diff --git a/src/core/markdown.ts b/src/core/markdown.ts
index 156d652..e5bce5e 100644
--- a/src/core/markdown.ts
+++ b/src/core/markdown.ts
@@ -52,11 +52,18 @@ export async function renderMarkdownToHtml(
   markdown: string,
 ): Promise<RenderedPageDocument> {
   const renderedMarkdown = autolinkBareUrls(stripWikilinks(markdown.trim()));
+  const defaultProtocols = defaultSchema.protocols as
+    | Record<string, Array<string> | null | undefined>
+    | undefined;
+  const defaultSrcProtocolsValue = defaultProtocols?.["src"];
+  const defaultSrcProtocols = Array.isArray(defaultSrcProtocolsValue)
+    ? defaultSrcProtocolsValue
+    : [];
   const sanitizeSchema = {
     ...defaultSchema,
     protocols: {
       ...defaultSchema.protocols,
-      src: [...(defaultSchema.protocols?.["src"] ?? []), "data"],
+      src: [...defaultSrcProtocols, "data"],
     },
   };
   const rawHtml = String(
diff --git a/src/core/publish-markdown.ts b/src/core/publish-markdown.ts
index 6f06b19..a1dbdb7 100644
--- a/src/core/publish-markdown.ts
+++ b/src/core/publish-markdown.ts
@@ -14,6 +14,8 @@ const LOCAL_IMAGE_EXTENSIONS = new Set([
   ".svg",
   ".avif",
 ]);
+const EXCALIDRAW_MARKDOWN_SUFFIX = ".excalidraw.md";
+const EXCALIDRAW_EXPORT_EXTENSIONS = [".svg", ".png", ".webp", ".jpg", ".jpeg"];
 
 const OBSIDIAN_IMAGE_EMBED_RE = /!\[\[([^\]\n]+)\]\]/g;
 const MARKDOWN_IMAGE_RE = /!\[([^\]]*)\]\(([^)\n]+)\)/g;
@@ -161,7 +163,11 @@ async function resolveLocalImageAsset(
   baseDir: string,
   rawTarget: string,
 ): Promise<{ alt: string; dataUrl: string } | null> {
-  const resolvedPath = path.resolve(baseDir, rawTarget);
+  const excalidrawExportPath = await resolveExcalidrawExportPath(
+    baseDir,
+    rawTarget,
+  );
+  const resolvedPath = excalidrawExportPath ?? path.resolve(baseDir, rawTarget);
   const extension = path.extname(resolvedPath).toLowerCase();
 
   if (!LOCAL_IMAGE_EXTENSIONS.has(extension)) {
@@ -171,7 +177,13 @@ async function resolveLocalImageAsset(
   try {
     const content = await readFile(resolvedPath);
     return {
-      alt: escapeMarkdownLabel(path.basename(rawTarget)),
+      alt: escapeMarkdownLabel(
+        path.basename(
+          excalidrawExportPath === null
+            ? rawTarget
+            : rawTarget.replace(/\.excalidraw\.md$/i, extension),
+        ),
+      ),
       dataUrl: buildDataUrl(content, extension),
     };
   } catch {
@@ -179,6 +191,34 @@ async function resolveLocalImageAsset(
   }
 }
 
