NMDnsManager;
 
 struct _NMDnsManager *nm_manager_get_dns_manager(NMManager *self);
 
+void     nm_manager_update_shared_connection(NMManager *self, int addr_family, gboolean enabled);
+gboolean nm_manager_get_sharing_ipv4(NMManager *self);
+
 /*****************************************************************************/
 
 void nm_manager_notify_delete_settings_connections(NMManager            *self,