diff --git a/esphome/external_files.py b/esphome/external_files.py
index fbc261f8e0e..dfabc54f474 100644
--- a/esphome/external_files.py
+++ b/esphome/external_files.py
@@ -175,6 +175,11 @@ 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(
@@ -185,7 +190,6 @@ def download_content(url: str, path: Path, timeout: int = NETWORK_TIMEOUT) -> by
             return path.read_bytes()
         raise cv.Invalid(f"Could not download from {url}: {e}") from e
 
-    data = req.content
     write_file(path, data)
     _write_etag(path, req.headers.get(ETAG))
     return data
diff --git a/tests/unit_tests/test_external_files.py b/tests/unit_tests/test_external_files.py
index c894f906662..64ef1495817 100644
--- a/tests/unit_tests/test_external_files.py
+++ b/tests/unit_tests/test_external_files.py
@@ -469,6 +469,69 @@ def test_download_content_with_network_error_no_cache_fails(
         external_files.download_content(url, test_file)
 
 
+class _BodyReadErrorResponse:
+    """Stand-in for `requests.Response` whose `.content` raises on access.
+
+    A small dedicated stub avoids mutating `MagicMock`'s class with a
+    `property` (which would leak across every other MagicMock-based test
+    in this file).
+    """
+
+    def __init__(self, exc: Exception) -> None:
+        self._exc = exc
+        self.headers: dict[str, str] = {}
+
+    def raise_for_status(self) -> None:
+        return None
+
+    @property
+    def content(self) -> bytes:
+        raise self._exc
+
+
+def test_download_content_with_body_read_error_uses_cache(
+    mock_has_remote_file_changed: MagicMock,
+    mock_requests_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_remote_file_changed.return_value = True
+    mock_requests_get.return_value = _BodyReadErrorResponse(
+        requests.exceptions.ChunkedEncodingError("body truncated")
+    )
+
+    result = external_files.download_content("https://example.com/file.txt", test_file)
+
+    assert result == cached_content
+
+
+def test_download_content_with_body_read_error_no_cache_fails(
+    mock_has_remote_file_changed: MagicMock,
+    mock_requests_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_remote_file_changed.return_value = True
+    mock_requests_get.return_value = _BodyReadErrorResponse(
+        requests.exceptions.ChunkedEncodingError("body truncated")
+    )
+
+    with pytest.raises(Invalid, match="Could not download from.*body truncated"):
+        external_files.download_content("https://example.com/file.txt", test_file)
+
+
 def test_download_content_skip_external_update_uses_cache(
     mock_has_remote_file_changed: MagicMock,
     mock_requests_get: MagicMock,