diff --git a/Makefile b/Makefile
index 2e11d36..443e771 100644
--- a/Makefile
+++ b/Makefile
@@ -2,7 +2,7 @@ TAILWIND_VERSION := v4.1.18
 TAILWIND         := ./bin/tailwindcss
 SOPS_DOTENV      := sops --input-type dotenv --output-type dotenv
 
-.PHONY: help dev init-landing-seeds css-build css-watch \
+.PHONY: help dev init-landing-seeds css-build css-watch report-pdf \
         secrets-decrypt-dev secrets-decrypt-prod \
         secrets-edit-dev secrets-edit-prod \
         secrets-encrypt-dev secrets-encrypt-prod
@@ -13,6 +13,7 @@ help:
 	@echo "  init-landing-seeds     Create seed landing files for SQLMesh (run once after clone)"
 	@echo "  css-build              Build + minify Tailwind CSS"
 	@echo "  css-watch              Watch + rebuild Tailwind CSS"
+	@echo "  report-pdf             Build market intelligence report PDFs (WeasyPrint)"
 	@echo "  secrets-decrypt-dev    Decrypt .env.dev.sops → .env"
 	@echo "  secrets-decrypt-prod   Decrypt .env.prod.sops → .env"
 	@echo "  secrets-edit-dev       Edit .env.dev.sops in \$$EDITOR"
@@ -45,6 +46,9 @@ css-build: bin/tailwindcss
 css-watch: bin/tailwindcss
 	$(TAILWIND) -i web/src/padelnomics/static/css/input.css -o web/src/padelnomics/static/css/output.css --watch
 
+report-pdf:
+	uv run python web/scripts/build_report_pdf.py
+
 # ── Secrets (SOPS + age) ─────────────────────────────────────────────────────
 # Requires: sops (https://github.com/getsops/sops) + age (https://github.com/FiloSottile/age)
 # Keys config: .sops.yaml
diff --git a/web/scripts/build_report_pdf.py b/web/scripts/build_report_pdf.py
new file mode 100644
index 0000000..2015480
--- /dev/null
+++ b/web/scripts/build_report_pdf.py
@@ -0,0 +1,185 @@
+#!/usr/bin/env python3
+"""Build market intelligence report PDFs from data/content/reports/*.md.
+
+Reads YAML frontmatter + Markdown body from each .md file, renders the
+HTML template (web/src/padelnomics/templates/reports/report.html) with
+the report content, and generates a PDF via WeasyPrint.
+
+Output: data/content/reports/_build/<slug>-<lang>.pdf
+
+Usage:
+    uv run python web/scripts/build_report_pdf.py [--slug q1-2026] [--lang en]
+
+The --slug and --lang flags filter which reports to build.  With no flags,
+all .md files in data/content/reports/ are built.
+"""
+
+import argparse
+import re
+import sys
+from pathlib import Path
+
+import mistune
+import yaml
+from jinja2 import Template
+from weasyprint import HTML
+
+REPO_ROOT = Path(__file__).parent.parent.parent
+REPORTS_DIR = REPO_ROOT / "data" / "content" / "reports"
+BUILD_DIR = REPORTS_DIR / "_build"
+TEMPLATE_DIR = REPO_ROOT / "web" / "src" / "padelnomics" / "templates" / "reports"
+LOGO_PATH = REPO_ROOT / "web" / "src" / "padelnomics" / "static" / "images" / "logo.png"
+
+FRONTMATTER_RE = re.compile(r"^---\s*\n(.*?)\n---\s*\n", re.DOTALL)
+
+
+def _parse_md(path: Path) -> tuple[dict, str]:
+    """Return (frontmatter_dict, markdown_body) for a .md file."""
+    raw = path.read_text(encoding="utf-8")
+    m = FRONTMATTER_RE.match(raw)
+    assert m, f"No YAML frontmatter found in {path}"
+    fm = yaml.safe_load(m.group(1)) or {}
+    body = raw[m.end():]
+    return fm, body
+
+
+def _make_toc(body_md: str) -> list[dict]:
+    """Extract H2 headings from markdown for the TOC."""
