diff --git a/pitch-deck/components/PitchDeck.tsx b/pitch-deck/components/PitchDeck.tsx
index bbcb751..bfea8d7 100644
--- a/pitch-deck/components/PitchDeck.tsx
+++ b/pitch-deck/components/PitchDeck.tsx
@@ -214,7 +214,7 @@ export default function PitchDeck({ lang, onToggleLanguage, investor, onLogout,
       case 'annex-strategy':
         return <StrategySlide lang={lang} isWandeldarlehen={isWandeldarlehen} />
       case 'annex-finanzplan':
-        return <FinanzplanSlide lang={lang} investorId={investor?.id || null} preferredScenarioId={preferredScenarioId} />
+        return <FinanzplanSlide lang={lang} investorId={investor?.id || null} preferredScenarioId={preferredScenarioId} isWandeldarlehen={isWandeldarlehen} />
       case 'annex-glossary':
         return <GlossarySlide lang={lang} />
       case 'risks':
diff --git a/pitch-deck/components/slides/FinanzplanSlide.tsx b/pitch-deck/components/slides/FinanzplanSlide.tsx
index cb38e00..26c052a 100644
--- a/pitch-deck/components/slides/FinanzplanSlide.tsx
+++ b/pitch-deck/components/slides/FinanzplanSlide.tsx
@@ -13,6 +13,7 @@ interface FinanzplanSlideProps {
   lang: Language
   investorId?: string | null
   preferredScenarioId?: string | null
+  isWandeldarlehen?: boolean
 }
 
 interface SheetMeta {
@@ -90,7 +91,7 @@ function formatCell(v: number | undefined): string {
 
 interface FpScenario { id: string; name: string; is_default: boolean }
 
-export default function FinanzplanSlide({ lang, investorId, preferredScenarioId }: FinanzplanSlideProps) {
+export default function FinanzplanSlide({ lang, investorId, preferredScenarioId, isWandeldarlehen }: FinanzplanSlideProps) {
   const [sheets, setSheets] = useState<SheetMeta[]>([])
   const [scenarios, setScenarios] = useState<FpScenario[]>([])
   const [selectedScenarioId, setSelectedScenarioId] = useState<string>('')
@@ -164,9 +165,10 @@ export default function FinanzplanSlide({ lang, investorId, preferredScenarioId
         setSheets(data.sheets || [])
         const scens: FpScenario[] = data.scenarios || []
         setScenarios(scens)
-        // Pick default scenario on first load
+        // Pick scenario: Wandeldarlehen version → WD scenario, otherwise default
         if (!selectedScenarioId) {
-          const def = scens.find(s => s.is_default) ?? scens[0]
+          const wdScenario = isWandeldarlehen ? scens.find(s => s.name.toLowerCase().includes('wandeldarlehen') && !s.name.toLowerCase().includes('bear') && !s.name.toLowerCase().includes('bull')) : null
+          const def = wdScenario ?? scens.find(s => s.is_default) ?? scens[0]
           if (def) setSelectedScenarioId(def.id)
         }
       })