diff --git a/qa/data/eeschema/issue12505.kicad_pro b/qa/data/eeschema/issue12505.kicad_pro
new file mode 100644
index 0000000000..2c6160f27d
--- /dev/null
+++ b/qa/data/eeschema/issue12505.kicad_pro
@@ -0,0 +1,340 @@
+{
+  "board": {
+    "3dviewports": [],
+    "design_settings": {
+      "defaults": {
+        "board_outline_line_width": 0.1,
+        "copper_line_width": 0.2,
+        "copper_text_size_h": 1.5,
+        "copper_text_size_v": 1.5,
+        "copper_text_thickness": 0.3,
+        "other_line_width": 0.15,
+        "silk_line_width": 0.15,
+        "silk_text_size_h": 1.0,
+        "silk_text_size_v": 1.0,
+        "silk_text_thickness": 0.15
+      },
+      "diff_pair_dimensions": [],
+      "drc_exclusions": [],
+      "rules": {
+        "min_copper_edge_clearance": 0.0,
+        "solder_mask_clearance": 0.0,
+        "solder_mask_min_width": 0.0
+      },
+      "track_widths": [],
+      "via_dimensions": []
+    },
+    "layer_presets": [],
+    "viewports": []
+  },
+  "boards": [],
+  "cvpcb": {
+    "equivalence_files": []
+  },
+  "erc": {
+    "erc_exclusions": [],
+    "meta": {
+      "version": 0
+    },
+    "pin_map": [
+      [
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        1,
+        0,
+        0,
+        0,
+        0,
+        2
+      ],
+      [
+        0,
+        2,
+        0,
+        1,
+        0,
+        0,
+        1,
+        0,
+        2,
+        2,
+        2,
+        2
+      ],
+      [
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        1,
+        0,
+        1,
+        0,
+        1,
+        2
+      ],
+      [
+        0,
+        1,
+        0,
+        0,
+        0,
+        0,
+        1,
+        1,
+        2,
+        1,
+        1,
+        2
+      ],
+      [
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        1,
+        0,
+        0,
+        0,
+        0,
+        2
+      ],
+      [
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        0,
+        2
+      ],
+      [
+        1,
+        1,
+        1,
+        1,
+        1,
+        0,
+        1,
+        1,
+        1,
+        1,
+        1,
+        2
+      ],
+      [
+        0,
+        0,
+        0,
+        1,
+        0,
+        0,
+        1,
+        0,
+        0,
+        0,
+        0,
+        2
+      ],
+      [
+        0,
+        2,
+        1,
+        2,
+        0,
+        0,
+        1,
+        0,
+        2,
+        2,
+        2,
+        2
+      ],
+      [
+        0,
+        2,
+        0,
+        1,
+        0,
+        0,
+        1,
+        0,
+        2,
+        0,
+        0,
+        2
+      ],
+      [
+        0,
+        2,
+        1,
+        1,
+        0,
+        0,
+        1,
+        0,
+        2,
+        0,
+        0,
+        2
+      ],
+      [
+        2,
+        2,
+        2,
+        2,
+        2,
+        2,
+        2,
+        2,
+        2,
+        2,
+        2,
+        2
+      ]
+    ],
+    "rule_severities": {
+      "bus_definition_conflict": "error",
+      "bus_entry_needed": "error",
+      "bus_to_bus_conflict": "error",
+      "bus_to_net_conflict": "error",
+      "conflicting_netclasses": "error",
+      "different_unit_footprint": "error",
+      "different_unit_net": "error",
+      "duplicate_reference": "error",
+      "duplicate_sheet_names": "error",
