diff --git a/packages/compiler-cli/test/compliance/test_cases/r3_view_compiler_template/nested_template_context_many_bindings_template.js b/packages/compiler-cli/test/compliance/test_cases/r3_view_compiler_template/nested_template_context_many_bindings_template.js
index 4a6ef26552..84bc2ae9d9 100644
--- a/packages/compiler-cli/test/compliance/test_cases/r3_view_compiler_template/nested_template_context_many_bindings_template.js
+++ b/packages/compiler-cli/test/compliance/test_cases/r3_view_compiler_template/nested_template_context_many_bindings_template.js
@@ -3,9 +3,9 @@ function MyComponent_div_0_Template(rf, ctx) {
     const $s$ = $r3$.ɵɵgetCurrentView();
     $r3$.ɵɵelementStart(0, "div", 1);
     $r3$.ɵɵlistener("click", function MyComponent_div_0_Template_div_click_0_listener() {
-      $r3$.ɵɵrestoreView($s$);
-      const $d$ = ctx.$implicit;
-      const $i$ = ctx.index;
+      const $sr$ = $r3$.ɵɵrestoreView($s$);
+      const $d$ = $sr$.$implicit;
+      const $i$ = $sr$.index;
       const $comp$ = $r3$.ɵɵnextContext();
       return $comp$._handleClick($d$, $i$);
     });
diff --git a/packages/compiler-cli/test/compliance/test_cases/r3_view_compiler_template/nested_template_context_template.js b/packages/compiler-cli/test/compliance/test_cases/r3_view_compiler_template/nested_template_context_template.js
index 2665d80207..aba3ec7d15 100644
--- a/packages/compiler-cli/test/compliance/test_cases/r3_view_compiler_template/nested_template_context_template.js
+++ b/packages/compiler-cli/test/compliance/test_cases/r3_view_compiler_template/nested_template_context_template.js
@@ -3,8 +3,8 @@ function MyComponent_ul_0_li_1_div_1_Template(rf, ctx) {
     const $s$ = $i0$.ɵɵgetCurrentView();
     $i0$.ɵɵelementStart(0, "div", 2);
     $i0$.ɵɵlistener("click", function MyComponent_ul_0_li_1_div_1_Template_div_click_0_listener(){
-      $i0$.ɵɵrestoreView($s$);
-      const $inner$ = ctx.$implicit;
+      const $sr$ = $i0$.ɵɵrestoreView($s$);
+      const $inner$ = $sr$.$implicit;
       const $middle$ = $i0$.ɵɵnextContext().$implicit;
       const $outer$ = $i0$.ɵɵnextContext().$implicit;
       const $myComp$ = $i0$.ɵɵnextContext();
diff --git a/packages/compiler-cli/test/compliance_old/r3_view_compiler_template_spec.ts b/packages/compiler-cli/test/compliance_old/r3_view_compiler_template_spec.ts
index 7e1895794a..26fd0703e4 100644
--- a/packages/compiler-cli/test/compliance_old/r3_view_compiler_template_spec.ts
+++ b/packages/compiler-cli/test/compliance_old/r3_view_compiler_template_spec.ts
@@ -55,8 +55,8 @@ describe('compiler compliance: template', () => {
           const $s$ = $i0$.ɵɵgetCurrentView();
           $i0$.ɵɵelementStart(0, "div", 2);
           $i0$.ɵɵlistener("click", function MyComponent_ul_0_li_1_div_1_Template_div_click_0_listener(){
-            $i0$.ɵɵrestoreView($s$);
-            const $inner$ = ctx.$implicit;
+            const $sr$ = $i0$.ɵɵrestoreView($s$);
+            const $inner$ = $sr$.$implicit;
             const $middle$ = $i0$.ɵɵnextContext().$implicit;
             const $outer$ = $i0$.ɵɵnextContext().$implicit;
             const $myComp$ = $i0$.ɵɵnextContext();
@@ -150,9 +150,9 @@ describe('compiler compliance: template', () => {
             const $s$ = $r3$.ɵɵgetCurrentView();
             $r3$.ɵɵelementStart(0, "div", 1);
             $r3$.ɵɵlistener("click", function MyComponent_div_0_Template_div_click_0_listener() {
-              $r3$.ɵɵrestoreView($s$);
-              const $d$ = ctx.$implicit;
-              const $i$ = ctx.index;
+              const $sr$ = $r3$.ɵɵrestoreView($s$);
+              const $d$ = $sr$.$implicit;
+              const $i$ = $sr$.index;
               const $comp$ = $r3$.ɵɵnextContext();
               return $comp$._handleClick($d$, $i$);
             });
diff --git a/packages/compiler/src/render3/view/template.ts b/packages/compiler/src/render3/view/template.ts
index e7d7618cc8..88ad359364 100644
--- a/packages/compiler/src/render3/view/template.ts
+++ b/packages/compiler/src/render3/view/template.ts
@@ -39,7 +39,7 @@ import {createLocalizeStatements} from './i18n/localize_utils';
 import {I18nMetaVisitor} from './i18n/meta';
 import {assembleBoundTextPlaceholders, assembleI18nBoundString, declareI18nVariable, getTranslationConstPrefix, hasI18nMeta, I18N_ICU_MAPPING_PREFIX, i18nFormatPlaceholderNames, icuFromI18nMessage, isI18nRootNode, isSingleI18nIcu, placeholdersToParams, TRANSLATION_VAR_PREFIX, wrapI18nPlaceholder} from './i18n/util';
 import {StylingBuilder, StylingInstruction} from './styling_builder';
-import {asLiteral, chainedInstruction, CONTEXT_NAME, getAttrsForDirectiveMatching, getInterpolationArgsLength, IMPLICIT_REFERENCE, invalid, NON_BINDABLE_ATTR, REFERENCE_PREFIX, RENDER_FLAGS, trimTrailingNulls, unsupported} from './util';
+import {asLiteral, chainedInstruction, CONTEXT_NAME, getAttrsForDirectiveMatching, getInterpolationArgsLength, IMPLICIT_REFERENCE, invalid, NON_BINDABLE_ATTR, REFERENCE_PREFIX, RENDER_FLAGS, RESTORED_VIEW_CONTEXT_NAME, trimTrailingNulls, unsupported} from './util';
 
