diff --git a/script/translations/develop.py b/script/translations/develop.py
index 3bfaa279e93..3e386afb641 100644
--- a/script/translations/develop.py
+++ b/script/translations/develop.py
@@ -69,7 +69,7 @@ def substitute_translation_references(integration_strings, flattened_translation
 
 def substitute_reference(value, flattened_translations):
     """Substitute localization key references in a translation string."""
-    matches = re.findall(r"\[\%key:((?:[a-z0-9-_]+|[:]{2})*)\%\]", value)
+    matches = re.findall(r"\[\%key:([a-z0-9_]+(?:::(?:[a-z0-9-_])+)+)\%\]", value)
     if not matches:
         return value