+    toc = []
+    for line in body_md.splitlines():
+        if line.startswith("## "):
+            toc.append({"title": line[3:].strip(), "is_section": False})
+    return toc
+
+
+def _cover_stats_en() -> list[dict]:
+    return [
+        {"value": "77,355", "label": "Courts Worldwide"},
+        {"value": "+29%",   "label": "Growth in 18 Months"},
+        {"value": "80",     "label": "Countries Tracked"},
+        {"value": "12,441", "label": "Venues in Pipeline"},
+    ]
+
+
+def _cover_stats_de() -> list[dict]:
+    return [
+        {"value": "77.355", "label": "Plätze weltweit"},
+        {"value": "+29 %",  "label": "Wachstum in 18 Monaten"},
+        {"value": "80",     "label": "Länder erfasst"},
+        {"value": "12.441", "label": "Venues im Datensatz"},
+    ]
+
+
+def _labels_en(fm: dict) -> dict:
+    return {
+        "report_slug_label": "State of Padel Q1 2026",
+        "edition_label":     "Q1 2026 Edition",
+        "report_type_label": "Global Market Intelligence Report",
+        "subtitle": (
+            "77,355 courts. +29% growth. 80 countries. "
+            "The most complete independent picture of the global padel market."
+        ),
+        "published_label":    "Published Q1 2026",
+        "confidential_label": "For registered recipients",
+        "toc_heading":        "Contents",
+        "disclaimer": (
+            "This report has been prepared by Padelnomics for informational purposes only. "
+            "All data is sourced from publicly available reports (FIP, Playtomic/PwC) and "
+            "Padelnomics' proprietary data pipeline. Market figures reflect the best available "
+            "data at time of publication and may differ from subsequently reported figures. "
+            "Nothing in this report constitutes investment advice. "
+            "© 2026 Padelnomics — padelnomics.io"
+        ),
+    }
+
+
+def _labels_de(fm: dict) -> dict:
+    return {
+        "report_slug_label": "State of Padel Q1 2026",
+        "edition_label":     "Ausgabe Q1 2026",
+        "report_type_label": "Globaler Marktintelligenz-Bericht",
+        "subtitle": (
+            "77.355 Plätze. +29 % Wachstum. 80 Länder. "
+            "Das vollständigste unabhängige Bild des globalen Padel-Markts."
+        ),
+        "published_label":    "Veröffentlicht Q1 2026",
+        "confidential_label": "Für registrierte Empfänger",
+        "toc_heading":        "Inhalt",
+        "disclaimer": (
+            "Dieser Bericht wurde von Padelnomics ausschließlich zu Informationszwecken erstellt. "
+            "Alle Daten stammen aus öffentlich zugänglichen Berichten (FIP, Playtomic/PwC) sowie "
+            "der proprietären Datenpipeline von Padelnomics. Marktdaten spiegeln den besten "
+            "verfügbaren Stand zum Zeitpunkt der Veröffentlichung wider. "
+            "Der Bericht stellt keine Anlageberatung dar. "
+            "© 2026 Padelnomics — padelnomics.io"
+        ),
+    }
+
+
+def build_one(md_path: Path, output_dir: Path) -> Path:
+    """Build a single PDF from a .md report file. Returns the output path."""
