diff --git a/libstdc++-v3/include/experimental/propagate_const b/libstdc++-v3/include/experimental/propagate_const
index 258ef6fdd44..12b0f27462a 100644
--- a/libstdc++-v3/include/experimental/propagate_const
+++ b/libstdc++-v3/include/experimental/propagate_const
@@ -50,6 +50,48 @@ namespace experimental
 {
 inline namespace fundamentals_v2
 {
+  template<typename _Tp>
+    using __propagate_const_elem_type
+      = remove_reference_t<decltype(*std::declval<_Tp&>())>;
+
+  template<typename _Tp,
+	   typename _Elem = __propagate_const_elem_type<_Tp>,
+	   bool = is_convertible<const _Tp, const _Elem*>::value>
+    struct __propagate_const_conversion_c
+    { };
+
+  template<typename _Tp, typename _Elem>
+    struct __propagate_const_conversion_c<_Tp, _Elem, true>
+    {
+      constexpr operator const _Elem*() const;
+    };
+
+  template<typename _Tp,
+	   typename _Elem = __propagate_const_elem_type<_Tp>,
+	   bool = is_convertible<_Tp, _Elem*>::value>
+    struct __propagate_const_conversion_nc
+    { };
+
+  template<typename _Tp, typename _Elem>
+    struct __propagate_const_conversion_nc<_Tp, _Elem, true>
+    {
+      constexpr operator _Elem*();
+    };
+
+  // Base class of propagate_const<T> when T is a class type.
+  template <typename _Tp>
+    struct __propagate_const_conversions
+    : __propagate_const_conversion_c<_Tp>, __propagate_const_conversion_nc<_Tp>
+    { };
+
+  // Base class of propagate_const<T> when T is a pointer type.
+  template<typename _Tp>
+    struct __propagate_const_conversions<_Tp*>
+    {
+      constexpr operator const _Tp*() const noexcept;
+      constexpr operator _Tp*() noexcept;
+    };
+
   /**
    * @defgroup propagate_const Const-propagating wrapper
    * @ingroup libfund-ts
@@ -63,10 +105,10 @@ inline namespace fundamentals_v2
 
   /// Const-propagating wrapper.
   template <typename _Tp>
-    class propagate_const
+    class propagate_const : public __propagate_const_conversions<_Tp>
     {
     public:
-      typedef remove_reference_t<decltype(*std::declval<_Tp&>())> element_type;
+      using element_type = __propagate_const_elem_type<_Tp>;
 
     private:
       template <typename _Up>
@@ -186,16 +228,6 @@ inline namespace fundamentals_v2
 	return get();
       }
 
-      template <typename _Up = _Tp,
-		typename enable_if<__or_<is_pointer<_Up>,
-					 is_convertible<_Up,
-							const element_type*>
-					 >::value, bool>::type = true>
-      constexpr operator const element_type*() const
-      {
-	return get();
-      }
-
       constexpr const element_type& operator*() const
       {
 	return *get();
@@ -212,16 +244,6 @@ inline namespace fundamentals_v2
 	return get();
       }
 
-      template <typename _Up = _Tp,
-		typename enable_if<__or_<is_pointer<_Up>,
-					 is_convertible<_Up,
-						        const element_type*>
-					 >::value, bool>::type = true>
-      constexpr operator element_type*()
-      {
-	return get();
-      }
-
       constexpr element_type& operator*()
       {
 	return *get();
@@ -430,6 +452,28 @@ inline namespace fundamentals_v2
       return __pt._M_t;
     }
 
+  template<typename _Tp>
+    constexpr
+    __propagate_const_conversions<_Tp*>::operator const _Tp*() const noexcept
+    { return static_cast<const propagate_const<_Tp*>*>(this)->get(); }
+
+  template<typename _Tp>
+    constexpr
+    __propagate_const_conversions<_Tp*>::operator _Tp*() noexcept
+    { return static_cast<propagate_const<_Tp*>*>(this)->get(); }
+
+  template<typename _Tp, typename _Elem>
+    constexpr
+    __propagate_const_conversion_c<_Tp, _Elem, true>::
+    operator const _Elem*() const
+    { return static_cast<const propagate_const<_Tp>*>(this)->get(); }
+
+  template<typename _Tp, typename _Elem>
+    constexpr
+    __propagate_const_conversion_nc<_Tp, _Elem, true>::
+    operator _Elem*()
+    { return static_cast<propagate_const<_Tp>*>(this)->get(); }
+
   /// @} group propagate_const
 } // namespace fundamentals_v2
 } // namespace experimental
diff --git a/libstdc++-v3/testsuite/experimental/propagate_const/observers/107525.cc b/libstdc++-v3/testsuite/experimental/propagate_const/observers/107525.cc
new file mode 100644
index 00000000000..e7ecff73c1a
--- /dev/null
+++ b/libstdc++-v3/testsuite/experimental/propagate_const/observers/107525.cc
@@ -0,0 +1,47 @@
+// { dg-do run { target c++14 } }
+
+#include <experimental/propagate_const>
+#include <testsuite_hooks.h>
+
+using std::experimental::propagate_const;
+
+void
+test_base_conversion()
+{
+  struct Base { };
+  struct Derived : Base { };
+
+  static_assert(std::is_convertible<propagate_const<Derived*>, Base*>::value,
+      "PR libstdc++/107525 - SFINAE breaks conversion operators");
+  static_assert(std::is_convertible<const propagate_const<Derived*>, const Base*>::value,
+      "PR libstdc++/107525 - SFINAE breaks conversion operators");
+}
+
+void
+test_const_conversion()
+{
+  struct X
+  {
+    int* p = nullptr;
+
+    int& operator*() const { return *p; }
+    int* operator->() const { return p; }
+    int* get() const { return p; }
+
+    operator int*() { return p; }
+    operator const int*() const = delete;
+  };
+
+  static_assert(!std::is_convertible_v<const X, const int*>,
+		"Cannot convert const X to const int*");
+  // So should not be able to convert const propagate_const<X> to const int*.
+  static_assert(!std::is_convertible_v<const propagate_const<X>, const int*>,
+		"So should not be able to convert const propagate_const<X> to "
+		"const int* (although this is not what LFTSv3 says)");
+}
+
+int main()
+{
+  test_base_conversion();
+  test_const_conversion();
+}