 
 
@@ -83,8 +83,10 @@ export function prepareEventListenerParameters(
       eventAst.handlerSpan, implicitReceiverAccesses, EVENT_BINDING_SCOPE_GLOBALS);
   const statements = [];
   if (scope) {
-    statements.push(...scope.restoreViewStatement());
+    // `variableDeclarations` needs to run first, because
+    // `restoreViewStatement` depends on the result.
     statements.push(...scope.variableDeclarations());
+    statements.unshift(...scope.restoreViewStatement());
   }
   statements.push(...bindingExpr.render3Stmts);
 
@@ -358,8 +360,17 @@ export class TemplateDefinitionBuilder implements t.Visitor<void>, LocalResolver
         (scope: BindingScope, relativeLevel: number) => {
           let rhs: o.Expression;
           if (scope.bindingLevel === retrievalLevel) {
-            // e.g. ctx
-            rhs = o.variable(CONTEXT_NAME);
+            if (scope.isListenerScope() && scope.hasRestoreViewVariable()) {
+              // e.g. restoredCtx.
+              // We have to get the context from a view reference, if one is available, because
+              // the context that was passed in during creation may not be correct anymore.
+              // For more information see: https://github.com/angular/angular/pull/40360.
+              rhs = o.variable(RESTORED_VIEW_CONTEXT_NAME);
+              scope.notifyRestoredViewContextUse();
+            } else {
+              // e.g. ctx
+              rhs = o.variable(CONTEXT_NAME);
+            }
           } else {
             const sharedCtxVar = scope.getSharedContextName(retrievalLevel);
             // e.g. ctx_r0   OR  x(2);
@@ -1658,6 +1669,7 @@ export class BindingScope implements LocalResolver {
   private map = new Map<string, BindingData>();
   private referenceNameIndex = 0;
   private restoreViewVariable: o.ReadVarExpr|null = null;
+  private usesRestoredViewContext = false;
   static createRootScope(): BindingScope {
     return new BindingScope();
   }
@@ -1833,17 +1845,23 @@ export class BindingScope implements LocalResolver {
   }
 
