diff --git a/esphome/external_files.py b/esphome/external_files.py
index b6f6149ebb..1dd7ce16b8 100644
--- a/esphome/external_files.py
+++ b/esphome/external_files.py
@@ -102,6 +102,11 @@ def download_content(url: str, path: Path, timeout: int = NETWORK_TIMEOUT) -> by
             headers={"User-agent": f"ESPHome/{__version__} (https://esphome.io)"},
         )
         req.raise_for_status()
+        # `.content` reads the body lazily; chunked-decode, gzip-decode,
+        # and mid-stream connection errors all surface here as
+        # RequestException subclasses, so this needs the same fall-back
+        # treatment as the request itself.
+        data = req.content
     except requests.exceptions.RequestException as e:
         if path.exists():
             _LOGGER.warning(
@@ -113,6 +118,5 @@ def download_content(url: str, path: Path, timeout: int = NETWORK_TIMEOUT) -> by
         raise cv.Invalid(f"Could not download from {url}: {e}") from e
 
     path.parent.mkdir(parents=True, exist_ok=True)
-    data = req.content
     path.write_bytes(data)
     return data
diff --git a/tests/unit_tests/test_external_files.py b/tests/unit_tests/test_external_files.py
index 4b0826db04..f485316097 100644
--- a/tests/unit_tests/test_external_files.py
+++ b/tests/unit_tests/test_external_files.py
@@ -238,6 +238,59 @@ def test_download_content_with_network_error_no_cache_fails(
         external_files.download_content(url, test_file)
 
 
+@patch("esphome.external_files.requests.get")
+@patch("esphome.external_files.has_remote_file_changed")
+def test_download_content_with_body_read_error_uses_cache(
+    mock_has_changed: MagicMock, mock_get: MagicMock, setup_core: Path
+) -> None:
+    """Body-read errors (chunked-decode/gzip-decode/mid-stream connection
+    drop) raise RequestException subclasses on `.content` access, not from
+    `requests.get` itself. They must follow the same fall-back-to-cache
+    path as a connect-time failure.
+    """
+    test_file = setup_core / "cached.txt"
+    cached_content = b"cached content"
+    test_file.write_bytes(cached_content)
+
+    mock_has_changed.return_value = True
+    mock_response = MagicMock()
+    mock_response.raise_for_status = MagicMock()
+    type(mock_response).content = property(
+        lambda self: (_ for _ in ()).throw(
+            requests.exceptions.ChunkedEncodingError("body truncated")
+        )
+    )
+    mock_get.return_value = mock_response
+
+    result = external_files.download_content("https://example.com/file.txt", test_file)
+
+    assert result == cached_content
+
+
+@patch("esphome.external_files.requests.get")
+@patch("esphome.external_files.has_remote_file_changed")
+def test_download_content_with_body_read_error_no_cache_fails(
+    mock_has_changed: MagicMock, mock_get: MagicMock, setup_core: Path
+) -> None:
+    """A body-read failure with no cache available must surface as a
+    cv.Invalid, same as a connect-time failure with no cache.
+    """
+    test_file = setup_core / "nonexistent.txt"
+
+    mock_has_changed.return_value = True
+    mock_response = MagicMock()
+    mock_response.raise_for_status = MagicMock()
+    type(mock_response).content = property(
+        lambda self: (_ for _ in ()).throw(
+            requests.exceptions.ChunkedEncodingError("body truncated")
+        )
+    )
+    mock_get.return_value = mock_response
+
+    with pytest.raises(Invalid, match="Could not download from.*body truncated"):
+        external_files.download_content("https://example.com/file.txt", test_file)
+
+
 @patch("esphome.external_files.requests.get")
 @patch("esphome.external_files.has_remote_file_changed")
 def test_download_content_skip_external_update_uses_cache(