+    fm, body_md = _parse_md(md_path)
+    lang = fm.get("language", "en")
+    slug = fm.get("slug", md_path.stem)
+    title = fm.get("title", slug)
+
+    body_html = mistune.html(body_md)
+
+    labels = _labels_de(fm) if lang == "de" else _labels_en(fm)
+    cover_stats = _cover_stats_de() if lang == "de" else _cover_stats_en()
+    toc = _make_toc(body_md)
+
+    template_html = (TEMPLATE_DIR / "report.html").read_text(encoding="utf-8")
+    css = (TEMPLATE_DIR / "report.css").read_text(encoding="utf-8")
+
+    # WeasyPrint resolves relative URLs from base_url; pass logo as file:// path
+    logo_file_url = LOGO_PATH.as_uri()
+
+    rendered = Template(template_html).render(
+        language=lang,
+        title=title,
+        css=css,
+        logo_path=logo_file_url,
+        body_html=body_html,
+        toc=toc,
+        cover_stats=cover_stats,
+        **labels,
+    )
+
+    output_dir.mkdir(parents=True, exist_ok=True)
+    output_path = output_dir / f"{slug}-{lang}.pdf"
+
+    HTML(string=rendered).write_pdf(str(output_path))
+    print(f"  ✓ Built {output_path.relative_to(REPO_ROOT)}")
+    return output_path
+
+
+def main() -> None:
+    parser = argparse.ArgumentParser(description="Build market intelligence report PDFs")
+    parser.add_argument("--slug", help="Only build report with this slug substring")
+    parser.add_argument("--lang", help="Only build this language (en or de)")
+    args = parser.parse_args()
+
+    md_files = sorted(REPORTS_DIR.glob("*.md"))
+    if not md_files:
+        print(f"No .md files found in {REPORTS_DIR}")
+        sys.exit(0)
+
+    built = 0
+    for md_path in md_files:
+        if args.slug and args.slug not in md_path.stem:
+            continue
+        if args.lang and not md_path.stem.endswith(f"-{args.lang}"):
+            continue
+        try:
+            build_one(md_path, BUILD_DIR)
+            built += 1
+        except Exception as exc:
+            print(f"  ✗ Failed {md_path.name}: {exc}", file=sys.stderr)
+            raise
+
+    print(f"\n✓ Built {built} PDF(s) → {BUILD_DIR}")
+
+
+if __name__ == "__main__":
+    main()
diff --git a/web/src/padelnomics/templates/reports/report.css b/web/src/padelnomics/templates/reports/report.css
new file mode 100644
index 0000000..98354e5
--- /dev/null
+++ b/web/src/padelnomics/templates/reports/report.css
@@ -0,0 +1,549 @@
+/* ============================================================
+   Padelnomics Market Intelligence Report — Premium PDF Stylesheet
+   Rendered by WeasyPrint (A4, CSS3, no JavaScript)
+   ============================================================ */
+
+/* ---------- Design tokens ---------- */
+:root {
+  --navy:      #0F2651;
+  --navy-deep: #091a3a;
+  --navy-mid:  #1e3a6e;
+  --gold:      #C9922C;
+  --gold-lt:   #EDD48A;
+  --teal:      #0D9488;
+  --teal-lt:   #CCFBF1;
+  --text:      #1C2333;
+  --muted:     #5E6E8A;
+  --border:    #DDE3EE;
+  --bg-light:  #F6F8FC;
+  --white:     #FFFFFF;
+  --green:     #166534;
+  --green-bg:  #DCFCE7;
+  --red:       #991B1B;
+  --red-bg:    #FEE2E2;
+}
+
+/* ---------- Page setup ---------- */
+@page {
+  size: A4;
+  margin: 22mm 20mm 22mm 20mm;
+
+  @top-left {
+    content: string(doc-brand);
+    font-family: 'Gill Sans', 'Trebuchet MS', Calibri, sans-serif;
+    font-size: 7pt;
+    color: var(--muted);
+    letter-spacing: 0.06em;
+    text-transform: uppercase;
+  }
+  @top-right {
+    content: string(doc-title);