   restoreViewStatement(): o.Statement[] {
-    // restoreView($state$);
-    return this.restoreViewVariable ?
-        [instruction(null, R3.restoreView, [this.restoreViewVariable]).toStmt()] :
-        [];
+    const statements: o.Statement[] = [];
+    if (this.restoreViewVariable) {
+      const restoreCall = instruction(null, R3.restoreView, [this.restoreViewVariable]);
+      // Either `const restoredCtx = restoreView($state$);` or `restoreView($state$);`
+      // depending on whether it is being used.
+      statements.push(
+          this.usesRestoredViewContext ?
+              o.variable(RESTORED_VIEW_CONTEXT_NAME).set(restoreCall).toConstDecl() :
+              restoreCall.toStmt());
+    }
+    return statements;
   }
 
   viewSnapshotStatements(): o.Statement[] {
     // const $state$ = getCurrentView();
-    const getCurrentViewInstruction = instruction(null, R3.getCurrentView, []);
     return this.restoreViewVariable ?
-        [this.restoreViewVariable.set(getCurrentViewInstruction).toConstDecl()] :
+        [this.restoreViewVariable.set(instruction(null, R3.getCurrentView, [])).toConstDecl()] :
         [];
   }
 
@@ -1873,6 +1891,14 @@ export class BindingScope implements LocalResolver {
     const ref = `${REFERENCE_PREFIX}${current.referenceNameIndex++}`;
     return ref;
   }
+
+  hasRestoreViewVariable(): boolean {
+    return !!this.restoreViewVariable;
+  }
+
+  notifyRestoredViewContextUse(): void {
+    this.usesRestoredViewContext = true;
+  }
 }
 
 /**
diff --git a/packages/compiler/src/render3/view/util.ts b/packages/compiler/src/render3/view/util.ts
index 8f37e2d7f5..e237933a98 100644
--- a/packages/compiler/src/render3/view/util.ts
+++ b/packages/compiler/src/render3/view/util.ts
@@ -45,6 +45,9 @@ export const IMPLICIT_REFERENCE = '$implicit';
 /** Non bindable attribute name **/
 export const NON_BINDABLE_ATTR = 'ngNonBindable';
 
+/** Name for the variable keeping track of the context returned by `ɵɵrestoreView`. */
+export const RESTORED_VIEW_CONTEXT_NAME = 'restoredCtx';
+
 /**
  * Creates an allocator for a temporary variable.
  *
diff --git a/packages/core/src/render3/state.ts b/packages/core/src/render3/state.ts
index 0217e2f60d..5d1e02f106 100644
--- a/packages/core/src/render3/state.ts
+++ b/packages/core/src/render3/state.ts
@@ -284,11 +284,13 @@ export function getTView(): TView {
  * walking the declaration view tree in listeners to get vars from parent views.
  *
  * @param viewToRestore The OpaqueViewState instance to restore.
+ * @returns Context of the restored OpaqueViewState instance.
  *
  * @codeGenApi
  */
-export function ɵɵrestoreView(viewToRestore: OpaqueViewState) {
+export function ɵɵrestoreView<T = any>(viewToRestore: OpaqueViewState): T {
   instructionState.lFrame.contextLView = viewToRestore as any as LView;
+  return (viewToRestore as any as LView)[CONTEXT] as T;
 }