diff --git a/crates/engine/src/cmd/frame_export.rs b/crates/engine/src/cmd/frame_export.rs
index d8b49159c..7347b84bb 100644
--- a/crates/engine/src/cmd/frame_export.rs
+++ b/crates/engine/src/cmd/frame_export.rs
@@ -27,12 +27,14 @@ struct Isolated {
     image: Image,
 }
 
-fn render_with(s: &Session, project: &Project, comp: ItemId, t: Tick, scale: f64) -> Image {
+/// `skip_hdr_step`: no HDR step, for a float output (ProEXR; [`RenderOpts::skip_hdr_step`]).
+fn render_with(s: &Session, project: &Project, comp: ItemId, t: Tick, scale: f64, skip_hdr_step: bool) -> Image {
     let opts = RenderOpts {
         scale,
         backend: Backend::Auto,
         nested_switches: s.prefs.general.switches_affect_nested_comps,
         draft_shadows: s.prefs.three_d.realtime_shadows,
+        skip_hdr_step,
         ..Default::default()
     };
     let mut r = Renderer::new(project, s.footage.as_ref(), opts);
@@ -41,10 +43,11 @@ fn render_with(s: &Session, project: &Project, comp: ItemId, t: Tick, scale: f64
     r.comp_frame(comp, t)
 }
 
-/// The comp frame and each visible layer rendered alone (top layer first).
-fn isolate(s: &Session, cid: ItemId, t: Tick, scale: f64) -> Result<(Image, Vec<Isolated>)> {
+/// The comp frame and each visible layer rendered alone (top layer first). `skip_hdr_step`: as
+/// [`render_with`].
+fn isolate(s: &Session, cid: ItemId, t: Tick, scale: f64, skip_hdr_step: bool) -> Result<(Image, Vec<Isolated>)> {
     let comp = s.project.comp(cid).ok_or(EngineError::NoComp)?;
-    let full = render_with(s, &s.project, cid, t, scale);
+    let full = render_with(s, &s.project, cid, t, scale, skip_hdr_step);
     let any_solo = comp.layers.iter().any(|l| l.switches.solo && l.has_video());
     let ids: Vec<LayerId> = comp
         .layers
@@ -72,7 +75,7 @@ fn isolate(s: &Session, cid: ItemId, t: Tick, scale: f64) -> Result<(Image, Vec<
             }
         }
         let Some((name, blend, opacity)) = info else { continue };
-        let image = render_with(s, &p, cid, t, scale);
+        let image = render_with(s, &p, cid, t, scale, skip_hdr_step);
         out.push(Isolated { name, blend, opacity, image });
     }
     Ok((full, out))
@@ -111,7 +114,7 @@ fn alpha_bounds(img: &Image) -> Option<(u32, u32, u32, u32)> {
 pub fn layered_psd(s: &Session, cid: ItemId, t: Tick, scale: f64) -> Result<(Vec<u8>, usize, u32, u32)> {
     use effectcraft_psd::Rect;
     use effectcraft_psd::write::{WDoc, WLayer, write};
-    let (full, layers) = isolate(s, cid, t, scale)?;
+    let (full, layers) = isolate(s, cid, t, scale, false)?;
     let mut doc = WDoc::new(full.width, full.height);
     let n = layers.len();
     // File order is bottom first.
@@ -136,10 +139,6 @@ pub fn layered_psd(s: &Session, cid: ItemId, t: Tick, scale: f64) -> Result<(Vec
     Ok((write(&doc), n, full.width, full.height))
 }
 
-fn srgb_to_linear(c: f32) -> f32 {
-    if c <= 0.04045 { c / 12.92 } else { ((c + 0.055) / 1.055).powf(2.4) }
-}
-
 /// A unique EXR layer name (no dots: they separate the layer from the channel). Printable ASCII only:
 /// the `exr` crate panics on characters it cannot store in a channel name (#1702).
 fn exr_name(name: &str, used: &mut Vec<String>) -> String {
@@ -158,15 +157,19 @@ fn exr_name(name: &str, used: &mut Vec<String>) -> String {
 /// The multi-layer EXR bytes of a frame and the channel names.
 pub fn layered_exr(s: &Session, cid: ItemId, t: Tick, scale: f64) -> Result<(Vec<u8>, Vec<String>, u32, u32)> {
     use exr::prelude::*;
-    let (full, layers) = isolate(s, cid, t, scale)?;
+    // The composite and every layer without the HDR step, decoded with the output space's
+    // curve (linear light in the output space's primaries).
+    let (full, layers) = isolate(s, cid, t, scale, true)?;
+    let dec = effectcraft_render::color::Pipe::of(&s.project.settings).output_linear();
     let (w, h) = (full.width as usize, full.height as usize);
     let planes = |img: &effectcraft_raster::Image| -> [Vec<f32>; 4] {
         let mut out: [Vec<f32>; 4] = Default::default();
         for p in &img.data {
             let sp = straight(*p);
             let a = sp[3];
+            let lin = dec.apply([sp[0].max(0.0), sp[1].max(0.0), sp[2].max(0.0)]);
             for c in 0..3 {
-                out[c].push(srgb_to_linear(sp[c].max(0.0)) * a);
+                out[c].push(lin[c] * a);
             }
             out[3].push(a);
         }
diff --git a/crates/engine/src/tests/frame_export.rs b/crates/engine/src/tests/frame_export.rs
index a8dc938fb..8b69ac25d 100644
--- a/crates/engine/src/tests/frame_export.rs
+++ b/crates/engine/src/tests/frame_export.rs
@@ -230,3 +230,131 @@ fn save_frame_as_queued_respects_frame_default_template() {
     s.execute_checked("renderQueue.setTemplateDefault", json!({"kind": "outputModule", "slot": "still", "name": "JPEG Sequence"})).unwrap();
     assert!(s.execute_checked("comp.saveFrameAs", json!({"queue": true})).is_ok());
 }
+
+fn fnv(bytes: &[u8]) -> u64 {
+    bytes.iter().fold(0xcbf2_9ce4_8422_2325u64, |h, b| (h ^ *b as u64).wrapping_mul(0x0100_0000_01b3))
+}
+
+/// A 32×32 comp in a managed project (sRGB working space, linearized): a full-frame over-range
+/// solid under a 16×16 in-range Multiply solid at 50%.
