diff --git a/homeassistant/helpers/script.py b/homeassistant/helpers/script.py
index b391dcd5397..040059276d3 100644
--- a/homeassistant/helpers/script.py
+++ b/homeassistant/helpers/script.py
@@ -477,11 +477,12 @@ class _ScriptRun:
                 try:
                     handler = f"_async_{action}_step"
                     await getattr(self, handler)()
-                    trace_element.update_variables(self._variables)
                 except Exception as ex:  # pylint: disable=broad-except
                     self._handle_exception(
                         ex, continue_on_error, self._log_exceptions or log_exceptions
                     )
+                finally:
+                    trace_element.update_variables(self._variables)
 
     def _finish(self) -> None:
         self._script._runs.remove(self)  # pylint: disable=protected-access
diff --git a/tests/helpers/test_script.py b/tests/helpers/test_script.py
index 1a506b88d39..57c1b2dd473 100644
--- a/tests/helpers/test_script.py
+++ b/tests/helpers/test_script.py
@@ -1337,14 +1337,13 @@ async def test_wait_continue_on_timeout(
         result_wait = {"wait": {"trigger": None, "remaining": 0.0}}
         variable_wait = dict(result_wait)
     expected_trace = {
-        "0": [{"result": result_wait}],
+        "0": [{"result": result_wait, "variables": variable_wait}],
     }
     if continue_on_timeout is False:
         expected_trace["0"][0]["result"]["timeout"] = True
         expected_trace["0"][0]["error"] = ""
         expected_script_execution = "aborted"
     else:
-        expected_trace["0"][0]["variables"] = variable_wait
         expected_trace["1"] = [{"result": {"event": "test_event", "event_data": {}}}]
         expected_script_execution = "finished"
     assert_action_trace(expected_trace, expected_script_execution)