diff --git a/.changeset/popular-walls-hunt.md b/.changeset/popular-walls-hunt.md
new file mode 100644
index 000000000000..9dd06c2d4e72
--- /dev/null
+++ b/.changeset/popular-walls-hunt.md
@@ -0,0 +1,5 @@
+---
+"svelte": patch
+---
+
+fix: improve compiled output of multiple call expression in single text node
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
index 1d8b7acb7194..2ff6fe17157e 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
@@ -1396,7 +1396,7 @@ function process_children(nodes, expression, is_element, { visit, state }) {
 
 			state.template.push(' ');
 
-			const [contains_call_expression, value] = serialize_template_literal(sequence, visit);
+			const [contains_call_expression, value] = serialize_template_literal(sequence, visit, state);
 
 			const update = b.stmt(b.call('$.set_text', text_id, value));
 
@@ -1511,25 +1511,39 @@ function serialize_attribute_value(attribute_value, context) {
 		}
 	}
 
-	return serialize_template_literal(attribute_value, context.visit);
+	return serialize_template_literal(attribute_value, context.visit, context.state);
 }
 
 /**
  * @param {Array<import('#compiler').Text | import('#compiler').ExpressionTag>} values
  * @param {(node: import('#compiler').SvelteNode) => any} visit
+ * @param {import("../types.js").ComponentClientTransformState} state
  * @returns {[boolean, import('estree').TemplateLiteral]}
  */
-function serialize_template_literal(values, visit) {
+function serialize_template_literal(values, visit, state) {
 	/** @type {import('estree').TemplateElement[]} */
 	const quasis = [];
 
 	/** @type {import('estree').Expression[]} */
 	const expressions = [];
 	let contains_call_expression = false;
+	let contains_multiple_call_expression = false;
 	quasis.push(b.quasi(''));
 
 	for (let i = 0; i < values.length; i++) {
 		const node = values[i];
+
+		if (node.type === 'ExpressionTag' && node.metadata.contains_call_expression) {
+			if (contains_call_expression) {
+				contains_multiple_call_expression = true;
+			}
+			contains_call_expression = true;
+		}
+	}
+
+	for (let i = 0; i < values.length; i++) {
+		const node = values[i];
+
 		if (node.type === 'Text') {
 			const last = /** @type {import('estree').TemplateElement} */ (quasis.at(-1));
 			last.value.raw += sanitize_template_string(node.data);
@@ -1539,11 +1553,23 @@ function serialize_template_literal(values, visit) {
 				last.value.raw += sanitize_template_string(node.expression.value + '');
 			}
 		} else {
-			if (node.type === 'ExpressionTag' && node.metadata.contains_call_expression) {
-				contains_call_expression = true;
-			}
+			if (contains_multiple_call_expression) {
+				const id = b.id(state.scope.generate('stringified_text'));
 
-			expressions.push(b.call('$.stringify', visit(node.expression)));
+				state.init.push(
+					b.const(
+						id,
+						b.call(
+							// In runes mode, we want things to be fine-grained - but not in legacy mode
+							state.analysis.runes ? '$.derived' : '$.derived_safe_equal',
+							b.thunk(/** @type {import('estree').Expression} */ (visit(node.expression)))
+						)
+					)
+				);
+				expressions.push(b.call('$.get', id));
+			} else {
+				expressions.push(b.call('$.stringify', visit(node.expression)));
+			}
 			quasis.push(b.quasi('', i + 1 === values.length));
 		}
 	}
@@ -1586,7 +1612,7 @@ export const template_visitors = {
 					declaration.id,
 					b.call(
 						// In runes mode, we want things to be fine-grained - but not in legacy mode
-						state.options.runes ? '$.derived' : '$.derived_safe_equal',
+						state.analysis.runes ? '$.derived' : '$.derived_safe_equal',
 						b.thunk(/** @type {import('estree').Expression} */ (visit(declaration.init)))
 					)
 				)
@@ -1623,7 +1649,7 @@ export const template_visitors = {
 
 			state.init.push(
 				// In runes mode, we want things to be fine-grained - but not in legacy mode
-				b.const(tmp, b.call(state.options.runes ? '$.derived' : '$.derived_safe_equal', fn))
+				b.const(tmp, b.call(state.analysis.runes ? '$.derived' : '$.derived_safe_equal', fn))
 			);
 
 			// we need to eagerly evaluate the expression in order to hit any
@@ -2972,7 +2998,7 @@ export const template_visitors = {
 					b.assignment(
 						'=',
 						b.member(b.id('$.document'), b.id('title')),
-						serialize_template_literal(/** @type {any} */ (node.fragment.nodes), visit)[1]
+						serialize_template_literal(/** @type {any} */ (node.fragment.nodes), visit, state)[1]
 					)
 				)
 			);
diff --git a/packages/svelte/tests/runtime-legacy/samples/reactive-value-function/main.svelte b/packages/svelte/tests/runtime-legacy/samples/reactive-value-function/main.svelte
index 5b132d638e03..4830070e062c 100644
--- a/packages/svelte/tests/runtime-legacy/samples/reactive-value-function/main.svelte
+++ b/packages/svelte/tests/runtime-legacy/samples/reactive-value-function/main.svelte
@@ -1,7 +1,7 @@
 <script>
 	let foo = () => 1;
 
-	function bar() {
+	var bar = function() {
 		return 2;
 	}
 
diff --git a/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/_config.js b/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/_config.js
new file mode 100644
index 000000000000..d10b5e079070
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/_config.js
@@ -0,0 +1,23 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+import { log } from './log.js';
+
+export default test({
+	before_test() {
+		log.length = 0;
+	},
+
+	async test({ assert, target }) {
+		const [b1, b2] = target.querySelectorAll('button');
+
+		flushSync(() => {
+			b1.click();
+		});
+
+		flushSync(() => {
+			b2.click();
+		});
+
+		assert.deepEqual(log, ['x', 'y', 'x', 'y']);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/log.js b/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/log.js
new file mode 100644
index 000000000000..d3df521f4da7
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/log.js
@@ -0,0 +1,2 @@
+/** @type {any[]} */
+export const log = [];
diff --git a/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/main.svelte b/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/main.svelte
new file mode 100644
index 000000000000..83ed148e4461
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/text-multiple-call-expression/main.svelte
@@ -0,0 +1,21 @@
+<script>
+	import { log } from './log.js';
+
+	let x = $state(0);
+	let y = $state(0);
+
+	function getX() {
+		log.push('x')
+		return x;
+	}
+
+	function getY() {
+		log.push('y')
+		return y;
+	}
+</script>
+
+<button on:click={() => x++}>{x}</button>
+<button on:click={() => y++}>{y}</button>
+
+{getX()}|{getY()}