+fn hdr_frame(bit_depth: u64, hdr: &str) -> Session {
+    let mut s = Session::default();
+    s.execute("comp.new", json!({"name": "Frame", "width": 32, "height": 32, "frameRate": 24, "duration": 1})).unwrap();
+    s.execute("file.projectSettings", json!({"bitDepth": bit_depth, "workingSpace": "srgb", "linearize": true, "hdr": hdr})).unwrap();
+    s.execute("layer.newSolid", json!({"name": "Bright", "color": [4.0, 2.0, 0.5]})).unwrap();
+    let box_ = s.execute("layer.newSolid", json!({"name": "Box", "color": [0.85, 0.9, 0.2], "width": 16, "height": 16})).unwrap()["layer"].as_u64().unwrap();
+    s.execute("layer.setBlendMode", json!({"layers": [box_], "mode": "Multiply"})).unwrap();
+    s.execute("prop.set", json!({"layer": box_, "path": "transform/opacity", "value": 50})).unwrap();
+    s
+}
+
+/// Photoshop Layers keeps the HDR step (it is a display-referred output): its bytes for each bit
+/// depth × HDR mode.
+#[test]
+fn photoshop_layers_bytes_are_unchanged() {
+    let dir = out_dir("frame-psd-golden");
+    let mut got = vec![];
+    for depth in [8, 16, 32] {
+        for hdr in ["clip", "compand", "toneMap"] {
+            let mut s = hdr_frame(depth, hdr);
+            let path = dir.join(format!("{depth}-{hdr}.psd")).to_string_lossy().to_string();
+            s.execute("comp.saveFrameAsPsd", json!({"path": path})).unwrap();
+            got.push(fnv(&std::fs::read(&path).unwrap()));
+        }
+    }
+    // The hashes before ProEXR skipped the HDR step.
+    let want: [u64; 9] = [
+        0x3b921d4d9fc3119f,
+        0x1886d026edf36a7f,
+        0x6b564aa7fb50139f,
+        0xabd585992079fc9f,
+        0x88ca38726eaa557f,
+        0xa3636606d7a4927f,
+        0x7385ed211e9815ff,
+        0x7385ed211e9815ff,
+        0xfb59fa3f3bdfac3f,
+    ];
+    assert_eq!(got, want);
+}
+
+/// Every sample of a ProEXR file, channels in name order.
+fn proexr_samples(path: &str) -> Vec<(String, Vec<f32>)> {
+    use exr::prelude::*;
+    let img = read().no_deep_data().largest_resolution_level().all_channels().all_layers().all_attributes().from_file(path).unwrap();
+    let mut out: Vec<(String, Vec<f32>)> = img.layer_data[0]
+        .channel_data
+        .list
+        .iter()
+        .map(|c| match &c.sample_data {
+            FlatSamples::F32(v) => (c.name.to_string(), v.clone()),
+            o => panic!("{o:?}"),
+        })
+        .collect();
+    out.sort_by(|a, b| a.0.cmp(&b.0));
+    out
+}
+
+/// ProEXR decodes with the output space's own curve. A Rec. 709 output has the sRGB working
+/// space's primaries but another curve, so the composite and the isolated layer must hold the
+/// solid's light (its sRGB working value decoded), not the sRGB decode of its Rec. 709 encoding.
+#[test]
+fn proexr_decodes_a_non_srgb_output_curve() {
+    let dir = out_dir("frame-exr-rec709");
+    let mut s = Session::default();
+    s.execute("comp.new", json!({"name": "Frame", "width": 32, "height": 32, "frameRate": 24, "duration": 1})).unwrap();
+    s.execute("file.projectSettings", json!({"bitDepth": 32, "workingSpace": "srgb", "linearize": true, "outputSpace": "rec709"})).unwrap();
+    s.execute("layer.newSolid", json!({"name": "Warm", "color": [0.8, 0.5, 0.2]})).unwrap();
+    let path = dir.join("rec709.exr").to_string_lossy().to_string();
+    s.execute("comp.saveFrameAsExr", json!({"path": path})).unwrap();
+    let got = proexr_samples(&path);
+    let at = |n: &str| got.iter().find(|c| c.0 == n).unwrap_or_else(|| panic!("no {n}")).1[0];
+    let lin = effectcraft_color::srgb_to_linear;
+    for (n, want) in [("R", lin(0.8)), ("G", lin(0.5)), ("B", lin(0.2)), ("Warm.R", lin(0.8)), ("Warm.B", lin(0.2))] {
+        assert!((at(n) - want).abs() <= 1e-3 * want, "{n}: {} vs {want}", at(n));
+    }
+}
+
+/// ProEXR samples in Clip mode (sRGB output) for each bit depth.
+#[test]
+fn proexr_clip_samples_are_unchanged() {
+    let dir = out_dir("frame-exr-clip-golden");
+    let mut got = vec![];
+    for depth in [8, 16, 32] {
+        let mut s = hdr_frame(depth, "clip");
+        let path = dir.join(format!("{depth}.exr")).to_string_lossy().to_string();
+        s.execute("comp.saveFrameAsExr", json!({"path": path})).unwrap();
+        let bytes: Vec<u8> =
+            proexr_samples(&path).iter().flat_map(|(n, v)| n.bytes().chain(v.iter().flat_map(|x| x.to_bits().to_le_bytes())).collect::<Vec<u8>>()).collect();
+        got.push(fnv(&bytes));
+    }
+    // The hashes before ProEXR skipped the HDR step.
+    let want: [u64; 3] = [0x4b9ecc87e6db7d03, 0xe06a35d302e71503, 0x694ca552f3efc903];
+    assert_eq!(got, want);
+}
+
+/// ProEXR ignores compand and tone mapping: the composite and every isolated layer hold the Clip
+/// mode's samples, and over-range values stay.
+#[test]
+fn proexr_layers_are_not_tone_mapped() {
+    let dir = out_dir("frame-exr-hdr");
+    let samples = |depth: u64, hdr: &str| {
+        let mut s = hdr_frame(depth, hdr);
+        let path = dir.join(format!("{depth}-{hdr}.exr")).to_string_lossy().to_string();
+        s.execute("comp.saveFrameAsExr", json!({"path": path})).unwrap();
+        proexr_samples(&path)
+    };
+    for depth in [8, 16, 32] {
+        let clip = samples(depth, "clip");
+        assert!(clip.iter().any(|(n, _)| n == "Bright.R") && clip.iter().any(|(n, _)| n == "Box.R"), "{:?}", clip.iter().map(|c| &c.0).collect::<Vec<_>>());
+        for hdr in ["compand", "toneMap"] {
+            assert!(samples(depth, hdr) == clip, "{depth} bpc {hdr}");
+        }
+    }
+    let tone = samples(32, "toneMap");
+    let at = |n: &str| tone.iter().find(|c| c.0 == n).unwrap().1[0];
+    // The solid's colour is sRGB-encoded in the working space (4.0 is about 25.3 in linear light).