+    font-family: 'Gill Sans', 'Trebuchet MS', Calibri, sans-serif;
+    font-size: 7pt;
+    color: var(--muted);
+    font-style: italic;
+  }
+  @bottom-left {
+    content: "© 2026 Padelnomics — padelnomics.io";
+    font-family: 'Gill Sans', 'Trebuchet MS', Calibri, sans-serif;
+    font-size: 6.5pt;
+    color: var(--border);
+    letter-spacing: 0.03em;
+  }
+  @bottom-center {
+    content: counter(page);
+    font-family: 'Gill Sans', 'Trebuchet MS', Calibri, sans-serif;
+    font-size: 8pt;
+    color: var(--muted);
+  }
+}
+
+/* Cover page: full-bleed, no running headers/footers */
+@page cover {
+  size: A4;
+  margin: 0;
+  @top-left    { content: none; }
+  @top-right   { content: none; }
+  @bottom-left { content: none; }
+  @bottom-center { content: none; }
+}
+
+/* TOC page: suppress page number */
+@page toc {
+  @bottom-center { content: none; }
+}
+
+/* ---------- Named strings for running headers ---------- */
+.doc-brand-anchor { string-set: doc-brand content(); }
+.doc-title-anchor { string-set: doc-title content(); }
+
+/* ---------- Watermark (WeasyPrint repeats position:fixed on every content page) ---------- */
+.watermark {
+  position: fixed;
+  top: 50%;
+  left: 50%;
+  transform: translate(-50%, -50%) rotate(-30deg);
+  opacity: 0.035;
+  z-index: -1;
+  pointer-events: none;
+}
+.watermark img {
+  width: 400pt;
+  height: auto;
+}
+
+/* ---------- Base typography ---------- */
+body {
+  font-family: 'Gill Sans', 'Gill Sans MT', Calibri, 'Trebuchet MS', sans-serif;
+  font-size: 9.5pt;
+  line-height: 1.58;
+  color: var(--text);
+  background: var(--white);
+}
+
+p { margin: 0 0 7pt; }
+
+/* ---------- Cover page — full-bleed navy ---------- */
+.cover {
+  page: cover;
+  page-break-after: always;
+  width: 210mm;
+  height: 297mm;
+  background: var(--navy);
+  box-sizing: border-box;
+  position: relative;
+  display: flex;
+  flex-direction: column;
+  justify-content: space-between;
+  padding: 22mm 20mm 18mm 22mm;
+}
+
+/* Decorative geometric accent — bottom-right corner stripe */
+.cover::after {
+  content: '';
+  position: absolute;
+  bottom: 0;
+  right: 0;
+  width: 90mm;
+  height: 90mm;
+  background: linear-gradient(135deg, transparent 50%, rgba(201,146,44,0.12) 50%);
+  pointer-events: none;
+}
+
+.cover__header {
+  display: flex;
+  justify-content: space-between;
+  align-items: flex-start;
+}
+
+.cover__logo img {
+  height: 22pt;
+  filter: brightness(0) invert(1);
+  opacity: 0.92;
+}
+
+.cover__edition {
+  font-size: 7pt;
+  font-weight: 700;
+  letter-spacing: 0.14em;
+  text-transform: uppercase;
+  color: var(--gold);
+  background: rgba(201,146,44,0.12);
+  padding: 3pt 9pt;
+  border-radius: 3pt;
+  border: 1pt solid rgba(201,146,44,0.3);
+}
+
+.cover__body {
+  flex: 1;
+  display: flex;
+  flex-direction: column;
+  justify-content: center;
+  padding: 20mm 0;
+}
+
+.cover__type-label {
+  font-size: 8pt;
+  font-weight: 700;
+  letter-spacing: 0.18em;
+  text-transform: uppercase;
+  color: var(--gold);
+  margin-bottom: 12pt;
+}
+
+.cover__rule {
+  width: 48pt;
+  height: 2.5pt;
+  background: var(--gold);
+  margin-bottom: 16pt;
+}
+
+.cover__title {
+  font-family: Georgia, 'Times New Roman', serif;
+  font-size: 32pt;
+  font-weight: 700;
+  color: var(--white);
+  line-height: 1.18;
+  letter-spacing: -0.02em;
+  margin: 0 0 12pt;
+}
+
+.cover__subtitle {
+  font-size: 11pt;
+  color: rgba(255,255,255,0.65);
+  margin-bottom: 20pt;
