diff --git a/esphome/ota_key_edit.py b/esphome/ota_key_edit.py
index 8465ee05b62..5dcdf07c0d3 100644
--- a/esphome/ota_key_edit.py
+++ b/esphome/ota_key_edit.py
@@ -67,7 +67,6 @@ _INDENT_RE = re.compile(r"\s*")
 _KEY_FIELD_RE = re.compile(rf"^\s*{CONF_KEY}\s*:")
 _BARE_BLOCK_RE = re.compile(rf"^\s*{CONF_ENCRYPTION}\s*:\s*(#.*)?$")
 _YAML_SUFFIXES = (".yaml", ".yml")
-_COMMENT_RE = re.compile(r"(?:^|\s)#.*$")
 _INCLUDE_DIR_RE = re.compile(r"!include_dir_\w+\s+(?P<dir>[^\s#]+)")
 # An include or package file whose path holds a substitution
 _SUBSTITUTED_INCLUDE_RE = re.compile(
@@ -100,8 +99,18 @@ def _indent(text: str) -> str:
 
 
 def _without_comment(text: str) -> str:
-    """The line up to its comment, which starts at a `#` after whitespace."""
-    return _COMMENT_RE.sub("", text)
+    """The line up to its comment: a `#` after whitespace that is not inside
+    a quoted scalar, so `!include "shared # ota.yaml"` keeps its name."""
+    quote = ""
+    for i, char in enumerate(text):
+        if quote:
+            if char == quote:
+                quote = ""
+        elif char in "\"'":
+            quote = char
+        elif char == "#" and (i == 0 or text[i - 1].isspace()):
+            return text[:i]
+    return text
 
 
 def _file_use_re(file_name: str) -> re.Pattern[str]:
diff --git a/tests/unit_tests/test_ota_key_edit.py b/tests/unit_tests/test_ota_key_edit.py
index 74022a9de8f..3a4845b44f8 100644
--- a/tests/unit_tests/test_ota_key_edit.py
+++ b/tests/unit_tests/test_ota_key_edit.py
@@ -729,6 +729,28 @@ def test_shared_secret_scan_covers_yml_and_skips_unreadable_files(
     assert [e.shared_with for e in edits] == [[tmp_path.resolve() / "other.yml"]]
 
 
+def test_shared_include_with_a_hash_in_its_quoted_name_is_reported(
+    tmp_path: Path,
+) -> None:
+    """A `#` inside a quoted include path is part of the name, not a comment."""
+    (tmp_path / "shared # ota.yaml").write_bytes(
+        f'encryption:\n  key: "{OLD_KEY}"\n'.encode()
+    )
+    (tmp_path / "other.yaml").write_bytes(
+        b'api: !include "shared # ota.yaml"  # the device next door\n'
+    )
+    _setup(
+        tmp_path,
+        "esphome:\n  name: test\n\napi: !include 'shared # ota.yaml'\n\n"
+        "ota:\n  - platform: esphome\n    encryption:\n",
+    )
+    edits = locate_key_edits(OLD_KEY, NEW_KEY)
+    with_sharers(edits)
+    assert [(e.path.name, e.shared_with) for e in edits] == [
+        ("shared # ota.yaml", [tmp_path.resolve() / "other.yaml"])
+    ]
+
+
 def test_literal_key_in_a_shared_include_is_reported(tmp_path: Path) -> None:
     """Another configuration including the file that holds the key is
     listed, like a shared secret."""