+    let lin = effectcraft_color::srgb_to_linear;
+    for (n, want) in [("Bright.R", lin(4.0)), ("Bright.G", lin(2.0)), ("Bright.B", lin(0.5)), ("R", lin(4.0))] {
+        assert!((at(n) - want).abs() <= 1e-4 * want, "{n}: {} vs {want}", at(n));
+    }
+}
diff --git a/crates/export/src/lib.rs b/crates/export/src/lib.rs
index 0a8f6b4ec..b93e46d2c 100644
--- a/crates/export/src/lib.rs
+++ b/crates/export/src/lib.rs
@@ -316,25 +316,25 @@ fn write_still<W: std::io::Write + std::io::Seek>(cx: &Cx, file: &mut W, img: &I
         OutputFormat::ExrSequence => {
             // Linear light, premultiplied (the EXR convention); RGB keeps alpha = 1 over the background.
             // Colour is floored at 0 but not capped at 1: a 32 bpc frame's over-range values survive (#339).
-            let lin = |v: f32| if v <= 0.04045 { v / 12.92 } else { ((v + 0.055) / 1.055).powf(2.4) };
+            // The frame was rendered without the HDR step (`RenderOpts::skip_hdr_step`) and is
+            // decoded with the output space's curve, in the output space's primaries.
+            let dec = effectcraft_render::color::Pipe::of(&cx.project.settings).output_linear();
+            let lin3 = |c: [f32; 3]| dec.apply(c.map(|v| v.max(0.0)));
             let mut data = Vec::with_capacity((w * h * 4) as usize);
             for y in 0..h {
                 for x in 0..w {
                     let p = if x < img.width && y < img.height { img.data[img.idx(x, y)] } else { [0.0; 4] };
                     let (c, a) = match channels {
-                        Channels::Alpha => {
-                            let a = p[3].clamp(0.0, 1.0);
-                            ([lin(a); 3], 1.0)
-                        }
+                        // Alpha is coverage, not encoded colour: written as it is.
+                        Channels::Alpha => ([p[3].clamp(0.0, 1.0); 3], 1.0),
                         Channels::Rgba => {
                             let a = p[3].clamp(0.0, 1.0);
-                            let s = |c: f32| if a > 0.0 { lin((c / a).max(0.0)) * a } else { 0.0 };
-                            ([s(p[0]), s(p[1]), s(p[2])], a)
+                            let c = if a > 0.0 { lin3([p[0] / a, p[1] / a, p[2] / a]).map(|v| v * a) } else { [0.0; 3] };
+                            (c, a)
                         }
                         Channels::Rgb => {
                             let k = 1.0 - p[3].clamp(0.0, 1.0);
-                            let c = |i: usize| lin((p[i] + comp.background[i] * k).max(0.0));
-                            ([c(0), c(1), c(2)], 1.0)
+                            (lin3([0, 1, 2].map(|i| p[i] + comp.background[i] * k)), 1.0)
                         }
                     };
                     data.extend_from_slice(&[c[0], c[1], c[2], a]);
diff --git a/crates/export/src/pipeline.rs b/crates/export/src/pipeline.rs
index b0d1d96c9..e0c5cfc87 100644
--- a/crates/export/src/pipeline.rs
+++ b/crates/export/src/pipeline.rs
@@ -251,6 +251,8 @@ impl<'a> Cx<'a> {
             roi: None,
             nested_switches: self.job.nested_switches,
             draft_shadows: true,
+            // OpenEXR keeps over-range values: no HDR compand / tone mapping on its frames.
+            skip_hdr_step: self.job.output.format == effectcraft_project::render_queue::OutputFormat::ExrSequence,
             proxy: s.proxy_use,
         };
         let mut r = Renderer::new(&self.project, self.job.footage, opts);
diff --git a/crates/export/tests/it/exr_scene_linear.rs b/crates/export/tests/it/exr_scene_linear.rs
new file mode 100644
index 000000000..b4b8c027c
--- /dev/null
+++ b/crates/export/tests/it/exr_scene_linear.rs
@@ -0,0 +1,419 @@
+//! OpenEXR output holds the comp's values in linear light without Project Settings ▸ HDR
+//! (compand / tone map), and decodes with the output space's own curve; 8-bit writers keep the
+//! HDR step and their exact bytes.
+
+use std::path::{Path, PathBuf};
+
+use effectcraft_color::{ColorSpace, Conversion, Label};
+use effectcraft_export::render_queue::{Channels, OutputFormat, OutputModule, RenderSettings, TimeSpan};
+use effectcraft_export::{Job, export};
+use effectcraft_project::{BitDepth, Comp, HdrMode, ItemId, ItemKind, LayerSource, Project, Solid, build};
+use effectcraft_render::NoFootage;
+use effectcraft_time::{FrameRate, Tick};
+
+const W: u32 = 48;
+const H: u32 = 16;
+/// Three nested bands, outermost first: in range, inside the compand knee, over range.
+const BANDS: [[f32; 3]; 3] = [[0.2, 0.5, 0.9], [0.85, 0.9, 0.95], [4.0, 2.0, 0.5]];
+
+fn out_dir(name: &str) -> PathBuf {
+    let d = std::env::temp_dir().join(format!("effectcraft-exr-scene-{}-{name}", std::process::id()));
+    let _ = std::fs::remove_dir_all(&d);
+    std::fs::create_dir_all(&d).expect("mkdir");
+    d
+}
+
+/// A one-frame comp of [`BANDS`] (full width, 2/3, 1/3, centred) with the given colour settings.
+fn project(depth: BitDepth, hdr: HdrMode, ws: Option<ColorSpace>, linearize: bool, out: Option<ColorSpace>) -> (Project, ItemId) {
+    let mut p = Project::default();
+    p.settings.bit_depth = depth;
+    p.settings.hdr = hdr;
+    p.settings.working_space = ws;
+    p.settings.linearize = linearize;
+    p.settings.output_space = out;
+    let mut comp = Comp::new(W, H, FrameRate::new(10, 1), Tick::from_seconds_f64(0.1));
+    comp.background = [0.0, 0.0, 0.0];
+    for (i, color) in BANDS.into_iter().enumerate() {
+        let w = W - W / 3 * i as u32;
+        let sid = p.add_item(&format!("Band {i}"), Label::Red, None, ItemKind::Solid(Solid { color, width: w, height: H, pixel_aspect: 1.0 }));
+        let l = build::layer(&mut p, &comp, &format!("Band {i}"), LayerSource::Solid { item: sid }, (w, H), None);
+        comp.layers.insert(0, l);
+    }
+    let cid = p.add_item("Comp 1", Label::Sandstone, None, ItemKind::Comp(comp.into()));
+    (p, cid)
+}
+
+/// A comp builder: bit depth, HDR mode, working space, Linearize Working Space, output space.
+type Build = fn(BitDepth, HdrMode, Option<ColorSpace>, bool, Option<ColorSpace>) -> (Project, ItemId);
+
+/// The half-opacity layer of [`half_project`]: over range in red.
