diff --git a/lisp/net/shr.el b/lisp/net/shr.el
index 22d4cde34a7..97f8bed88c1 100644
--- a/lisp/net/shr.el
+++ b/lisp/net/shr.el
@@ -1197,7 +1197,8 @@ Return a string with image data."
 	     (libxml-parse-xml-region (point) (point-max)) 'utf-8)))
     ;; SVG images often do not have a specified foreground/background
     ;; color, so wrap them in styles.
-    (when (eq content-type 'image/svg+xml)
+    (when (and (display-images-p)
+               (eq content-type 'image/svg+xml))
       (setq data (svg--wrap-svg data)))
     (list data content-type)))