+  line-height: 1.5;
+}
+
+/* 4-stat row on cover */
+.cover__stats {
+  display: grid;
+  grid-template-columns: repeat(4, 1fr);
+  gap: 0;
+  border-top: 1pt solid rgba(255,255,255,0.15);
+  border-left: 1pt solid rgba(255,255,255,0.15);
+  border-radius: 4pt;
+  overflow: hidden;
+}
+
+.cover__stat {
+  padding: 10pt 12pt;
+  border-right: 1pt solid rgba(255,255,255,0.15);
+  border-bottom: 1pt solid rgba(255,255,255,0.15);
+  background: rgba(255,255,255,0.04);
+}
+
+.cover__stat-value {
+  font-family: Georgia, 'Times New Roman', serif;
+  font-size: 16pt;
+  font-weight: 700;
+  color: var(--gold);
+  line-height: 1.1;
+}
+
+.cover__stat-label {
+  font-size: 6.5pt;
+  text-transform: uppercase;
+  letter-spacing: 0.08em;
+  color: rgba(255,255,255,0.5);
+  margin-top: 3pt;
+}
+
+.cover__footer {
+  display: flex;
+  justify-content: space-between;
+  align-items: flex-end;
+  padding-top: 14pt;
+  border-top: 1pt solid rgba(255,255,255,0.12);
+}
+
+.cover__footer-left {
+  font-size: 7.5pt;
+  color: rgba(255,255,255,0.35);
+  line-height: 1.6;
+}
+
+.cover__footer-right {
+  font-size: 7.5pt;
+  color: rgba(255,255,255,0.35);
+  text-align: right;
+}
+
+.cover__footer a {
+  color: var(--gold);
+  text-decoration: none;
+  opacity: 0.7;
+}
+
+/* ---------- Table of Contents ---------- */
+.toc-page {
+  page: toc;
+  page-break-after: always;
+}
+
+.toc-heading {
+  font-family: Georgia, 'Times New Roman', serif;
+  font-size: 18pt;
+  font-weight: 700;
+  color: var(--navy);
+  margin: 0 0 18pt;
+  padding-bottom: 8pt;
+  border-bottom: 2pt solid var(--navy);
+}
+
+.toc-list {
+  list-style: none;
+  padding: 0;
+  margin: 0;
+}
+
+.toc-item {
+  display: flex;
+  align-items: baseline;
+  padding: 5pt 0;
+  border-bottom: 0.5pt dotted var(--border);
+  font-size: 9pt;
+}
+
+.toc-item--section {
+  font-weight: 700;
+  color: var(--navy);
+  padding-top: 10pt;
+  border-bottom: none;
+  font-size: 9.5pt;
+  padding-bottom: 2pt;
+}
+
+.toc-num {
+  font-size: 8pt;
+  color: var(--gold);
+  font-weight: 700;
+  width: 22pt;
+  flex-shrink: 0;
+}
+
+.toc-text { flex: 1; color: var(--text); }
+
+.toc-dots {
+  flex: 1;
+  border-bottom: 1pt dotted var(--border);
+  margin: 0 6pt 2pt;
+  min-width: 20pt;
+}
+
+/* ---------- Section headings ---------- */
+h1 {
+  font-family: Georgia, 'Times New Roman', serif;
+  font-size: 20pt;
+  font-weight: 700;
+  color: var(--navy);
+  margin: 0 0 6pt;
+  letter-spacing: -0.02em;
+}
+
+h2 {
+  font-family: Georgia, 'Times New Roman', serif;
+  font-size: 14pt;
+  font-weight: 700;
+  color: var(--navy);
+  margin: 0 0 10pt;
+  padding: 8pt 0 8pt 12pt;
+  border-left: 3.5pt solid var(--gold);
+  page-break-after: avoid;
+  break-after: avoid;
+}
+
+h3 {
+  font-size: 8.5pt;
+  font-weight: 700;
+  color: var(--muted);
+  text-transform: uppercase;
+  letter-spacing: 0.09em;
+  margin: 14pt 0 5pt;
+  page-break-after: avoid;
+}
+
+.section {
+  margin-top: 22pt;
+  page-break-inside: avoid;
+}
+
+.section--break {
+  page-break-before: always;
+  break-before: page;
+  margin-top: 0;
+  padding-top: 6pt;
+}
+
+/* ---------- Key metrics grid ---------- */
+.metrics-grid {
+  display: grid;
+  grid-template-columns: repeat(4, 1fr);
+  gap: 7pt;
+  margin: 8pt 0 12pt;
+}
+
+.metric-box {
+  border: 1pt solid var(--border);
+  border-top: 3pt solid var(--navy);
+  border-radius: 0 0 4pt 4pt;
+  padding: 8pt 9pt 7pt;
+  text-align: center;
+  background: var(--white);