+const HALF: [f32; 3] = [4.0, 0.6, 0.3];
+
+/// A one-frame comp over a coloured background whose only layer, [`HALF`] at 50% opacity,
+/// covers the left two thirds: semi-transparent and transparent pixels (the premultiplied and
+/// RGB-over-background paths of the writers).
+fn half_project(depth: BitDepth, hdr: HdrMode, ws: Option<ColorSpace>, linearize: bool, out: Option<ColorSpace>) -> (Project, ItemId) {
+    let mut p = Project::default();
+    p.settings.bit_depth = depth;
+    p.settings.hdr = hdr;
+    p.settings.working_space = ws;
+    p.settings.linearize = linearize;
+    p.settings.output_space = out;
+    let mut comp = Comp::new(W, H, FrameRate::new(10, 1), Tick::from_seconds_f64(0.1));
+    comp.background = [0.2, 0.3, 0.4];
+    let w = W / 3 * 2;
+    let sid = p.add_item("Half", Label::Red, None, ItemKind::Solid(Solid { color: HALF, width: w, height: H, pixel_aspect: 1.0 }));
+    let mut l = build::layer(&mut p, &comp, "Half", LayerSource::Solid { item: sid }, (w, H), None);
+    l.props.prop_mut("transform/position").expect("position").value = effectcraft_keyframe::Value::Vec3([w as f64 / 2.0, H as f64 / 2.0, 0.0]);
+    l.props.prop_mut("transform/opacity").expect("opacity").value = effectcraft_keyframe::Value::Scalar(50.0);
+    comp.layers.push(l);
+    let cid = p.add_item("Comp 1", Label::Sandstone, None, ItemKind::Comp(comp.into()));
+    (p, cid)
+}
+
+/// Export the comp's one frame as a `fmt` sequence; the frame file's path.
+fn render(p: &Project, cid: ItemId, fmt: OutputFormat, channels: Channels, dir: &Path, ext: &str) -> PathBuf {
+    let mut om = OutputModule::for_format(fmt);
+    om.channels = channels;
+    let s = RenderSettings { time_span: TimeSpan::LengthOfComp, ..Default::default() };
+    let path = dir.join(format!("f_[#####].{ext}")).to_string_lossy().to_string();
+    let job = Job {
+        project: p,
+        footage: &NoFootage,
+        expr: None,
+        accel: None,
+        comp: cid,
+        settings: &s,
+        output: &om,
+        path: &path,
+        sink: None,
+        options: Default::default(),
+        nested_switches: true,
+    };
+    export(&job, &mut |_| true).expect("export");
+    dir.join(format!("f_00000.{ext}"))
+}
+
+fn fnv(bytes: &[u8]) -> u64 {
+    bytes.iter().fold(0xcbf2_9ce4_8422_2325u64, |h, b| (h ^ *b as u64).wrapping_mul(0x0100_0000_01b3))
+}
+
+const DEPTHS: [BitDepth; 3] = [BitDepth::Bpc8, BitDepth::Bpc16, BitDepth::Bpc32];
+const MODES: [HdrMode; 3] = [HdrMode::Clip, HdrMode::Compand, HdrMode::ToneMap];
+const STILLS: [(OutputFormat, Channels, &str); 3] = [
+    (OutputFormat::PngSequence, Channels::Rgba, "png"),
+    (OutputFormat::TiffSequence, Channels::Rgb, "tif"),
+    (OutputFormat::TargaSequence, Channels::Rgba, "tga"),
+];
+
+/// The bytes of every 8-bit still for each bit depth × HDR mode, in a managed linear sRGB
+/// project with a Display P3 output.
+fn still_hashes(build: Build) -> Vec<u64> {
+    let mut out = vec![];
+    for depth in DEPTHS {
+        for mode in MODES {
+            let (p, cid) = build(depth, mode, Some(ColorSpace::Srgb), true, Some(ColorSpace::DisplayP3));
+            for (fmt, ch, ext) in STILLS {
+                let d = out_dir(&format!("golden-{depth:?}-{mode:?}-{ext}"));
+                let bytes = std::fs::read(render(&p, cid, fmt, ch, &d, ext)).expect("read");
+                out.push(fnv(&bytes));
+                let _ = std::fs::remove_dir_all(&d);
+            }
+        }
+    }
+    out
+}
+
+/// [`still_hashes`] before float outputs skipped the HDR step: PNG, TIFF and Targa (8-bit
+/// writers, which keep compand / tone mapping) are byte for byte the same.
+const STILL_GOLDEN: [u64; 27] = [
+    0xd0cf67f45d6b6b68,
+    0x712d42f3e204cbdb,
+    0x021dc457f259eb87,
+    0x88a16b1ca2db8805,
+    0xc6fb221b89179bdb,
+    0x965636561aaabb87,
+    0x85c831b7694662db,
+    0x8875a5c5232a33db,
+    0x42d8f3c110bd0987,
+    0xd555a6850fe66f04,
+    0x920b49ee0f9900e4,
+    0x94e4f43742f2c8ce,
+    0xab0792254da43348,
+    0x647a60c0a33237ec,
+    0x65cba80bc3ecff08,
+    0x0726be1b60eb7276,
+    0xffd0315633cb88db,
+    0x4f6a13131fb7a175,
+    0x07a706a7e100b51d,
+    0x718600eaa65a6f80,
+    0x53489230b732f638,
+    0x13024d498aa2552c,
+    0x3a3dae30c9e25f83,
+    0xc3191a3e860aa0c5,
+    0xe5d7d08ecc3ddece,
+    0x29a748f729fe5c8a,
+    0x78d3b9aa9e107774,
+];
+
+#[test]
+fn eight_bit_stills_are_unchanged() {
+    assert_eq!(still_hashes(project), STILL_GOLDEN);
+    assert_eq!(still_hashes(half_project), HALF_STILL_GOLDEN);
+}
+
+/// [`still_hashes`] of [`half_project`] before: premultiplied and RGB-over-background stills.
+const HALF_STILL_GOLDEN: [u64; 27] = [
+    0x3abd611ee63b7edd,
+    0x51e7ec0426773cdb,
+    0xbee34abe9f0a3d87,
+    0x554c03dba915d290,
+    0xe98490fc826a7adb,
+    0x0a0e77927bf1a187,
+    0x4f1c076634822d50,
+    0xe790f474e05b3adb,
+    0xe517c3136471a187,
+    0x07cd5e73765539f9,
+    0x68e51bbd8d442a64,
+    0x844a5f23a9cc9a3d,
+    0xc302b2b86f4cdd70,
+    0xb7247795d204a2c5,
+    0x3b18867537c69265,
+    0x9a5f7679bb5a2399,
+    0x868b729dcc804656,
+    0x2e0bc64a3fb562f0,
+    0x6dc9e1a1eac1220d,
+    0x6e101cd849e78f32,
+    0x7b7a2a776f73d70b,
+    0x6b3244f808c65d4e,
+    0xbfa1b35fada2c77d,
+    0x8c3a31415ed47e33,
+    0xac787507caf1c896,
+    0x4a38297060de19ff,
+    0x300d6e4222eaa5b5,
+];
+
+/// The decoded samples of a still EXR frame, row-major RGBA.
