diff --git a/dv/uvm/core_ibex/scripts/report_lib/util.py b/dv/uvm/core_ibex/scripts/report_lib/util.py
index c94698d49f..f6a00756c2 100644
--- a/dv/uvm/core_ibex/scripts/report_lib/util.py
+++ b/dv/uvm/core_ibex/scripts/report_lib/util.py
@@ -96,7 +96,7 @@ def parse_xcelium_cov_report(cov_report: str) -> Dict[str, Dict[str, Dict[str, i
                 metric_info.append((metric_info_match.group(1),
                     metric_info_match.group(2)))
 
-            # Skip header seperator line
+            # Skip header separator line
             metrics_start_line = line_no + 2
 
     if metrics_start_line == -1:
diff --git a/dv/verilator/pcount/cpp/ibex_pcounts.cc b/dv/verilator/pcount/cpp/ibex_pcounts.cc
index 733dcf09bf..6924ee5261 100644
--- a/dv/verilator/pcount/cpp/ibex_pcounts.cc
+++ b/dv/verilator/pcount/cpp/ibex_pcounts.cc
@@ -10,6 +10,7 @@
 #include <svdpi.h>
 
 extern "C" {
+extern unsigned int mhpmcounter_num();
 extern unsigned long long mhpmcounter_get(int index);
 }
 
@@ -32,24 +33,48 @@ const std::vector<std::string> ibex_counter_names = {
     "Multiply Wait",
     "Divide Wait"};
 
+static bool has_hpm_counter(int index) {
+  // The "cycles" and "instructions retired" counters are special and always
+  // exist.
+  if (index == 0 || index == 2)
+    return true;
+
+  // The "NONE" counter is a placeholder. The space reserves an index that was
+  // once the "MTIME" CSR, but now is unused. Return false: there's no real HPM
+  // counter at index 1.
+  if (index == 1)
+    return false;
+
+  // Otherwise, a counter exists if the index is strictly less than
+  // the MHPMCounterNum parameter that got passed to the
+  // ibex_cs_registers module.
+  return index < mhpmcounter_num();
+}
+
 std::string ibex_pcount_string(bool csv) {
-  char seperator = csv ? ',' : ':';
+  char separator = csv ? ',' : ':';
   std::string::size_type longest_name_length;
 
   if (!csv) {
     longest_name_length = 0;
-    for (const std::string &counter_name : ibex_counter_names) {
-      longest_name_length = std::max(longest_name_length, counter_name.length());
+    for (int i = 0; i < ibex_counter_names.size(); ++i) {
+      if (has_hpm_counter(i)) {
+        longest_name_length =
+            std::max(longest_name_length, ibex_counter_names[i].length());
+      }
     }
 
-    // Add 1 to always get at least once space after the seperator
+    // Add 1 to always get at least once space after the separator
     longest_name_length++;
   }
 
   std::stringstream pcount_ss;
 
   for (int i = 0; i < ibex_counter_names.size(); ++i) {
-    pcount_ss << ibex_counter_names[i] << seperator;
+    if (!has_hpm_counter(i))
+      continue;
+
+    pcount_ss << ibex_counter_names[i] << separator;
 
     if (!csv) {
       int padding = longest_name_length - ibex_counter_names[i].length();
diff --git a/examples/simple_system/rtl/ibex_simple_system.sv b/examples/simple_system/rtl/ibex_simple_system.sv
index d9647335a1..ac74691d68 100644
--- a/examples/simple_system/rtl/ibex_simple_system.sv
+++ b/examples/simple_system/rtl/ibex_simple_system.sv
@@ -318,6 +318,12 @@ module ibex_simple_system (
       .timer_intr_o   (timer_irq)
     );
 
+  export "DPI-C" function mhpmcounter_num;
+
+  function automatic int unsigned mhpmcounter_num();
+    return u_top.u_ibex_top.u_ibex_core.cs_registers_i.MHPMCounterNum;
+  endfunction
+
   export "DPI-C" function mhpmcounter_get;
 
   function automatic longint unsigned mhpmcounter_get(int index);