+  page-break-inside: avoid;
+}
+
+.metric-box--gold { border-top-color: var(--gold); }
+.metric-box--teal { border-top-color: var(--teal); }
+
+.metric-label {
+  font-size: 6.5pt;
+  text-transform: uppercase;
+  letter-spacing: 0.07em;
+  color: var(--muted);
+  margin-bottom: 4pt;
+}
+
+.metric-value {
+  font-family: Georgia, 'Times New Roman', serif;
+  font-size: 16pt;
+  font-weight: 700;
+  color: var(--navy);
+  line-height: 1.1;
+}
+
+.metric-value--gold { color: var(--gold); }
+.metric-value--teal { color: var(--teal); }
+
+.metric-sub {
+  font-size: 7pt;
+  color: var(--muted);
+  margin-top: 2pt;
+}
+
+/* ---------- Tables ---------- */
+table {
+  width: 100%;
+  border-collapse: collapse;
+  margin: 6pt 0 12pt;
+  font-size: 8.5pt;
+  page-break-inside: auto;
+}
+
+thead th {
+  background: var(--navy);
+  color: var(--white);
+  font-size: 7pt;
+  font-weight: 700;
+  text-transform: uppercase;
+  letter-spacing: 0.06em;
+  padding: 5.5pt 8pt;
+  text-align: left;
+}
+
+tbody tr:nth-child(even) { background: var(--bg-light); }
+tbody tr:nth-child(odd)  { background: var(--white); }
+
+tbody td {
+  padding: 5pt 8pt;
+  border-bottom: 0.5pt solid var(--border);
+  color: var(--text);
+  vertical-align: top;
+}
+
+tbody tr:last-child td { border-bottom: none; }
+
+.total-row td {
+  font-weight: 700;
+  color: var(--navy);
+  background: #E8EDF5 !important;
+  border-top: 1.5pt solid var(--navy);
+  border-bottom: none;
+}
+
+.highlight-row td {
+  background: #FEF9EE !important;
+  font-weight: 700;
+  color: var(--navy);
+  border-top: 1pt solid var(--gold);
+  border-bottom: 1pt solid var(--gold);
+}
+
+.positive-cell { color: var(--green); font-weight: 600; }
+.negative-cell { color: var(--red); font-weight: 600; }
+
+td.r, th.r { text-align: right; }
+td.c, th.c { text-align: center; }
+
+/* ---------- Callout / pull quote ---------- */
+blockquote {
+  border-left: 4pt solid var(--teal);
+  background: var(--teal-lt);
+  padding: 9pt 12pt;
+  margin: 8pt 0 12pt;
+  font-style: italic;
+  font-size: 9.5pt;
+  color: var(--text);
+  page-break-inside: avoid;
+}
+
+blockquote p { margin: 0; }
+
+/* ---------- Insight box (key takeaway) ---------- */
+.insight-box {
+  border: 1pt solid var(--gold);
+  border-left: 4pt solid var(--gold);
+  background: #FEF9EE;
+  padding: 9pt 12pt;
+  margin: 8pt 0 12pt;
+  font-size: 9pt;
+  page-break-inside: avoid;
+}
+
+.insight-box strong {
+  display: block;
+  color: var(--navy);
+  font-size: 8pt;
+  text-transform: uppercase;
+  letter-spacing: 0.06em;
+  margin-bottom: 3pt;
+}
+
+/* ---------- Market callout cards ---------- */
+.market-callout {
+  display: grid;
+  grid-template-columns: repeat(3, 1fr);
+  gap: 8pt;
+  margin: 8pt 0 12pt;
+}
+
+.market-stat {
+  background: var(--bg-light);
+  border: 1pt solid var(--border);
+  border-radius: 4pt;
+  padding: 8pt 10pt;
+  text-align: center;
+  page-break-inside: avoid;
+}
+
+.market-stat-value {
+  font-family: Georgia, 'Times New Roman', serif;
+  font-size: 14pt;
+  font-weight: 700;
+  color: var(--navy);
+}
+
+.market-stat-label {
+  font-size: 7pt;
+  color: var(--muted);
+  text-transform: uppercase;
+  letter-spacing: 0.06em;
+  margin-top: 2pt;
+}
+
+/* ---------- Data note / footnote ---------- */
+.data-note {
+  font-size: 7.5pt;
+  color: var(--muted);
+  font-style: italic;
+  margin: -8pt 0 10pt;
+  padding-left: 6pt;
+  border-left: 2pt solid var(--border);
+}
+