+fn exr_samples(path: &Path) -> Vec<f32> {
+    image::open(path).expect("exr").to_rgba32f().into_raw()
+}
+
+fn bits_hash(v: &[f32]) -> u64 {
+    fnv(&v.iter().flat_map(|x| x.to_bits().to_le_bytes()).collect::<Vec<u8>>())
+}
+
+/// Clip-mode EXR samples with an sRGB output, for each colour setup × bit depth × channels.
+fn exr_clip_hashes(build: Build, channels: &[Channels]) -> Vec<u64> {
+    let mut out = vec![];
+    for (ws, linearize) in [(None, false), (Some(ColorSpace::Srgb), false), (Some(ColorSpace::Srgb), true), (Some(ColorSpace::AcesCg), true)] {
+        for depth in DEPTHS {
+            let (p, cid) = build(depth, HdrMode::Clip, ws, linearize, None);
+            for &ch in channels {
+                let d = out_dir(&format!("clip-{ws:?}-{linearize}-{depth:?}-{ch:?}"));
+                out.push(bits_hash(&exr_samples(&render(&p, cid, OutputFormat::ExrSequence, ch, &d, "exr"))));
+                let _ = std::fs::remove_dir_all(&d);
+            }
+        }
+    }
+    out
+}
+
+/// [`exr_clip_hashes`] before: Clip-mode EXRs with an sRGB output keep every sample.
+const EXR_CLIP_GOLDEN: [u64; 36] = [
+    0x9f54fea3d3abcb25,
+    0x9f54fea3d3abcb25,
+    0x7d40ad9df8600325,
+    0x379f5ef9e35ce325,
+    0x379f5ef9e35ce325,
+    0x7d40ad9df8600325,
+    0xb60de6a90263b525,
+    0xb60de6a90263b525,
+    0x7d40ad9df8600325,
+    0x9f54fea3d3abcb25,
+    0x9f54fea3d3abcb25,
+    0x7d40ad9df8600325,
+    0x379f5ef9e35ce325,
+    0x379f5ef9e35ce325,
+    0x7d40ad9df8600325,
+    0xb60de6a90263b525,
+    0xb60de6a90263b525,
+    0x7d40ad9df8600325,
+    0x27858400549ac325,
+    0x27858400549ac325,
+    0x7d40ad9df8600325,
+    0x379f5ef9e35ce325,
+    0x379f5ef9e35ce325,
+    0x7d40ad9df8600325,
+    0xb60de6a90263b525,
+    0xb60de6a90263b525,
+    0x7d40ad9df8600325,
+    0x31d03697119d9325,
+    0x31d03697119d9325,
+    0x7d40ad9df8600325,
+    0xff61dc513c834b25,
+    0xff61dc513c834b25,
+    0x7d40ad9df8600325,
+    0x0c57d24a44f45925,
+    0x0c57d24a44f45925,
+    0x7d40ad9df8600325,
+];
+
+#[test]
+fn exr_clip_with_srgb_output_is_unchanged() {
+    // The bands are opaque everywhere, so the Alpha-only files (alpha 1.0) are unchanged too.
+    assert_eq!(exr_clip_hashes(project, &[Channels::Rgba, Channels::Rgb, Channels::Alpha]), EXR_CLIP_GOLDEN);
+    assert_eq!(exr_clip_hashes(half_project, &[Channels::Rgba, Channels::Rgb]), HALF_EXR_CLIP_GOLDEN);
+}
+
+/// [`exr_clip_hashes`] of [`half_project`] before (RGBA premultiplied, RGB over the background).
+const HALF_EXR_CLIP_GOLDEN: [u64; 24] = [
+    0xe7f7d517df7baf25,
+    0xc9d6dcb2671f9925,
+    0x2fe5733c26d16325,
+    0x8b267197d2645925,
+    0x6fe736332cb80f25,
+    0x30d5f66395d92d25,
+    0xe7f7d517df7baf25,
+    0xc9d6dcb2671f9925,
+    0x2fe5733c26d16325,
+    0x8b267197d2645925,
+    0x6fe736332cb80f25,
+    0x30d5f66395d92d25,
+    0x8c261c1cd9674b25,
+    0xace550c3a8e72925,
+    0xb9bd0b7863b78325,
+    0xdf8e948c5e8af125,
+    0x6fe736332cb80f25,
+    0x30d5f66395d92d25,
+    0xe4aedfefacc80725,
+    0x95ddfccddc885525,
+    0x81fa3c39c1d09725,
+    0x49cc0014f05a1d25,
+    0x4ed1b417cc847725,
+    0x2df6df5ce394d925,
+];
+
+/// An Alpha-only EXR holds the alpha (coverage) as it is in every output space: no transfer
+/// curve is decoded from it (it used to be sRGB-decoded, 0.5 → 0.214).
+#[test]
+fn exr_alpha_only_is_raw_alpha() {
+    for out in [None, Some(ColorSpace::Rec709), Some(ColorSpace::Rec2100Pq), Some(ColorSpace::AcesCg)] {
+        for ws in [None, Some(ColorSpace::Srgb)] {
+            let (p, cid) = half_project(BitDepth::Bpc32, HdrMode::Clip, ws, false, out);
+            let d = out_dir(&format!("alpha-{ws:?}-{out:?}"));
+            let v = exr_samples(&render(&p, cid, OutputFormat::ExrSequence, Channels::Alpha, &d, "exr"));
+            let _ = std::fs::remove_dir_all(&d);
+            let at = |x: u32| &v[((H / 2 * W + x) * 4) as usize..][..4];
+            assert_eq!(at(2), [0.5, 0.5, 0.5, 1.0], "{ws:?} {out:?} covered");
+            assert_eq!(at(W - 2), [0.0, 0.0, 0.0, 1.0], "{ws:?} {out:?} transparent");
+        }
+    }
+}
+
+/// Compand and tone mapping leave EXR output alone: the file holds the Clip mode's samples, for
+/// every bit depth, channel set and colour setup (wide working spaces, a Display P3 output).
