diff --git a/esphome/yaml_util.py b/esphome/yaml_util.py
index db3327aa275..5fb95fa0d5c 100644
--- a/esphome/yaml_util.py
+++ b/esphome/yaml_util.py
@@ -1514,17 +1514,27 @@ class ESPHomeDumper(yaml.SafeDumper):
             return self.represent_secret(value.value)
         return self.represent_scalar(tag="!lambda", value=value.value, style="|")
 
+    def _represent_tagged_secret(self, tag, value):
+        # Writing the secret beats leaking the value, but the tag is lost, so
+        # the dumped config no longer means the same thing when loaded back.
+        _LOGGER.warning(
+            "%s value matches secret '%s'; written as !secret, dropping the %s tag",
+            tag,
+            _SECRET_VALUES[str(value)],
+            tag,
+        )
+        return self.represent_secret(value)
+
     def represent_extend(self, value):
         # Consult is_secret like the other scalar representers so a payload
-        # equal to a registered secret is never written out in cleartext; the
-        # tag is lost then, which beats leaking the value.
+        # equal to a registered secret is never written out in cleartext.
         if is_secret(value.value):
-            return self.represent_secret(value.value)
+            return self._represent_tagged_secret("!extend", value.value)
         return self.represent_scalar(tag="!extend", value=value.value)
 
     def represent_remove(self, value):
         if is_secret(value.value):
-            return self.represent_secret(value.value)
+            return self._represent_tagged_secret("!remove", value.value)
         return self.represent_scalar(tag="!remove", value=value.value)
 
     def represent_include_file(self, value):
@@ -1540,7 +1550,7 @@ class ESPHomeDumper(yaml.SafeDumper):
                 tag="!include", mapping=mapping, flow_style=False
             )
         if is_secret(value.file):
-            return self.represent_secret(value.file)
+            return self._represent_tagged_secret("!include", value.file)
         return self.represent_scalar(tag="!include", value=value.file)
 
     def represent_id(self, value):
diff --git a/tests/unit_tests/test_bundle.py b/tests/unit_tests/test_bundle.py
index 8a2510cf0a0..6a086767840 100644
--- a/tests/unit_tests/test_bundle.py
+++ b/tests/unit_tests/test_bundle.py
@@ -139,10 +139,17 @@ def test_find_used_secret_keys_no_secrets(tmp_path: Path) -> None:
     assert keys == set()
 
 
-def test_find_used_secret_keys_missing_file(tmp_path: Path) -> None:
+def test_find_used_secret_keys_missing_file(
+    tmp_path: Path, caplog: pytest.LogCaptureFixture
+) -> None:
     missing = tmp_path / "does_not_exist.yaml"
-    keys = _find_used_secret_keys([missing])
+    with caplog.at_level("WARNING", logger="esphome.bundle"):
+        keys = _find_used_secret_keys([missing])
     assert keys == set()
+    assert any(
+        "Could not scan" in r.message and "does_not_exist.yaml" in r.message
+        for r in caplog.records
+    )
 
 
 def test_find_used_secret_keys_deduplicates(tmp_path: Path) -> None:
diff --git a/tests/unit_tests/test_yaml_util.py b/tests/unit_tests/test_yaml_util.py
index bd839ecdde0..914b1948070 100644
--- a/tests/unit_tests/test_yaml_util.py
+++ b/tests/unit_tests/test_yaml_util.py
@@ -2065,12 +2065,18 @@ def test_merge_include_no_overlap_records_nothing(tmp_path: Path) -> None:
     assert yaml_util.take_dropped_merge_keys() == []
 
 
-def test_wrapper_representers_consult_is_secret() -> None:
+def test_wrapper_representers_consult_is_secret(
+    caplog: pytest.LogCaptureFixture,
+) -> None:
     """!extend / !remove payloads and scalar !include paths equal to a
-    registered secret are swapped, never written in cleartext."""
+    registered secret are swapped, never written in cleartext, and the lost
+    tag is logged."""
     from esphome.config_helpers import Extend, Remove
 
-    with yaml_util.secret_values_registered({"hunter2": "the_secret"}):
+    with (
+        caplog.at_level("WARNING", logger="esphome.yaml_util"),
+        yaml_util.secret_values_registered({"hunter2": "the_secret"}),
+    ):
         out = yaml_util.dump(
             {
                 "a": Extend("hunter2"),
@@ -2081,6 +2087,9 @@ 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
+    lost = [r.message for r in caplog.records if "dropping the" in r.message]
+    assert len(lost) == 2
+    assert all("hunter2" not in m for m in lost)
 
 
 def test_scalar_include_path_equal_to_secret_is_swapped() -> None: