diff --git a/llvm/lib/Transforms/Scalar/LoopStrengthReduce.cpp b/llvm/lib/Transforms/Scalar/LoopStrengthReduce.cpp
--- a/llvm/lib/Transforms/Scalar/LoopStrengthReduce.cpp
+++ b/llvm/lib/Transforms/Scalar/LoopStrengthReduce.cpp
@@ -3447,6 +3447,26 @@
         // Don't bother if the instruction is in a BB which ends in an EHPad.
         if (UseBB->getTerminator()->isEHPad())
           continue;
+
+        // Check if a PHI node has reference-equal inputs which are terminated
+        // with non-splittable instructions
+        if (isa<PHINode>(UserInst)) {
+          const auto *PhiNode = cast<PHINode>(UserInst);
+          bool HasIncompatibleEHPTerminatedBlock = false;
+          llvm::Value *ExpectedValue = U;
+          for (unsigned int I = 0; I < PhiNode->getNumIncomingValues(); I++) {
+            if (PhiNode->getIncomingValue(I) == ExpectedValue) {
+              if (PhiNode->getIncomingBlock(I)->getTerminator()->isEHPad()) {
+                HasIncompatibleEHPTerminatedBlock = true;
+                break;
+              }
+            }
+          }
+          if (HasIncompatibleEHPTerminatedBlock) {
+            continue;
+          }
+        }
+
         // Don't bother rewriting PHIs in catchswitch blocks.
         if (isa<CatchSwitchInst>(UserInst->getParent()->getTerminator()))
           continue;
diff --git a/llvm/test/Transforms/LoopStrengthReduce/X86/issue48708.ll b/llvm/test/Transforms/LoopStrengthReduce/X86/issue48708.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Transforms/LoopStrengthReduce/X86/issue48708.ll
@@ -0,0 +1,72 @@
+; RUN: opt -loop-reduce -S %s
+target datalayout = "e-m:w-p270:32:32-p271:32:32-p272:64:64-i64:64-f80:128-n8:6:2:64-S128"
+
+%"class.absl::Storage" = type {}
+%"struct.absl::allocator_traits" = type {}
+%"struct.absl::StorageView" = type { %"class.std::allocator"*, i32, i32 }
+%"class.std::allocator" = type { i8 }
+%"class.std::move_iterator" = type { i8 }
+
+define void @0(%"class.absl::Storage"* %0, %"struct.absl::allocator_traits" %1) personality i8* bitcast (i32 (...)* @__CxxFrameHandler3 to i8*) {
+  %3 = alloca %"struct.absl::StorageView", align 8
+  %4 = alloca i8, align 1
+  %5 = alloca %"class.std::move_iterator", align 8
+  %6 = bitcast %"struct.absl::StorageView"* %3 to i8*
+  %7 = call i8 @"forward@V"(i8 undef)
+  %8 = call %"class.std::allocator"* @"forward@PEAV"(%"class.std::allocator"* null)
+  %9 = getelementptr i8, i8* %4
+  %10 = getelementptr %"struct.absl::StorageView", %"struct.absl::StorageView"* %3, i64 0, i32 0
+  %11 = load %"class.std::allocator"*, %"class.std::allocator"** %10, align 8
+  %12 = invoke %"class.std::move_iterator"* @"move_iterator"(%"class.std::move_iterator"* %5, %"class.std::allocator"* %11)
+          to label %13 unwind label %33
+
+13:                                               ; preds = %2
+  %14 = getelementptr %"class.std::move_iterator", %"class.std::move_iterator"* %5, i64 0, i32 0
+  %15 = load i8, i8* %14, align 1
+  %16 = invoke i8* @"IteratorValueAdapter"(i8* %4, i8 5)
+          to label %17 unwind label %33
+
+17:                                               ; preds = %13
+  %18 = getelementptr %"struct.absl::StorageView", %"struct.absl::StorageView"* %3, i64 0, i32 2
+  %19 = load i32, i32* %18, align 4
+  %20 = icmp eq i32 9, 0
+  %21 = select i1 %20, %"class.std::allocator"* %8, %"class.std::allocator"* null
+  br label %22
+
+22:                                               ; preds = %25, %17
+  %23 = phi i64 [ %26, %25 ], [ 0, %17 ]
+  %24 = getelementptr %"class.std::allocator", %"class.std::allocator"* %21, i64 %23
+  invoke void @"ConstructNext"(i8* %4, %"class.std::allocator"* null, %"class.std::allocator"* %24)
+          to label %25 unwind label %27
+
+25:                                               ; preds = %22
+  %26 = add i64 %23, 1
+  br label %22
+
+27:                                               ; preds = %22
+  %28 = catchswitch within none [label %29] unwind label %33
+
+29:                                               ; preds = %27
+  %30 = catchpad within %28 []
+  catchret from %30 to label %31
+
+31:                                               ; preds = %29
+  invoke void @"SetIsAllocated"(%"class.absl::Storage"* %0)
+          to label %32 unwind label %33
+
+32:                                               ; preds = %31
+  unreachable
+
+33:                                               ; preds = %31, %27, %13, %2
+  %34 = phi %"class.std::allocator"* [ %21, %27 ], [ %21, %31 ], [ %8, %13 ], [ %8, %2 ]
+  %35 = cleanuppad within none []
+  cleanupret from %35 unwind to caller
+}
+
+declare %"class.std::move_iterator"* @"move_iterator"(%"class.std::move_iterator"*, %"class.std::allocator"*)
+declare i32 @__CxxFrameHandler3(...)
+declare i8* @"IteratorValueAdapter"(i8*, i8)
+declare void @"SetIsAllocated"(%"class.absl::Storage"*)
+declare i8 @"forward@V"(i8)
+declare %"class.std::allocator"* @"forward@PEAV"(%"class.std::allocator"*)
+declare void @"ConstructNext"(i8*, %"class.std::allocator"*, %"class.std::allocator"*)