+#[test]
+fn exr_ignores_compand_and_tone_mapping() {
+    let setups = [
+        (Some(ColorSpace::Srgb), true, None),
+        (Some(ColorSpace::Srgb), false, Some(ColorSpace::DisplayP3)),
+        (Some(ColorSpace::AcesCg), true, None),
+        (Some(ColorSpace::Rec2020), true, Some(ColorSpace::Rec709)),
+    ];
+    for (ws, linearize, out) in setups {
+        for depth in DEPTHS {
+            for (ch, (name, build)) in
+                [Channels::Rgba, Channels::Rgb].into_iter().flat_map(|c| [(c, ("bands", project as Build)), (c, ("half", half_project as Build))])
+            {
+                let samples = |mode: HdrMode| {
+                    let (p, cid) = build(depth, mode, ws, linearize, out);
+                    let d = out_dir(&format!("modes-{name}-{ws:?}-{linearize}-{out:?}-{depth:?}-{ch:?}-{mode:?}"));
+                    let v = exr_samples(&render(&p, cid, OutputFormat::ExrSequence, ch, &d, "exr"));
+                    let _ = std::fs::remove_dir_all(&d);
+                    v
+                };
+                let clip = samples(HdrMode::Clip);
+                for mode in [HdrMode::Compand, HdrMode::ToneMap] {
+                    assert!(samples(mode) == clip, "{name} {ws:?} {linearize} {out:?} {depth:?} {ch:?} {mode:?}");
+                }
+            }
+        }
+    }
+}
+
+/// The centre pixel (the innermost band) of a one-frame EXR render.
+fn exr_centre(p: &Project, cid: ItemId, name: &str) -> [f32; 4] {
+    let d = out_dir(name);
+    let v = exr_samples(&render(p, cid, OutputFormat::ExrSequence, Channels::Rgba, &d, "exr"));
+    let _ = std::fs::remove_dir_all(&d);
+    let o = ((H / 2 * W + W / 2) * 4) as usize;
+    [v[o], v[o + 1], v[o + 2], v[o + 3]]
+}
+
+fn assert_near(got: [f32; 4], want: [f32; 3], what: &str) {
+    for i in 0..3 {
+        assert!((got[i] - want[i]).abs() <= 1e-4 * want[i].abs().max(1.0), "{what}: channel {i}: got {got:?}, want {want:?}");
+    }
+    assert_eq!(got[3], 1.0, "{what}: {got:?}");
+}
+
+/// In a 32 bpc linear project with compand or tone mapping, the EXR holds the comp's scene-linear
+/// values in the output space's primaries: 4.0 stays 4.0. (Solid colours are authored in the
+/// working space's encoding; ACES spaces are linear.)
+#[test]
+fn exr_holds_scene_linear_values_in_output_primaries() {
+    let [_, _, band] = BANDS;
+    for mode in [HdrMode::Compand, HdrMode::ToneMap] {
+        let cases = [
+            // ACEScg in and out: nothing converts.
+            (ColorSpace::AcesCg, ColorSpace::AcesCg, band),
+            // ACEScg working space, Display P3 output: the primaries convert, the values stay linear.
+            (ColorSpace::AcesCg, ColorSpace::DisplayP3, Conversion::new(ColorSpace::AcesCg, true, ColorSpace::DisplayP3, true).expect("matrix").apply(band)),
+            // Linearized Rec. 2020 working space, sRGB output.
+            (ColorSpace::Rec2020, ColorSpace::Srgb, Conversion::new(ColorSpace::Rec2020, false, ColorSpace::Srgb, true).expect("matrix").apply(band)),
+            // Linearized sRGB in and out.
+            (ColorSpace::Srgb, ColorSpace::Srgb, band.map(effectcraft_color::srgb_to_linear)),
+        ];
+        for (ws, out, want) in cases {
+            let (p, cid) = project(BitDepth::Bpc32, mode, Some(ws), true, Some(out));
+            let what = format!("{mode:?} {ws:?} to {out:?}");
+            assert_near(exr_centre(&p, cid, &format!("lin-{ws:?}-{out:?}-{mode:?}")), want.map(|v| v.max(0.0)), &what);
+        }
+    }
+    let (p, cid) = project(BitDepth::Bpc32, HdrMode::ToneMap, Some(ColorSpace::AcesCg), true, Some(ColorSpace::AcesCg));
+    assert_eq!(exr_centre(&p, cid, "lin-exact")[..3], band, "4.0 is exactly 4.0");
+}
+
+/// Rec. 2100 PQ and HLG outputs (no HDR step there in any mode) are decoded with their own
+/// curves: linear light in Rec. 2020 primaries, 1.0 = reference white (203 cd/m²).
+#[test]
+fn exr_decodes_pq_and_hlg_outputs() {
+    let [_, _, band] = BANDS;
+    let want = Conversion::new(ColorSpace::AcesCg, true, ColorSpace::Rec2020, true).expect("matrix").apply(band).map(|v| v.max(0.0));
+    for out in [ColorSpace::Rec2100Pq, ColorSpace::Rec2100Hlg] {
+        for mode in MODES {
+            let (p, cid) = project(BitDepth::Bpc32, mode, Some(ColorSpace::AcesCg), true, Some(out));
+            let got = exr_centre(&p, cid, &format!("hdr-out-{out:?}-{mode:?}"));
+            for i in 0..3 {
+                assert!((got[i] - want[i]).abs() <= 1e-3 * want[i].max(1.0), "{out:?} {mode:?} channel {i}: got {got:?}, want {want:?}");
+            }
+        }
+    }
+}
+
+/// The EXR is decoded with the output space's curve, not always sRGB's: a Rec. 709 output (pure
+/// 2.4 power curve) and an unmanaged project at Working Gamma 2.4 give back the linear values.
+#[test]
+fn exr_decodes_with_the_output_curve() {
+    let [_, _, band] = BANDS;
+    // A linearized sRGB working space (same primaries as Rec. 709): the authored colour, decoded.
+    let (p, cid) = project(BitDepth::Bpc32, HdrMode::Clip, Some(ColorSpace::Srgb), true, Some(ColorSpace::Rec709));
+    assert_near(exr_centre(&p, cid, "curve-709"), band.map(effectcraft_color::srgb_to_linear), "Rec. 709 output");
+    // Unmanaged at 2.4: the solid's colour is encoded with the 2.4 power curve.
+    let (mut p, cid) = project(BitDepth::Bpc32, HdrMode::Clip, None, false, None);
+    p.settings.working_gamma = 2.4;
+    assert_near(exr_centre(&p, cid, "curve-gamma24"), band.map(|v| v.powf(2.4)), "Working Gamma 2.4");
+    // Working Gamma 2.2 keeps the sRGB curve.
