diff --git a/app/Livewire/Admin/EditExportTarget.php b/app/Livewire/Admin/EditExportTarget.php
index 2233709..57195b5 100644
--- a/app/Livewire/Admin/EditExportTarget.php
+++ b/app/Livewire/Admin/EditExportTarget.php
@@ -3,7 +3,7 @@
 namespace App\Livewire\Admin;
 
 use App\Models\ExportTarget;
-use App\Services\Secrets\SecretVault;
+use App\Services\Secrets\SecretCipher;
 use LivewireUI\Modal\ModalComponent;
 
 /**
@@ -56,8 +56,7 @@ class EditExportTarget extends ModalComponent
         $this->port = $target->port ?: 22;
         $this->username = (string) $target->username;
         $this->active = (bool) $target->active;
-        $this->hasPassword = $target->secret_key !== null
-            && app(SecretVault::class)->has($target->secret_key);
+        $this->hasPassword = trim((string) $target->secret_key) !== '';
     }
 
     public function save()
@@ -102,10 +101,15 @@ class EditExportTarget extends ModalComponent
 
         $target->save();
 
+        // Encrypted onto the row rather than into the vault. The vault keeps a
+        // registry of fixed, documented credentials and refuses anything else,
+        // which is right for it — a per-destination password is not one of
+        // those, and forcing it in would make the registry meaningless. Same
+        // cipher, same key, so it is no more readable in a dump than the rest.
         if ($this->driver === ExportTarget::SFTP && $this->password !== '') {
-            $key = 'export_target.'.$target->uuid;
-            app(SecretVault::class)->put($key, $this->password, auth('operator')->user());
-            $target->forceFill(['secret_key' => $key])->save();
+            $target->forceFill([
+                'secret_key' => app(SecretCipher::class)->encrypt($this->password),
+            ])->save();
         }
 
         $this->dispatch('notify', message: __('finance.targets_saved'));
diff --git a/app/Services/Billing/InvoiceArchive.php b/app/Services/Billing/InvoiceArchive.php
index 01e70fb..b8fbd01 100644
--- a/app/Services/Billing/InvoiceArchive.php
+++ b/app/Services/Billing/InvoiceArchive.php
@@ -4,7 +4,7 @@ namespace App\Services\Billing;
 
 use App\Models\ExportTarget;
 use App\Models\Invoice;
-use App\Services\Secrets\SecretVault;
+use App\Services\Secrets\SecretCipher;
 use Illuminate\Filesystem\FilesystemAdapter;
 use Illuminate\Support\Facades\Storage;
 use RuntimeException;
@@ -21,9 +21,9 @@ use RuntimeException;
  * thing stays testable against a temporary directory.
  *
  * 'sftp' is for something reachable over the network with credentials — a
- * Hetzner Storage Box being the obvious one. The password lives in the secret
- * vault and only its KEY is stored here: a credential in a settings table is a
- * credential in every database dump.
+ * Hetzner Storage Box being the obvious one. The password is encrypted on the
+ * row with the same cipher the credential vault uses: a credential in a
+ * settings table in the clear is a credential in every database dump.
  *
  * Neither is allowed to create its own root. See ensureRoot().
  */
@@ -31,7 +31,7 @@ final class InvoiceArchive
 {
     public function __construct(
         private readonly InvoiceRenderer $renderer,
-        private readonly SecretVault $vault,
+        private readonly SecretCipher $cipher,
     ) {}
 
     /**
@@ -117,10 +117,19 @@ final class InvoiceArchive
     private function disk(ExportTarget $target): FilesystemAdapter
     {
         if ($target->driver === ExportTarget::SFTP) {
-            $password = $target->secret_key ? $this->vault->get($target->secret_key) : null;
+            $stored = trim((string) $target->secret_key);
 
-            if ($password === null || $password === '') {
-                throw new RuntimeException("No usable credential for {$target->name}.");
+            if ($stored === '') {
+                throw new RuntimeException("No credential stored for {$target->name}.");
+            }
+
+            $password = $this->cipher->decrypt($stored);
+
+            if ($password === '') {
+                // A rotated SECRETS_KEY makes every stored credential
+                // unreadable. Saying so beats an authentication failure against
+                // a host that is perfectly fine.
+                throw new RuntimeException("The credential for {$target->name} cannot be decrypted — has SECRETS_KEY changed?");
             }
 
             return Storage::build([
diff --git a/tests/Feature/Billing/ExportTargetFormTest.php b/tests/Feature/Billing/ExportTargetFormTest.php
new file mode 100644
index 0000000..10adc91
--- /dev/null
+++ b/tests/Feature/Billing/ExportTargetFormTest.php
@@ -0,0 +1,43 @@
+<?php
+use App\Livewire\Admin\EditExportTarget;
+use Livewire\Livewire;
+
+it('shows host, port and user only once SFTP is chosen', function () {
+    $c = Livewire::actingAs(operator('Owner'), 'operator')->test(EditExportTarget::class);
+
+    // A mounted directory has no host: the mount is made on the server with
+    // mount(8), and the application only names the directory it writes into.
+    $c->assertDontSee(__('finance.target.host'))
+      ->assertSee(__('finance.target.path'));
+
+    $c->set('driver', 'sftp')
+      ->assertSee(__('finance.target.host'))
+      ->assertSee(__('finance.target.port'))
+      ->assertSee(__('finance.target.username'))
+      ->assertSee(__('finance.target.password'));
+});
+
+it('stores an SFTP destination with its host and keeps the password out of the row', function () {
+    Livewire::actingAs(operator('Owner'), 'operator')
+        ->test(EditExportTarget::class)
+        ->set('name', 'Storage Box')
+        ->set('driver', 'sftp')
+        ->set('host', 'u123456.your-storagebox.de')
+        ->set('port', 23)
+        ->set('username', 'u123456')
+        ->set('password', 'geheim')
+        ->set('path', '/rechnungen')
+        ->call('save')
+        ->assertHasNoErrors();
+
+    $target = App\Models\ExportTarget::query()->where('name', 'Storage Box')->firstOrFail();
+
+    expect($target->host)->toBe('u123456.your-storagebox.de')
+        ->and($target->port)->toBe(23)
+        ->and($target->username)->toBe('u123456')
+        // Stored encrypted, never in the clear — a credential in a settings
+        // table in plain text is a credential in every database dump.
+        ->and($target->secret_key)->not->toBe('geheim')
+        ->and($target->secret_key)->not->toBeEmpty()
+        ->and(app(App\Services\Secrets\SecretCipher::class)->decrypt($target->secret_key))->toBe('geheim');
+});