diff --git a/homeassistant/helpers/storage.py b/homeassistant/helpers/storage.py
index d57a06b74098..b44a250af219 100644
--- a/homeassistant/helpers/storage.py
+++ b/homeassistant/helpers/storage.py
@@ -28,6 +28,7 @@ from homeassistant.core import (
 )
 from homeassistant.exceptions import HomeAssistantError, UnsupportedStorageVersionError
 from homeassistant.util import dt as dt_util, json as json_util
+from homeassistant.util.async_ import wait_shared_future
 from homeassistant.util.file import WriteError, write_utf8_file, write_utf8_file_atomic
 from homeassistant.util.hass_dict import HassKey
 
@@ -312,7 +313,7 @@ class Store[_T: Mapping[str, Any] | Sequence[Any]]:
         the second call will wait and return the result of the first call.
         """
         if self._load_future:
-            return await self._load_future
+            return await wait_shared_future(self._load_future)
 
         self._load_future = self.hass.loop.create_future()
         try:
diff --git a/tests/helpers/test_storage.py b/tests/helpers/test_storage.py
index 249dab632fe5..864e6def1c6b 100644
--- a/tests/helpers/test_storage.py
+++ b/tests/helpers/test_storage.py
@@ -131,6 +131,29 @@ async def test_loading_parallel(
     assert caplog.text.count(f"Loading data for {store.key}")
 
 
+async def test_loading_parallel_waiter_cancelled(
+    hass: HomeAssistant, store: storage.Store
+) -> None:
+    """Verify cancelling a waiting caller does not break the in-progress load."""
+    load_started = asyncio.Event()
+    finish_load = asyncio.Event()
+
+    async def _async_load() -> dict[str, str]:
+        load_started.set()
+        await finish_load.wait()
+        return MOCK_DATA
+
+    with patch.object(store, "_async_load", _async_load):
+        load_task1 = asyncio.create_task(store.async_load())
+        load_task2 = asyncio.create_task(store.async_load())
+        await load_started.wait()
+        load_task2.cancel()
+        with pytest.raises(asyncio.CancelledError):
+            await load_task2
+        finish_load.set()
+        assert await load_task1 == MOCK_DATA
+
+
 async def test_saving_with_delay(
     hass: HomeAssistant, store: storage.Store, hass_storage: dict[str, Any]
 ) -> None: