diff --git a/esphome/components/store_yaml/__init__.py b/esphome/components/store_yaml/__init__.py
index 150b85f3ba..215651c18f 100644
--- a/esphome/components/store_yaml/__init__.py
+++ b/esphome/components/store_yaml/__init__.py
@@ -506,6 +506,10 @@ async def to_code(config: ConfigType) -> None:
     # listener installed across validation) avoids capturing framework YAML
     # that components load internally (e.g. LVGL's `hello_world.yaml`), and
     # costs nothing on validate-only runs or configs without this component.
+    # This re-parse (and the per-file loads in _generate_redacted_files) also
+    # repopulates yaml_util's secret registry, which save_compiled_config
+    # wiped earlier in write_cpp via dump(show_secrets=True); the redaction
+    # swap and is_secret() checks below rely on that registration.
     discovered = yaml_util.discover_user_yaml_files(CORE.config_path)
     entries, secret_rels = _gather_files(discovered)
     if config[CONF_INCLUDE_SECRETS]:
diff --git a/tests/unit_tests/test_yaml_util.py b/tests/unit_tests/test_yaml_util.py
index 15279de920..1444a34315 100644
--- a/tests/unit_tests/test_yaml_util.py
+++ b/tests/unit_tests/test_yaml_util.py
@@ -1575,3 +1575,14 @@ def test_wrapper_representers_consult_is_secret() -> None:
     assert out.count("!secret 'the_secret'") == 2
     assert "hunter2" not in out
     assert "!extend 'plain_id'" in out
+
+
+def test_scalar_include_path_equal_to_secret_is_swapped() -> None:
+    """A scalar !include whose path equals a registered secret is swapped,
+    matching the other wrapper representers."""
+    include = yaml_util.IncludeFile(
+        Path("/fake/main.yaml"), "hunter2", None, lambda _: {}
+    )
+    with yaml_util.secret_values_registered({"hunter2": "the_secret"}):
+        out = yaml_util.dump({"key": include})
+    assert out == "key: !secret 'the_secret'\n"