diff --git a/core/object/object.cpp b/core/object/object.cpp
index f5538720609..265c2f120d9 100644
--- a/core/object/object.cpp
+++ b/core/object/object.cpp
@@ -1235,10 +1235,6 @@ Error Object::emit_signalp(const StringName &p_name, const Variant **p_args, int
 			return ERR_UNAVAILABLE;
 		}
 
-		// If this is a ref-counted object, prevent it from being destroyed during signal emission,
-		// which is needed in certain edge cases; e.g., https://github.com/godotengine/godot/issues/73889.
-		Ref<RefCounted> rc = Ref<RefCounted>(Object::cast_to<RefCounted>(this));
-
 		if (s->slot_map.size() > MAX_SLOTS_ON_STACK) {
 			slot_callables = (Callable *)memalloc(sizeof(Callable) * s->slot_map.size());
 			slot_flags = (uint32_t *)memalloc(sizeof(uint32_t) * s->slot_map.size());
@@ -1271,6 +1267,13 @@ Error Object::emit_signalp(const StringName &p_name, const Variant **p_args, int
 
 	OBJ_DEBUG_LOCK
 
+	// If this is a ref-counted object, prevent it from being destroyed during signal
+	// emission, which is needed in certain edge cases; e.g., GH-73889 and GH-109471.
+	// Moreover, since signals can be emitted from constructors (classic example being
+	// notify_property_list_changed), we must be careful not to do the ref init ourselves,
+	// which would lead to the object being destroyed at the end of this function.
+	bool pending_unref = Object::cast_to<RefCounted>(this) ? ((RefCounted *)this)->reference() : false;
+
 	Error err = OK;
 
 	for (uint32_t i = 0; i < slot_count; ++i) {
@@ -1320,6 +1323,15 @@ Error Object::emit_signalp(const StringName &p_name, const Variant **p_args, int
 		memfree(slot_flags);
 	}
 
+	if (pending_unref) {
+		// We have to do the same Ref<T> would do. We can't just use Ref<T>
+		// because it would do the init ref logic, which is something this function
+		// shouldn't do, as explained above.
+		if (((RefCounted *)this)->unreference()) {
+			memdelete(this);
+		}
+	}
+
 	return err;
 }