diff --git a/release/Makefile.vm b/release/Makefile.vm
--- a/release/Makefile.vm
+++ b/release/Makefile.vm
@@ -180,7 +180,7 @@
 	mkdir -p ${.OBJDIR}/${.TARGET}-${FORMAT}-${FS}
 	env TARGET=${TARGET} TARGET_ARCH=${TARGET_ARCH} SWAPSIZE=${SWAPSIZE} \
 		QEMUSTATIC=${QEMUSTATIC} \
-		WITHOUT_QEMU=${WITHOUT_QEMU:Dtrue} \
+		${WITHOUT_QEMU:DWITHOUT_QEMU=true} \
 		${.CURDIR}/scripts/mk-vmimage.sh \
 		-C ${.CURDIR}/tools/vmimage.subr \
 		-d ${.OBJDIR}/${.TARGET}-${FORMAT}-${FS} -F ${FS} \