diff --git a/src/library/Uno.Material/Styles/Controls/v2/ToggleButton.xaml b/src/library/Uno.Material/Styles/Controls/v2/ToggleButton.xaml
index 38ea9bba1..6a0b0f58c 100644
--- a/src/library/Uno.Material/Styles/Controls/v2/ToggleButton.xaml
+++ b/src/library/Uno.Material/Styles/Controls/v2/ToggleButton.xaml
@@ -503,11 +503,13 @@
 										<Setter Target="RootGrid.BorderBrush" Value="{ThemeResource IconToggleButtonBorderBrushDisabled}" />
 									</VisualState.Setters>
 								</VisualState>
+								<!-- For the checked states, we need to also validate if AlternateContent is set first before changing visibility -->
+								<!-- https://github.com/unoplatform/Uno.Themes/issues/1132 -->
 								<VisualState x:Name="Checked">
 									<VisualState.Setters>
 										<Setter Target="ContentPresenter.Visibility" Value="Collapsed" />
 										<Setter Target="ContentPresenter.Foreground" Value="{ThemeResource IconToggleButtonForegroundChecked}" />
-										<Setter Target="AlternateContentPresenter.Visibility" Value="Visible" />
+										<Setter Target="AlternateContentPresenter.Visibility" Value="{Binding Path=(um:ControlExtensions.AlternateContent), RelativeSource={RelativeSource TemplatedParent}, Converter={StaticResource MaterialNullToCollapsedConverter}, FallbackValue=Visible, TargetNullValue=Visible}" />
 										<Setter Target="AlternateContentPresenter.Foreground" Value="{ThemeResource IconToggleButtonForegroundChecked}" />
 										<Setter Target="RootGrid.Background" Value="{ThemeResource IconToggleButtonBackgroundChecked}" />
 										<Setter Target="RootGrid.BorderBrush" Value="{ThemeResource IconToggleButtonBorderBrushChecked}" />
@@ -517,7 +519,7 @@
 									<VisualState.Setters>
 										<Setter Target="ContentPresenter.Visibility" Value="Collapsed" />
 										<Setter Target="ContentPresenter.Foreground" Value="{ThemeResource IconToggleButtonForegroundCheckedPointerOver}" />
-										<Setter Target="AlternateContentPresenter.Visibility" Value="Visible" />
+										<Setter Target="AlternateContentPresenter.Visibility" Value="{Binding Path=(um:ControlExtensions.AlternateContent), RelativeSource={RelativeSource TemplatedParent}, Converter={StaticResource MaterialNullToCollapsedConverter}, FallbackValue=Visible, TargetNullValue=Visible}" />
 										<Setter Target="AlternateContentPresenter.Foreground" Value="{ThemeResource IconToggleButtonForegroundCheckedPointerOver}" />
 										<Setter Target="HoverOverlay.Opacity" Value="1" />
 										<Setter Target="RootGrid.Background" Value="{ThemeResource IconToggleButtonBackgroundCheckedPointerOver}" />
@@ -528,7 +530,7 @@
 									<VisualState.Setters>
 										<Setter Target="ContentPresenter.Visibility" Value="Collapsed" />
 										<Setter Target="ContentPresenter.Foreground" Value="{ThemeResource IconToggleButtonForegroundCheckedPressed}" />
-										<Setter Target="AlternateContentPresenter.Visibility" Value="Visible" />
+										<Setter Target="AlternateContentPresenter.Visibility" Value="{Binding Path=(um:ControlExtensions.AlternateContent), RelativeSource={RelativeSource TemplatedParent}, Converter={StaticResource MaterialNullToCollapsedConverter}, FallbackValue=Visible, TargetNullValue=Visible}" />
 										<Setter Target="AlternateContentPresenter.Foreground" Value="{ThemeResource IconToggleButtonForegroundCheckedPressed}" />
 										<Setter Target="PressedOverlay.Opacity" Value="1" />
 										<Setter Target="RootGrid.Background" Value="{ThemeResource IconToggleButtonBackgroundCheckedPressed}" />
@@ -539,7 +541,7 @@
 									<VisualState.Setters>
 										<Setter Target="ContentPresenter.Visibility" Value="Collapsed" />
 										<Setter Target="ContentPresenter.Foreground" Value="{ThemeResource IconToggleButtonForegroundCheckedDisabled}" />
-										<Setter Target="AlternateContentPresenter.Visibility" Value="Visible" />
+										<Setter Target="AlternateContentPresenter.Visibility" Value="{Binding Path=(um:ControlExtensions.AlternateContent), RelativeSource={RelativeSource TemplatedParent}, Converter={StaticResource MaterialNullToCollapsedConverter}, FallbackValue=Visible, TargetNullValue=Visible}" />
 										<Setter Target="AlternateContentPresenter.Foreground" Value="{ThemeResource IconToggleButtonForegroundCheckedDisabled}" />
 										<Setter Target="RootGrid.Background" Value="{ThemeResource IconToggleButtonBackgroundCheckedDisabled}" />
 										<Setter Target="RootGrid.BorderBrush" Value="{ThemeResource IconToggleButtonBorderBrushCheckedDisabled}" />
@@ -605,7 +607,7 @@
 						<!-- Alternate Content -->
 						<ContentPresenter x:Name="AlternateContentPresenter"
 										  AutomationProperties.AccessibilityView="Raw"
-										  Content="{Binding Path=(um:ControlExtensions.AlternateContent), RelativeSource={RelativeSource TemplatedParent}, FallbackValue=' ', TargetNullValue=' '}"
+										  Content="{Binding Path=(um:ControlExtensions.AlternateContent), RelativeSource={RelativeSource TemplatedParent}}"
 										  Foreground="{TemplateBinding Foreground}"
 										  HorizontalContentAlignment="{TemplateBinding HorizontalContentAlignment}"
 										  VerticalContentAlignment="{TemplateBinding VerticalContentAlignment}"