+/* ---------- Two-column layout helper ---------- */
+.two-col {
+  display: grid;
+  grid-template-columns: 1fr 1fr;
+  gap: 12pt;
+}
+
+/* ---------- Disclaimer / legal ---------- */
+.disclaimer {
+  font-size: 7pt;
+  color: var(--muted);
+  line-height: 1.55;
+  padding-top: 10pt;
+  border-top: 0.5pt solid var(--border);
+  margin-top: 20pt;
+}
diff --git a/web/src/padelnomics/templates/reports/report.html b/web/src/padelnomics/templates/reports/report.html
new file mode 100644
index 0000000..d886c20
--- /dev/null
+++ b/web/src/padelnomics/templates/reports/report.html
@@ -0,0 +1,94 @@
+<!DOCTYPE html>
+<html lang="{{ language }}">
+<head>
+  <meta charset="utf-8">
+  <title>{{ title }}</title>
+  <style>{{ css }}</style>
+</head>
+<body>
+
+{# ── Named strings for running headers (invisible anchors) ── #}
+<span class="doc-brand-anchor">Padelnomics</span>
+<span class="doc-title-anchor">{{ report_slug_label }}</span>
+
+{# ── Watermark: Padelnomics logo, repeated on every content page via position:fixed ── #}
+<div class="watermark">
+  <img src="{{ logo_path }}" alt="">
+</div>
+
+{# ══════════════════════════════════════════════════════════════════
+   COVER PAGE — full-bleed navy, no running headers
+   ════════════════════════════════════════════════════════════════ #}
+<div class="cover">
+
+  <div class="cover__header">
+    <div class="cover__logo">
+      <img src="{{ logo_path }}" alt="Padelnomics">
+    </div>
+    <div class="cover__edition">{{ edition_label }}</div>
+  </div>
+
+  <div class="cover__body">
+    <div class="cover__type-label">{{ report_type_label }}</div>
+    <div class="cover__rule"></div>
+    <h1 class="cover__title">{{ title }}</h1>
+    <p class="cover__subtitle">{{ subtitle }}</p>
+
+    <div class="cover__stats">
+      {% for stat in cover_stats %}
+      <div class="cover__stat">
+        <div class="cover__stat-value">{{ stat.value }}</div>
+        <div class="cover__stat-label">{{ stat.label }}</div>
+      </div>
+      {% endfor %}
+    </div>
+  </div>
+
+  <div class="cover__footer">
+    <div class="cover__footer-left">
+      {{ published_label }}<br>
+      <a href="https://padelnomics.io">padelnomics.io</a>
+    </div>
+    <div class="cover__footer-right">
+      {{ confidential_label }}
+    </div>
+  </div>
+
+</div>
+
+{# ══════════════════════════════════════════════════════════════════
+   TABLE OF CONTENTS
+   ════════════════════════════════════════════════════════════════ #}
+{% if toc %}
+<div class="toc-page">
+  <h2 class="toc-heading">{{ toc_heading }}</h2>
+  <ol class="toc-list">
+    {% for item in toc %}
+    <li class="toc-item{% if item.is_section %} toc-item--section{% endif %}">
+      {% if not item.is_section %}<span class="toc-num">{{ loop.index }}.</span>{% endif %}
+      <span class="toc-text">{{ item.title }}</span>
+      {% if not item.is_section %}
+      <span class="toc-dots"></span>
+      {% endif %}
+    </li>
+    {% endfor %}
+  </ol>
+</div>
+{% endif %}
+
+{# ══════════════════════════════════════════════════════════════════
+   REPORT BODY (markdown → HTML, injected by build script)
+   ════════════════════════════════════════════════════════════════ #}
+<div class="report-body">
+  {{ body_html }}
+</div>
+
+{# ══════════════════════════════════════════════════════════════════
+   DISCLAIMER
+   ════════════════════════════════════════════════════════════════ #}
+<div class="disclaimer">
+  {{ disclaimer }}
+</div>
+
+</body>
+</html>