diff --git a/CodeBlocker.Test/TemplateTests.cs b/CodeBlocker.Test/TemplateTests.cs
index cbe4b4a..859f6d8 100644
--- a/CodeBlocker.Test/TemplateTests.cs
+++ b/CodeBlocker.Test/TemplateTests.cs
@@ -486,6 +486,63 @@ public void AnExpressionBodiedAccessorEndingInALineCommentGetsItsSemicolonBefore
 		Assert.AreEqual("public int X\n{\n\tget => x; // c\n}\n", Render(property));
 	}
 
+	private static void WriteDebugConditional(CodeBlocker codeBlocker)
+	{
+		codeBlocker.WriteLine("#if DEBUG");
+		codeBlocker.WriteLine("1");
+		codeBlocker.WriteLine("#else");
+		codeBlocker.WriteLine("2");
+		codeBlocker.WriteLine("#endif");
+	}
+
+	[TestMethod]
+	public void AnExpressionBodyOpeningWithADirectiveStartsBelowTheArrowAndEndsAfterTheLastDirective() =>
+		// Used to render "int P => #if DEBUG" (CS1040) and "#endif;" (CS1025).
+		Assert.AreEqual(
+			"int P =>\n#if DEBUG\n1\n#else\n2\n#endif\n;\n",
+			Render(new PropertyTemplate { Type = "int", Name = "P", ExpressionBodyFactory = WriteDebugConditional }));
+
+	[TestMethod]
+	public void AnExpressionBodiedAccessorWithADirectiveIsTerminatedAfterIt() =>
+		Assert.AreEqual(
+			"int P\n{\n\tget =>\n\t#if DEBUG\n\t1\n\t#else\n\t2\n\t#endif\n\t;\n}\n",
+			Render(new PropertyTemplate { Type = "int", Name = "P", Getter = AccessorTemplate.Expression(WriteDebugConditional) }));
+
+	[TestMethod]
+	public void AnExpressionBodyEndingInADirectiveAfterCodeOnTheArrowLineIsTerminatedAfterIt() =>
+		Assert.AreEqual(
+			"int P => 1\n#if DEBUG\n+ 2\n#endif\n;\n",
+			Render(new PropertyTemplate
+			{
+				Type = "int",
+				Name = "P",
+				ExpressionBodyFactory = codeBlocker =>
+				{
+					codeBlocker.WriteLine("1");
+					codeBlocker.WriteLine("#if DEBUG");
+					codeBlocker.WriteLine("+ 2");
+					codeBlocker.WriteLine("#endif");
+				},
+			}));
+
+	[TestMethod]
+	public void AnExpressionBodyWithCodeAfterItsLastDirectiveTerminatesThatCode() =>
+		Assert.AreEqual(
+			"int P => 1\n#if DEBUG\n+ 2\n#endif\n+ 3;\n",
+			Render(new PropertyTemplate
+			{
+				Type = "int",
+				Name = "P",
+				ExpressionBodyFactory = codeBlocker =>
+				{
+					codeBlocker.WriteLine("1");
+					codeBlocker.WriteLine("#if DEBUG");
+					codeBlocker.WriteLine("+ 2");
+					codeBlocker.WriteLine("#endif");
+					codeBlocker.WriteLine("+ 3");
+				},
+			}));
+
 	[TestMethod]
 	public void ABlockBodiedAccessorIsBracedAndIndented()
 	{
diff --git a/CodeBlocker/Templates/TemplateRendering.cs b/CodeBlocker/Templates/TemplateRendering.cs
index a2625bd..6fc9cc4 100644
--- a/CodeBlocker/Templates/TemplateRendering.cs
+++ b/CodeBlocker/Templates/TemplateRendering.cs
@@ -341,20 +341,25 @@ internal static void WriteExpressionBody(CodeBlocker codeBlocker, Action<CodeBlo
 			first++;
 		}
 
-		codeBlocker.Write(" => ");
 		if (last < 0)
 		{
-			codeBlocker.WriteLine(";");
+			codeBlocker.WriteLine(" => ;");
 			return;
 		}
 
-		int[] codeEnds = FindCodeEnds(lines);
-		int terminated = last;
-		while (terminated > first && string.IsNullOrWhiteSpace(lines[terminated][..codeEnds[terminated]]))
+		// A directive must be the first thing on its line (CS1040), so one that opens the
+		// expression goes on the line after the arrow rather than on the declaration line.
+		if (IsDirective(lines[first]))
 		{
-			terminated--;
+			codeBlocker.WriteLine(" =>");
+		}
+		else
+		{
+			codeBlocker.Write(" => ");
 		}
 
+		int[] codeEnds = FindCodeEnds(lines);
+		int terminated = FindTerminatedLine(lines, codeEnds, first, last);
 		for (int i = first; i <= last; i++)
 		{
 			if (i == terminated)
@@ -370,8 +375,62 @@ internal static void WriteExpressionBody(CodeBlocker codeBlocker, Action<CodeBlo
 				codeBlocker.WriteLine(lines[i]);
 			}
 		}
+
+		if (terminated < 0)
+		{
+			codeBlocker.WriteLine(";");
+		}
+	}
+
+	/// <summary>
+	/// Finds the line of an expression body that takes the terminating semicolon: the last line
+	/// with code on it, skipping lines that hold only a comment or a directive.
+	/// </summary>
+	/// <param name="lines">The lines of the expression, as <see cref="SplitLines"/> returns them.</param>
+	/// <param name="codeEnds">Where the code on each line ends, as <see cref="FindCodeEnds"/> found.</param>
+	/// <param name="first">The first line with content.</param>
+	/// <param name="last">The last line with content.</param>
+	/// <returns>
+	/// The line's index, or -1 when a directive follows it. That line may sit in one branch of an
+	/// <c>#if</c>, and terminating it would leave every other branch unterminated, so the semicolon
+	/// then goes on a line of its own after the last directive, where every branch reaches it.
+	/// </returns>
+	private static int FindTerminatedLine(string[] lines, int[] codeEnds, int first, int last)
+	{
+		int terminated = last;
+		while (terminated > first && !IsCode(lines[terminated][..codeEnds[terminated]]))
+		{
+			terminated--;
+		}
+
+		for (int i = terminated + 1; i <= last; i++)
+		{
+			if (IsDirective(lines[i]))
+			{
+				return -1;
+			}
+		}
+
+		return terminated;
+	}
+
+	/// <summary>
+	/// Reports whether the code part of a line holds code: anything but whitespace or a
+	/// preprocessor directive.
+	/// </summary>
+	/// <param name="code">The line up to where its code ends.</param>
+	/// <returns><see langword="true"/> if the line has code on it.</returns>
+	private static bool IsCode(string code)
+	{
+		string trimmed = code.Trim();
+		return trimmed.Length != 0 && trimmed[0] != '#';
 	}
 
+	/// <summary>Reports whether a line is a preprocessor directive.</summary>
+	/// <param name="line">The line to check.</param>
+	/// <returns><see langword="true"/> if the line's first non-whitespace character is <c>#</c>.</returns>
+	private static bool IsDirective(string line) => line.TrimStart().StartsWith('#');
+
 	/// <summary>
 	/// Finds where the code on each line ends: at the start of the line comment the line ends in,
 	/// or at the end of the line when it has none.