+    let (p, cid) = project(BitDepth::Bpc32, HdrMode::Clip, None, false, None);
+    assert_near(exr_centre(&p, cid, "curve-gamma22"), band.map(effectcraft_color::srgb_to_linear), "Working Gamma 2.2");
+}
diff --git a/crates/export/tests/it/main.rs b/crates/export/tests/it/main.rs
index f7bfa7a1c..07ee96c05 100644
--- a/crates/export/tests/it/main.rs
+++ b/crates/export/tests/it/main.rs
@@ -2,6 +2,7 @@
 
 mod audio_sample_positions;
 mod banding;
+mod exr_scene_linear;
 mod h264_gpu_yuv;
 mod hevc_av1_roundtrip;
 #[cfg(not(target_arch = "wasm32"))]
diff --git a/crates/gpu/src/tests.rs b/crates/gpu/src/tests.rs
index 35694e8a8..b88bac0be 100644
--- a/crates/gpu/src/tests.rs
+++ b/crates/gpu/src/tests.rs
@@ -1460,6 +1460,38 @@ fn owned_devices_favour_memory_usage() {
     assert_eq!(d.required_limits.max_texture_dimension_2d, wgpu::Limits::default().max_texture_dimension_2d);
 }
 
+/// `RenderOpts::skip_hdr_step` (float outputs) skips Project Settings ▸ HDR on the GPU as on the
+/// CPU: both compositors agree, and the frame is the Clip frame with its over-range values.
+#[test]
+fn skipping_the_hdr_step_on_the_gpu_matches_clip() {
+    use effectcraft_project::HdrMode;
+    let Some(g) = gpu() else {
+        // Visible skip (EFFECTCRAFT_REQUIRE_GPU=1 makes a missing adapter fail instead).
+        eprintln!("skipping_the_hdr_step_on_the_gpu_matches_clip: skipped: no GPU adapter");
+        return;
+    };
+    for mode in [HdrMode::Compand, HdrMode::ToneMap] {
+        let mut s = blend_scene(BitDepth::Bpc32, BlendMode::Normal);
+        let mut bright = s.solid([3.0, 1.5, 0.5], 30, 20);
+        bright.blend_mode = BlendMode::Add;
+        s.push(bright);
+        s.p.settings.working_space = Some(ColorSpace::Srgb);
+        s.p.settings.linearize = true;
+        s.p.settings.hdr = mode;
+        let scene = RenderOpts { skip_hdr_step: true, ..opts() };
+        check(&format!("no HDR step {mode:?}"), compare_at(&s, scene, Tick::ZERO), 0.0);
+        let mut r = Renderer::new(&s.p, &Pattern, RenderOpts { backend: Backend::Gpu, ..scene });
+        r.accel = Some(g);
+        let img = g.render(&r, s.cid, Tick::ZERO).expect("the GPU renders the frame");
+        let mut clip = s.p.clone();
+        clip.settings.hdr = HdrMode::Clip;
+        let want = Renderer::new(&clip, &Pattern, RenderOpts { backend: Backend::Cpu, ..opts() }).comp_frame_cpu(s.cid, Tick::ZERO);
+        let d = diff(&want, &img, tolerance(BitDepth::Bpc32));
+        assert_eq!(d.over, 0, "{mode:?}: max {} at {:?}", d.max, d.worst);
+        assert!(img.data.iter().any(|p| p[3] > 0.0 && p[0] / p[3] > 1.0), "{mode:?}: over-range values survive");
+    }
+}
+
 /// A GPU context of its own with a small pool budget, so other tests (sharing [`gpu`]) neither
 /// see the budget nor add to what the pool keeps.
 fn private_gpu(budget: usize) -> Option<Gpu> {
diff --git a/crates/gpu/src/walk.rs b/crates/gpu/src/walk.rs
index c7212dc84..f688a6375 100644
--- a/crates/gpu/src/walk.rs
+++ b/crates/gpu/src/walk.rs
@@ -45,8 +45,9 @@ pub(crate) fn render<'g>(e: &mut Enc<'g>, r: &Renderer, comp_id: ItemId, t: Tick
     if let Some(l) = pipe.levels {
         canvas = ops::quantize(e, &canvas, l);
     }
+    let out = r.output_pipe();
     if r.depth() == 0
-        && let Some(c) = pipe.output()
+        && let Some(c) = out.output()
     {
         canvas = ops::convert(e, &canvas, &c);
         if let Some(l) = pipe.levels {
@@ -54,7 +55,7 @@ pub(crate) fn render<'g>(e: &mut Enc<'g>, r: &Renderer, comp_id: ItemId, t: Tick
         }
     }
     if r.depth() == 0
-        && let Some((lin, mode, enc)) = pipe.output_hdr()
+        && let Some((lin, mode, enc)) = out.output_hdr()
     {
         on_cpu(e, &mut canvas, |img| {
             effectcraft_render::color::output_hdr(img, lin, mode, enc);
diff --git a/crates/render/src/accel.rs b/crates/render/src/accel.rs
index fe5a8f3fe..f545a62ee 100644
--- a/crates/render/src/accel.rs
+++ b/crates/render/src/accel.rs
@@ -197,6 +197,13 @@ impl<'a> Renderer<'a> {
         self.pipe
     }
 
+    /// The colour pipeline of the top-level output steps: the project's, with no HDR step under
+    /// [`crate::RenderOpts::skip_hdr_step`] (the consumer decodes with
+    /// [`color::Pipe::output_linear`] or applies the step itself).
+    pub fn output_pipe(&self) -> color::Pipe {
+        if self.opts.skip_hdr_step { self.pipe.without_hdr_step() } else { self.pipe }
+    }
+
     /// Nesting depth (0 = the top-level comp).
     pub fn depth(&self) -> usize {
         self.depth
diff --git a/crates/render/src/color.rs b/crates/render/src/color.rs
index d27526553..16760c95a 100644
--- a/crates/render/src/color.rs
+++ b/crates/render/src/color.rs
@@ -117,6 +117,20 @@ impl Pipe {
         Conversion::new(ws, self.linear, self.out, false)
     }
 
+    /// The pipe without the HDR step (Clip), as [`crate::RenderOpts::skip_hdr_step`] renders
+    /// with: [`Pipe::output`] converts to the output space as it is.
+    pub fn without_hdr_step(self) -> Pipe {
+        Pipe { hdr: HdrMode::Clip, ..self }
+    }
+
+    /// The top-level frame of a [`Pipe::without_hdr_step`] render (output-encoded, straight colour)
+    /// → linear light in the output space's primaries: the output space's curve, or the Working
+    /// Gamma's when unmanaged (sRGB at 2.2, a pure 2.4 power curve at 2.4). The identity for a
+    /// linear output (ACES).
