diff --git a/src/app/portfolio/[slug]/(portfolio)/reporting/ReportingClientArea.tsx b/src/app/portfolio/[slug]/(portfolio)/reporting/ReportingClientArea.tsx
index 8a6054b5..a9fb94c8 100644
--- a/src/app/portfolio/[slug]/(portfolio)/reporting/ReportingClientArea.tsx
+++ b/src/app/portfolio/[slug]/(portfolio)/reporting/ReportingClientArea.tsx
@@ -485,17 +485,25 @@ function MetricsBody({
     : null;
 
   const scenarioBusy = isScenario && isFetching;
+  // First entry into a scenario from Current stock: there's no previous overlay
+  // to keep, so the scenario KPIs are momentarily empty. Skeleton that band
+  // (the "no data yet" case → same pattern as first page load) rather than
+  // flashing an empty bar. A scenario→scenario switch keeps the old figures, so
+  // it stays on the dim+spinner path below instead.
+  const scenarioLoadingFirst = scenarioBusy && !scenarioData;
 
   return (
     <div className="space-y-4">
-      {scenarioBusy && (
+      {/* Refetch-with-data only: the figures stay on screen and dim, so a label
+          clarifies the dim means "updating". First load speaks via its skeleton. */}
+      {scenarioBusy && scenarioData && (
         <div
           className="flex items-center gap-1.5 text-[0.8rem] text-gray-600"
           role="status"
           aria-live="polite"
         >
           <ArrowPathIcon className="h-3.5 w-3.5 animate-spin text-gray-400" />
-          {scenarioData ? "Updating figures…" : "Loading scenario…"}
+          Updating figures…
         </div>
       )}
 
@@ -509,7 +517,11 @@ function MetricsBody({
         aria-busy={scenarioBusy}
       >
         {/* KPI band */}
-        <KpiBand kpis={isScenario ? scenarioKpis : currentStockKpis} />
+        {scenarioLoadingFirst ? (
+          <KpiBandSkeleton />
+        ) : (
+          <KpiBand kpis={isScenario ? scenarioKpis : currentStockKpis} />
+        )}
 
         {/* Charts + ledger */}
         <div className="grid grid-cols-1 items-stretch gap-4 lg:grid-cols-[1.55fr_1fr]">
@@ -610,21 +622,34 @@ function ScenarioRowSkeleton() {
   );
 }
 
+/**
+ * The five-cell KPI band in its loading shape. Shared by the initial page-load
+ * skeleton and the first Current-stock → scenario switch, so both "no data yet"
+ * moments read identically.
+ */
+function KpiBandSkeleton() {
+  return (
+    <div
+      className="grid grid-cols-2 rounded-lg border border-gray-200 bg-white sm:grid-cols-3 lg:grid-cols-5"
+      aria-hidden
+    >
+      {Array.from({ length: 5 }).map((_, i) => (
+        <div
+          key={i}
+          className={`space-y-2 px-5 py-4 ${i > 0 ? "border-l border-gray-100" : ""}`}
+        >
+          <div className="h-2.5 w-16 animate-pulse rounded bg-gray-100" />
+          <div className="h-6 w-20 animate-pulse rounded bg-gray-100" />
+        </div>
+      ))}
+    </div>
+  );
+}
+
 function MetricsSkeleton() {
   return (
     <div className="space-y-4" aria-hidden>
-      {/* KPI band */}
-      <div className="grid grid-cols-2 rounded-lg border border-gray-200 bg-white sm:grid-cols-3 lg:grid-cols-5">
-        {Array.from({ length: 5 }).map((_, i) => (
-          <div
-            key={i}
-            className={`space-y-2 px-5 py-4 ${i > 0 ? "border-l border-gray-100" : ""}`}
-          >
-            <div className="h-2.5 w-16 animate-pulse rounded bg-gray-100" />
-            <div className="h-6 w-20 animate-pulse rounded bg-gray-100" />
-          </div>
-        ))}
-      </div>
+      <KpiBandSkeleton />
       {/* Charts + side panel */}
       <div className="grid grid-cols-1 items-stretch gap-4 lg:grid-cols-[1.55fr_1fr]">
         <div className="h-64 animate-pulse rounded-lg border border-gray-200 bg-white" />