diff --git a/src/gt4py/next/otf/compilation/compiler.py b/src/gt4py/next/otf/compilation/compiler.py
index e03fa84e50..1f9c85b07f 100644
--- a/src/gt4py/next/otf/compilation/compiler.py
+++ b/src/gt4py/next/otf/compilation/compiler.py
@@ -10,7 +10,7 @@
 
 import dataclasses
 import pathlib
-from typing import Protocol, TypeVar
+from typing import Protocol, TypeVar, cast
 
 import factory
 
@@ -83,11 +83,29 @@ def __call__(
                     f"On-the-fly compilation unsuccessful for '{inp.program_source.entry_point.name}'."
                 )
 
-        compiled_prog = getattr(
-            importer.import_from_path(src_dir / new_data.module), new_data.entry_point_name
-        )
-
-        return compiled_prog
+        m = importer.import_from_path(src_dir / new_data.module)
+        func = getattr(m, new_data.entry_point_name)
+
+        # Since nanobind 2.10, calling functions with ndarray args crashes (SEGFAULT)
+        # when there are not live references to their extension module (see: https://github.com/wjakob/nanobind/issues/1283)
+        # Here we dynamically create a new callable class holding a reference to the
+        # module and the function, whose `__call__` is exactly the `__call__` method
+        # of the returned (nanobind) nbfunction object. As long as this object is alive,
+        # the module reference is kept alive too, preventing the SEGFAULT.
+        managed_entry_point = type(
+            f"{m.__name__}_managed_wrapper",
+            (),
+            dict(
+                __call__=func.__call__,
+                __doc__=getattr(func, "__doc__", None),
+                __hash__=func.__hash__,
+                __eq__=func.__eq__,
+                module_ref=m,
+                func_ref=func,
+            ),
+        )()
+
+        return cast(stages.CompiledProgram, managed_entry_point)
 
 
 class CompilerFactory(factory.Factory):