+      "endpoint_off_grid": "warning",
+      "extra_units": "error",
+      "global_label_dangling": "warning",
+      "hier_label_mismatch": "error",
+      "label_dangling": "error",
+      "lib_symbol_issues": "warning",
+      "missing_bidi_pin": "warning",
+      "missing_input_pin": "warning",
+      "missing_power_pin": "error",
+      "missing_unit": "warning",
+      "multiple_net_names": "warning",
+      "net_not_bus_member": "warning",
+      "no_connect_connected": "warning",
+      "no_connect_dangling": "warning",
+      "pin_not_connected": "error",
+      "pin_not_driven": "error",
+      "pin_to_pin": "warning",
+      "power_pin_not_driven": "error",
+      "similar_labels": "warning",
+      "simulation_model_issue": "error",
+      "unannotated": "error",
+      "unit_value_mismatch": "error",
+      "unresolved_variable": "error",
+      "wire_dangling": "error"
+    }
+  },
+  "libraries": {
+    "pinned_footprint_libs": [],
+    "pinned_symbol_libs": []
+  },
+  "meta": {
+    "filename": "Spice_value_substitution_regression.kicad_pro",
+    "version": 1
+  },
+  "net_settings": {
+    "classes": [
+      {
+        "bus_width": 12,
+        "clearance": 0.2,
+        "diff_pair_gap": 0.25,
+        "diff_pair_via_gap": 0.25,
+        "diff_pair_width": 0.2,
+        "line_style": 0,
+        "microvia_diameter": 0.3,
+        "microvia_drill": 0.1,
+        "name": "Default",
+        "pcb_color": "rgba(0, 0, 0, 0.000)",
+        "schematic_color": "rgba(0, 0, 0, 0.000)",
+        "track_width": 0.25,
+        "via_diameter": 0.8,
+        "via_drill": 0.4,
+        "wire_width": 6
+      }
+    ],
+    "meta": {
+      "version": 3
+    },
+    "net_colors": null,
+    "netclass_assignments": null,
+    "netclass_patterns": []
+  },
+  "pcbnew": {
+    "last_paths": {
+      "gencad": "",
+      "idf": "",
+      "netlist": "",
+      "specctra_dsn": "",
+      "step": "",
+      "vrml": ""
+    },
+    "page_layout_descr_file": ""
+  },
+  "schematic": {
+    "annotate_start_num": 0,
+    "drawing": {
+      "dashed_lines_dash_length_ratio": 12.0,
+      "dashed_lines_gap_length_ratio": 3.0,
+      "default_line_thickness": 6.0,
+      "default_text_size": 50.0,
+      "field_names": [],
+      "intersheets_ref_own_page": false,
+      "intersheets_ref_prefix": "",
+      "intersheets_ref_short": false,
+      "intersheets_ref_show": false,
+      "intersheets_ref_suffix": "",
+      "junction_size_choice": 3,
+      "label_size_ratio": 0.375,
+      "pin_symbol_size": 25.0,
+      "text_offset_ratio": 0.15
+    },
+    "legacy_lib_dir": "",
+    "legacy_lib_list": [],
+    "meta": {
+      "version": 1
+    },
+    "net_format_name": "",
+    "ngspice": {
+      "fix_include_paths": true,
+      "meta": {
+        "version": 0
+      },
+      "model_mode": 0,
+      "workbook_filename": ""
+    },
+    "page_layout_descr_file": "",
+    "plot_directory": "",
+    "spice_current_sheet_as_root": false,
+    "spice_external_command": "spice \"%I\"",
+    "spice_model_current_sheet_as_root": true,
+    "spice_save_all_currents": false,
+    "spice_save_all_voltages": false,
+    "subpart_first_id": 65,
+    "subpart_id_separator": 0
+  },
+  "sheets": [
+    [
+      "a83dad98-6bdf-4131-a8e5-eafd5abfb1e2",
+      ""
+    ]
+  ],
+  "text_variables": {}
+}
diff --git a/qa/data/eeschema/issue12505.kicad_sch b/qa/data/eeschema/issue12505.kicad_sch
