diff --git a/Source/Core/Core/PowerPC/JitArm64/JitArm64_Integer.cpp b/Source/Core/Core/PowerPC/JitArm64/JitArm64_Integer.cpp
index 7d0e797340..6cd902d0c9 100644
--- a/Source/Core/Core/PowerPC/JitArm64/JitArm64_Integer.cpp
+++ b/Source/Core/Core/PowerPC/JitArm64/JitArm64_Integer.cpp
@@ -944,11 +944,16 @@ void JitArm64::mulli(UGeckoInstruction inst)
   }
   else
   {
-    gpr.BindToRegister(d, d == a);
-    ARM64Reg WA = gpr.GetReg();
+    const bool allocate_reg = d == a;
+    gpr.BindToRegister(d, allocate_reg);
+
+    // Reuse d to hold the immediate if possible, allocate a register otherwise.
+    ARM64Reg WA = allocate_reg ? gpr.GetReg() : gpr.R(d);
+
     MOVI2R(WA, (u32)(s32)inst.SIMM_16);
     MUL(gpr.R(d), gpr.R(a), WA);
-    gpr.Unlock(WA);
+    if (allocate_reg)
+      gpr.Unlock(WA);
   }
 }