diff --git a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
index 111a9e601b..c955295e79 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
@@ -360,12 +360,24 @@ export function client_component(analysis, options) {
 
 	let component_block = b.block([...legacy_reactive_declarations, ...group_binding_declarations]);
 
+	const should_inject_context =
+		dev ||
+		analysis.needs_context ||
+		analysis.reactive_statements.size > 0 ||
+		component_returned_object.length > 0;
+
 	if (analysis.instance.has_await) {
+		if (should_inject_context && component_returned_object.length > 0) {
+			component_block.body.push(b.var('$$exports'));
+		}
 		const body = b.block([
 			store_init,
 			...store_setup,
 			...state.instance_level_snippets,
 			.../** @type {ESTree.Statement[]} */ (instance.body),
+			...(should_inject_context && component_returned_object.length > 0
+				? [b.stmt(b.assignment('=', b.id('$$exports'), b.object(component_returned_object)))]
+				: []),
 			b.if(b.call('$.aborted'), b.return()),
 			.../** @type {ESTree.Statement[]} */ (template.body)
 		]);
@@ -380,6 +392,9 @@ export function client_component(analysis, options) {
 			...state.instance_level_snippets,
 			.../** @type {ESTree.Statement[]} */ (instance.body)
 		);
+		if (should_inject_context && component_returned_object.length > 0) {
+			component_block.body.push(b.var('$$exports', b.object(component_returned_object)));
+		}
 		component_block.body.unshift(store_init, ...store_setup);
 
 		if (!analysis.runes && analysis.needs_context) {
@@ -395,12 +410,6 @@ export function client_component(analysis, options) {
 		);
 	}
 
-	const should_inject_context =
-		dev ||
-		analysis.needs_context ||
-		analysis.reactive_statements.size > 0 ||
-		component_returned_object.length > 0;
-
 	let should_inject_props =
 		should_inject_context ||
 		analysis.needs_props ||
@@ -447,7 +456,7 @@ export function client_component(analysis, options) {
 		let to_push;
 
 		if (component_returned_object.length > 0) {
-			let pop_call = b.call('$.pop', b.object(component_returned_object));
+			let pop_call = b.call('$.pop', b.id('$$exports'));
 			to_push = needs_store_cleanup ? b.var('$$pop', pop_call) : b.return(pop_call);
 		} else {
 			to_push = b.stmt(b.call('$.pop'));