new file mode 100644
index 0000000000..bb65419c1a
--- /dev/null
+++ b/qa/data/eeschema/issue12505.kicad_sch
@@ -0,0 +1,282 @@
+(kicad_sch (version 20230121) (generator eeschema)
+
+  (uuid a83dad98-6bdf-4131-a8e5-eafd5abfb1e2)
+
+  (paper "A4")
+
+  (lib_symbols
+    (symbol "Device:R" (pin_numbers hide) (pin_names (offset 0)) (in_bom yes) (on_board yes)
+      (property "Reference" "R" (at 2.032 0 90)
+        (effects (font (size 1.27 1.27)))
+      )
+      (property "Value" "R" (at 0 0 90)
+        (effects (font (size 1.27 1.27)))
+      )
+      (property "Footprint" "" (at -1.778 0 90)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "Datasheet" "~" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "ki_keywords" "R res resistor" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "ki_description" "Resistor" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "ki_fp_filters" "R_*" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (symbol "R_0_1"
+        (rectangle (start -1.016 -2.54) (end 1.016 2.54)
+          (stroke (width 0.254) (type default))
+          (fill (type none))
+        )
+      )
+      (symbol "R_1_1"
+        (pin passive line (at 0 3.81 270) (length 1.27)
+          (name "~" (effects (font (size 1.27 1.27))))
+          (number "1" (effects (font (size 1.27 1.27))))
+        )
+        (pin passive line (at 0 -3.81 90) (length 1.27)
+          (name "~" (effects (font (size 1.27 1.27))))
+          (number "2" (effects (font (size 1.27 1.27))))
+        )
+      )
+    )
+    (symbol "Simulation_SPICE:0" (power) (pin_names (offset 0)) (in_bom yes) (on_board yes)
+      (property "Reference" "#GND" (at 0 -2.54 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "Value" "0" (at 0 -1.778 0)
+        (effects (font (size 1.27 1.27)))
+      )
+      (property "Footprint" "" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "Datasheet" "~" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "ki_keywords" "simulation" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "ki_description" "0V reference potential for simulation" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (symbol "0_0_1"
+        (polyline
+          (pts
+            (xy -1.27 0)
+            (xy 0 -1.27)
+            (xy 1.27 0)
+            (xy -1.27 0)
+          )
+          (stroke (width 0) (type default))
+          (fill (type none))
+        )
+      )
+      (symbol "0_1_1"
+        (pin power_in line (at 0 0 0) (length 0) hide
+          (name "0" (effects (font (size 1.016 1.016))))
+          (number "1" (effects (font (size 1.016 1.016))))
+        )
+      )
+    )
+    (symbol "Simulation_SPICE:VSIN" (pin_numbers hide) (pin_names (offset 0.0254)) (in_bom yes) (on_board yes)
+      (property "Reference" "V" (at 2.54 2.54 0)
+        (effects (font (size 1.27 1.27)) (justify left))
+      )
+      (property "Value" "VSIN" (at 2.54 0 0)
+        (effects (font (size 1.27 1.27)) (justify left))
+      )
+      (property "Footprint" "" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "Datasheet" "~" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "Sim.Pins" "1=+ 2=-" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "Sim.Params" "dc=0 ampl=1 f=1k ac=1" (at 2.54 -2.54 0)
+        (effects (font (size 1.27 1.27)) (justify left))
+      )
