diff --git a/scripts/list_boards.py b/scripts/list_boards.py
index b6c827e212334..6294417be01df 100755
--- a/scripts/list_boards.py
+++ b/scripts/list_boards.py
@@ -315,7 +315,21 @@ def find_v2_boards(args):
     board_files = []
     if args.board_dir:
         board_files = [d / BOARD_YML for d in args.board_dir]
-    else:
+    elif args.board:
+        # Fast path for HWMv2: boards/<vendor>/<board>/board.yml
+        for root in unique_paths(args.board_roots):
+            boards_root = root / 'boards'
+            if not boards_root.is_dir():
+                continue
+            for vendor_dir in boards_root.iterdir(): # boards/<vendor>
+                if not vendor_dir.is_dir():
+                    continue
+                board_yml = vendor_dir / args.board / BOARD_YML
+                if board_yml.is_file():
+                    board_files.append(board_yml)
+                    break
+
+    if not board_files:
         for root in unique_paths(args.board_roots):
             board_files.extend((root / 'boards').rglob(BOARD_YML))
 
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/Kconfig b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/Kconfig
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/Kconfig
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/Kconfig
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/Kconfig.defconfig b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/Kconfig.defconfig
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/Kconfig.defconfig
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/Kconfig.defconfig
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/board.yml b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/board.yml
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/board.yml
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/board.yml
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_64_two.dts b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_64_two.dts
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_64_two.dts
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_64_two.dts
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_64_two.yaml b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_64_two.yaml
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_64_two.yaml
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_64_two.yaml
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_64_two_defconfig b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_64_two_defconfig
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_64_two_defconfig
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_64_two_defconfig
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_one.dts b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_one.dts
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_one.dts
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_one.dts
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_one.yaml b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_one.yaml
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_one.yaml
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_one.yaml
diff --git a/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_one_defconfig b/tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_one_defconfig
similarity index 100%
rename from tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim_extend/native_sim_native_one_defconfig
rename to tests/cmake/hwm/board_extend/oot_root/boards/native/native_sim/native_sim_native_one_defconfig