+async function resolveExcalidrawExportPath(
+  baseDir: string,
+  rawTarget: string,
+): Promise<string | null> {
+  if (!rawTarget.toLowerCase().endsWith(EXCALIDRAW_MARKDOWN_SUFFIX)) {
+    return null;
+  }
+
+  const absoluteTarget = path.resolve(baseDir, rawTarget);
+  const exportBasePath = absoluteTarget.slice(
+    0,
+    -EXCALIDRAW_MARKDOWN_SUFFIX.length,
+  );
+
+  for (const extension of EXCALIDRAW_EXPORT_EXTENSIONS) {
+    const candidatePath = `${exportBasePath}${extension}`;
+
+    try {
+      await readFile(candidatePath);
+      return candidatePath;
+    } catch {
+      // Try the next export format.
+    }
+  }
+
+  return null;
+}
+
 function buildDataUrl(content: Buffer, extension: string): string {
   return `data:${mimeTypeForExtension(extension)};base64,${content.toString("base64")}`;
 }
diff --git a/tests/integration/cli.test.ts b/tests/integration/cli.test.ts
index c6c534d..27210a6 100644
--- a/tests/integration/cli.test.ts
+++ b/tests/integration/cli.test.ts
@@ -166,6 +166,72 @@ Look:
     const rawMarkdown = await rawResponse.text();
     expect(rawMarkdown).toContain("![[diagram.svg|320x200]]");
   });
+
+  it("renders Excalidraw embeds from sibling exported images while preserving the raw note", async () => {
+    const root = await mkdtemp(path.join(os.tmpdir(), "publish-it-cli-excal-"));
+    const configDir = path.join(root, "config");
+    const mappingPath = path.join(root, ".pub");
+    const cwd = path.join(root, "workspace");
+    const notePath = path.join(cwd, "note.md");
+    const drawingPath = path.join(cwd, "landscape.excalidraw.md");
+    const exportPath = path.join(cwd, "landscape.svg");
+
+    server = await startTestServer(root);
+    await mkdir(cwd, { recursive: true });
+    await writeFile(
+      drawingPath,
+      `---
+excalidraw-plugin: parsed
+---
+`,
+      "utf8",
+    );
+    await writeFile(
+      exportPath,
+      '<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 10 10"><rect width="10" height="10" fill="orange"/></svg>',
+      "utf8",
+    );
+    await writeFile(
+      notePath,
+      `---
+title: Excalidraw Embed
+---
+
+Diagram:
+
+![[landscape.excalidraw.md]]
+`,
+      "utf8",
+    );
+
+    await runCli(["claim", "restuta", "--api-base", server.origin], {
+      cwd,
+      env: {
+        PUB_CONFIG_DIR: configDir,
+        PUB_MAPPING_PATH: mappingPath,
+      },
+    });
+
+    const publishResult = await runCli(
+      ["publish", notePath, "--api-base", server.origin],
+      {
+        cwd,
+        env: {
+          PUB_CONFIG_DIR: configDir,
+          PUB_MAPPING_PATH: mappingPath,
+        },
+      },
+    );
+    const pageUrl = publishResult.stdout.trim();
+
+    const htmlResponse = await fetch(pageUrl);
+    const html = await htmlResponse.text();
+    expect(html).toContain("data:image/svg+xml;base64,");
+
+    const rawResponse = await fetch(`${pageUrl}?raw=1`);
+    const rawMarkdown = await rawResponse.text();
+    expect(rawMarkdown).toContain("![[landscape.excalidraw.md]]");
+  });
 });
 
 async function runCli(
diff --git a/tests/unit/publish-markdown.test.ts b/tests/unit/publish-markdown.test.ts
index df2b6db..cbfedd8 100644
--- a/tests/unit/publish-markdown.test.ts
+++ b/tests/unit/publish-markdown.test.ts
@@ -50,4 +50,35 @@ describe("prepareMarkdownBodyForPublish", () => {
 
     expect(prepared).toContain("![Team photo](data:image/svg+xml;base64,");
   });
+
+  it("resolves Excalidraw embeds to sibling exported images", async () => {
+    const root = await mkdtemp(path.join(os.tmpdir(), "pubmd-excalidraw-"));
+    const notePath = path.join(root, "note.md");
+    const drawingPath = path.join(root, "diagram.excalidraw.md");
+    const exportPath = path.join(root, "diagram.svg");
+
+    await writeFile(
+      drawingPath,
+      `---
+excalidraw-plugin: parsed
+---
+`,
+      "utf8",
+    );
+    await writeFile(
+      exportPath,
+      '<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 10 10"><path d="M0 0h10v10H0z" fill="orange"/></svg>',
+      "utf8",
+    );
+
+    const prepared = await prepareMarkdownBodyForPublish(
+      "Here:\n\n![[diagram.excalidraw.md]]",
+      {
+        sourcePath: notePath,
+      },
+    );
+
+    expect(prepared).toContain("data:image/svg+xml;base64,");
+    expect(prepared).not.toContain("![[diagram.excalidraw.md]]");
+  });
 });