+      (property "Sim.Type" "SIN" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "Sim.Device" "V" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) (justify left) hide)
+      )
+      (property "ki_keywords" "simulation ac vac" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (property "ki_description" "Voltage source, sinusoidal" (at 0 0 0)
+        (effects (font (size 1.27 1.27)) hide)
+      )
+      (symbol "VSIN_0_0"
+        (arc (start 0 0) (mid -0.635 0.6323) (end -1.27 0)
+          (stroke (width 0) (type default))
+          (fill (type none))
+        )
+        (arc (start 0 0) (mid 0.635 -0.6323) (end 1.27 0)
+          (stroke (width 0) (type default))
+          (fill (type none))
+        )
+        (text "+" (at 0 1.905 0)
+          (effects (font (size 1.27 1.27)))
+        )
+      )
+      (symbol "VSIN_0_1"
+        (circle (center 0 0) (radius 2.54)
+          (stroke (width 0.254) (type default))
+          (fill (type background))
+        )
+      )
+      (symbol "VSIN_1_1"
+        (pin passive line (at 0 5.08 270) (length 2.54)
+          (name "~" (effects (font (size 1.27 1.27))))
+          (number "1" (effects (font (size 1.27 1.27))))
+        )
+        (pin passive line (at 0 -5.08 90) (length 2.54)
+          (name "~" (effects (font (size 1.27 1.27))))
+          (number "2" (effects (font (size 1.27 1.27))))
+        )
+      )
+    )
+  )
+
+  (junction (at 88.9 88.9) (diameter 0) (color 0 0 0 0)
+    (uuid 2934c2df-d750-4949-9bb5-2d5234f61386)
+  )
+
+  (wire (pts (xy 73.66 88.9) (xy 88.9 88.9))
+    (stroke (width 0) (type default))
+    (uuid 06af46a6-6f60-4f17-95ae-2a85a89f02a6)
+  )
+  (wire (pts (xy 73.66 85.09) (xy 73.66 88.9))
+    (stroke (width 0) (type default))
+    (uuid 3994ae78-2922-4b57-9640-0a60aa70de44)
+  )
+  (wire (pts (xy 73.66 74.93) (xy 73.66 77.47))
+    (stroke (width 0) (type default))
+    (uuid 64862433-7a80-4ff4-8655-18367894528a)
+  )
+  (wire (pts (xy 73.66 74.93) (xy 88.9 74.93))
+    (stroke (width 0) (type default))
+    (uuid 8d2c5f9b-5bc9-4d6f-9ddd-e2fce9531195)
+  )
+  (wire (pts (xy 88.9 86.36) (xy 88.9 88.9))
+    (stroke (width 0) (type default))
+    (uuid ac6a6b32-a43c-4495-b132-b2f68491aae2)
+  )
+  (wire (pts (xy 88.9 74.93) (xy 88.9 76.2))
+    (stroke (width 0) (type default))
+    (uuid ef4780da-ee88-4f68-8d6d-920c658bcaf7)
+  )
+  (wire (pts (xy 88.9 88.9) (xy 88.9 91.44))
+    (stroke (width 0) (type default))
+    (uuid f145de0f-02ed-4631-85ea-7126ccf81633)
+  )
+
+  (text ".param AMPLITUDE = 311" (at 100.33 68.58 0)
+    (effects (font (size 1.27 1.27)) (justify left bottom))
+    (uuid 635addab-320b-4473-a695-87acbe5b6b13)
+  )
+  (text ".tran 10u 50m" (at 74.93 100.33 0)
+    (effects (font (size 1.27 1.27)) (justify left bottom))
+    (uuid fdf8d8af-7f01-4162-b5a0-310e453d3df9)
+  )
+
+  (symbol (lib_id "Simulation_SPICE:VSIN") (at 88.9 81.28 0) (unit 1)
+    (in_bom yes) (on_board yes) (dnp no) (fields_autoplaced)
+    (uuid 8d070f0b-31df-409a-8ac3-a30f48c45f47)
+    (property "Reference" "V1" (at 92.71 79.3392 0)
+      (effects (font (size 1.27 1.27)) (justify left))
+    )
+    (property "Value" "VSIN" (at 92.71 81.8792 0)
+      (effects (font (size 1.27 1.27)) (justify left))
+    )
+    (property "Footprint" "" (at 88.9 81.28 0)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (property "Datasheet" "~" (at 88.9 81.28 0)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (property "Sim.Pins" "1=+ 2=-" (at 88.9 81.28 0)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (property "Sim.Params" "dc=0 ampl={AMPLITUDE} f=50 td=0 theta=0 ac=1" (at 92.71 84.4192 0)
+      (effects (font (size 1.27 1.27)) (justify left))
+    )
+    (property "Sim.Type" "SIN" (at 88.9 81.28 0)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (property "Sim.Device" "V" (at 88.9 81.28 0)
+      (effects (font (size 1.27 1.27)) (justify left) hide)
+    )
+    (pin "1" (uuid 6928d0d3-5a72-440a-9712-6a5bd7f30d88))
+    (pin "2" (uuid 9ccf5512-7159-4bcb-a54f-02505d3593c8))
+    (instances
+      (project "Spice_value_substitution_regression"
+        (path "/a83dad98-6bdf-4131-a8e5-eafd5abfb1e2"
+          (reference "V1") (unit 1)
+        )
+      )
+    )
+  )
+
+  (symbol (lib_id "Device:R") (at 73.66 81.28 0) (mirror x) (unit 1)
+    (in_bom yes) (on_board yes) (dnp no) (fields_autoplaced)
+    (uuid bc97be6a-b1c8-49cd-b524-3bc3b0e7eaba)
+    (property "Reference" "R1" (at 71.12 80.645 0)
+      (effects (font (size 1.27 1.27)) (justify right))
+    )
+    (property "Value" "R" (at 71.12 83.185 0)
+      (effects (font (size 1.27 1.27)) (justify right))
+    )
+    (property "Footprint" "" (at 71.882 81.28 90)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (property "Datasheet" "~" (at 73.66 81.28 0)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (pin "1" (uuid 9583f53a-330c-4331-8084-d213cdeefc72))
+    (pin "2" (uuid c885426e-31db-4b90-a482-8448735e8f3b))
+    (instances
+      (project "Spice_value_substitution_regression"
+        (path "/a83dad98-6bdf-4131-a8e5-eafd5abfb1e2"
+          (reference "R1") (unit 1)
+        )
+      )
+    )
+  )
+
+  (symbol (lib_id "Simulation_SPICE:0") (at 88.9 91.44 0) (unit 1)
+    (in_bom yes) (on_board yes) (dnp no)
+    (uuid db9187b8-77aa-4b3a-9e92-959a7418c546)
+    (property "Reference" "#GND01" (at 88.9 93.98 0)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (property "Value" "0" (at 88.9 93.98 0)
+      (effects (font (size 1.27 1.27)))
+    )
+    (property "Footprint" "" (at 88.9 91.44 0)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (property "Datasheet" "~" (at 88.9 91.44 0)
+      (effects (font (size 1.27 1.27)) hide)
+    )
+    (pin "1" (uuid 4672061b-800b-4ebc-b5c0-6036660d567a))
+    (instances
+      (project "Spice_value_substitution_regression"
+        (path "/a83dad98-6bdf-4131-a8e5-eafd5abfb1e2"
+          (reference "#GND01") (unit 1)
+        )
+      )
+    )
+  )
+
+  (sheet_instances
+    (path "/" (page "1"))
+  )
+)
diff --git a/qa/unittests/eeschema/sim/test_sim_regressions.cpp b/qa/unittests/eeschema/sim/test_sim_regressions.cpp
index 7b3352660a..97fe3a174e 100644
--- a/qa/unittests/eeschema/sim/test_sim_regressions.cpp
+++ b/qa/unittests/eeschema/sim/test_sim_regressions.cpp
@@ -139,4 +139,17 @@ BOOST_FIXTURE_TEST_CASE( DualNMOSAmp, TEST_SIM_REGRESSIONS_FIXTURE )
 }
 
 
+BOOST_FIXTURE_TEST_CASE( VariableSubstitutions, TEST_SIM_REGRESSIONS_FIXTURE )
+{
+    LOCALE_IO dummy;
+
+    const MOCK_PGM_BASE& program = static_cast<MOCK_PGM_BASE&>( Pgm() );
+    MOCK_EXPECT( program.GetLocalEnvVariables ).returns( ENV_VAR_MAP() );
+
+    TestNetlist( "issue12505" );
+    TestTranPoint( 0.015, { { "V(Net-_R1-Pad2_)", -311 } } );
+    TestTranPoint( 0.025, { { "V(Net-_R1-Pad2_)", 311 } } );
+}
+
+
 #endif // KICAD_SPICE