+    pub fn output_linear(&self) -> Conversion {
+        Conversion::linearize(if self.space.is_some() { self.out } else { self.curve() })
+    }
+
     /// Output with HDR compand / tone mapping (standard-dynamic-range outputs only): working
     /// space → linear output primaries, the HDR curve, then the output's encoding.
     pub fn output_hdr(&self) -> Option<(Option<Conversion>, HdrMode, Conversion)> {
diff --git a/crates/render/src/opts.rs b/crates/render/src/opts.rs
index c6175bf39..352f85983 100644
--- a/crates/render/src/opts.rs
+++ b/crates/render/src/opts.rs
@@ -28,6 +28,11 @@ pub struct RenderOpts {
     pub nested_switches: bool,
     /// Realtime Shadows in Draft (Settings ▸ 3D): draft renders (`draft`) still cast shadows.
     pub draft_shadows: bool,
+    /// No HDR step: the top-level comp leaves the working space for the output space without
+    /// Project Settings ▸ HDR (compand / tone mapping), so over-range values stay. The consumer
+    /// decodes the frame with [`crate::color::Pipe::output_linear`] (float outputs: OpenEXR)
+    /// or applies the step itself. Part of the viewer's frame keys (`opts_hash`).
+    pub skip_hdr_step: bool,
 }
 
 impl RenderOpts {
@@ -49,6 +54,7 @@ impl Default for RenderOpts {
             backend: Backend::Cpu,
             nested_switches: true,
             draft_shadows: true,
+            skip_hdr_step: false,
             proxy: effectcraft_project::render_queue::ProxyUse::CurrentSettings,
         }
     }
diff --git a/crates/render/src/pipeline.rs b/crates/render/src/pipeline.rs
index ddf671dc4..e84348fdf 100644
--- a/crates/render/src/pipeline.rs
+++ b/crates/render/src/pipeline.rs
@@ -473,14 +473,15 @@ impl<'a> Renderer<'a> {
             self.pipe.quantize(&mut canvas);
         }
         // The top-level comp leaves the working space for the (sRGB) display / output.
+        let out = self.output_pipe();
         if self.depth == 0
-            && let Some(c) = self.pipe.output()
+            && let Some(c) = out.output()
         {
             color::convert(&mut canvas, &c);
             self.pipe.quantize(&mut canvas);
         }
         if self.depth == 0
-            && let Some((lin, mode, enc)) = self.pipe.output_hdr()
+            && let Some((lin, mode, enc)) = out.output_hdr()
         {
             color::output_hdr(&mut canvas, lin, mode, enc);
             self.pipe.quantize(&mut canvas);
diff --git a/crates/render/src/tests/color.rs b/crates/render/src/tests/color.rs
index 29e4d62c2..4e5cff574 100644
--- a/crates/render/src/tests/color.rs
+++ b/crates/render/src/tests/color.rs
@@ -339,3 +339,49 @@ fn float_footage_is_encoded_once_with_the_working_gamma() {
         assert_eq!(render(2.4, Some(ColorSpace::Srgb), linear_light), srgb);
     }
 }
+
+/// `RenderOpts::skip_hdr_step` (float outputs) skips Project Settings ▸ HDR: its top-level frame
+/// is the Clip frame in every mode, while other renders keep compand / tone mapping.
+#[test]
+fn skip_hdr_step_frames_are_the_clip_frames() {
+    use effectcraft_project::HdrMode;
+    for depth in [BitDepth::Bpc8, BitDepth::Bpc16, BitDepth::Bpc32] {
+        let (mut p, cid, _) = setup(depth);
+        p.settings.working_space = Some(ColorSpace::Srgb);
+        p.settings.linearize = true;
+        add_solid(&mut p, cid, [4.0, 2.0, 0.5], BlendMode::Normal, 100.0);
+        let frame = |p: &Project, skip_hdr_step: bool| {
+            Renderer::new(p, &crate::NoFootage, RenderOpts { skip_hdr_step, ..Default::default() }).comp_frame(cid, Tick::ZERO)
+        };
+        let clip = frame(&p, false);
+        assert_eq!(clip.data, frame(&p, true).data, "{depth:?} Clip");
+        for mode in [HdrMode::Compand, HdrMode::ToneMap] {
+            p.settings.hdr = mode;
+            assert_eq!(frame(&p, true).data, clip.data, "{depth:?} {mode:?}");
+            assert_ne!(frame(&p, false).data, clip.data, "{depth:?} {mode:?} keeps the HDR step");
+        }
+    }
+}
+
+/// `Pipe::output_linear` decodes with the output space's curve (the Working Gamma's when
+/// unmanaged) and undoes `Pipe::output` exactly where the primaries match.
+#[test]
+fn output_linear_decodes_with_the_output_curve() {
+    use effectcraft_color::Conversion;
+    use effectcraft_project::ProjectSettings;
+    let pipe = |ws: Option<ColorSpace>, out: Option<ColorSpace>, gamma: f64| {
+        crate::color::Pipe::of(&ProjectSettings { working_space: ws, output_space: out, working_gamma: gamma, ..Default::default() })
+    };
+    assert_eq!(pipe(None, None, 2.2).output_linear(), Conversion::linearize(ColorSpace::Srgb));
+    assert_eq!(pipe(None, Some(ColorSpace::DisplayP3), 2.4).output_linear(), Conversion::linearize(ColorSpace::Rec709), "unmanaged: the Working Gamma");
+    assert_eq!(pipe(Some(ColorSpace::Srgb), None, 2.4).output_linear(), Conversion::linearize(ColorSpace::Srgb));
+    assert_eq!(pipe(Some(ColorSpace::Srgb), Some(ColorSpace::Rec709), 2.2).output_linear(), Conversion::linearize(ColorSpace::Rec709));
+    // Linear light in, linear light out: 4.0 stays 4.0 through output + output_linear.
+    let p = pipe(Some(ColorSpace::Rec709), Some(ColorSpace::Srgb), 2.2);
+    let p = crate::color::Pipe { linear: true, ..p };
+    let enc = p.output().unwrap().apply([4.0, 1.0, 0.25]);
+    let lin = p.output_linear().apply(enc);
+    for (got, want) in lin.into_iter().zip([4.0, 1.0, 0.25]) {
+        assert!((got - want).abs() <= 1e-5 * want, "{lin:?}");
+    }
+}
diff --git a/crates/ui-egui/src/app/viewer_frames.rs b/crates/ui-egui/src/app/viewer_frames.rs
index 98a78ff75..e58655817 100644
--- a/crates/ui-egui/src/app/viewer_frames.rs
+++ b/crates/ui-egui/src/app/viewer_frames.rs
@@ -173,6 +173,7 @@ impl EffectcraftApp {
             backend: effectcraft_engine::render::Backend::Auto,
             nested_switches: self.session.prefs.general.switches_affect_nested_comps,
             draft_shadows: self.session.prefs.three_d.realtime_shadows,
+            skip_hdr_step: false,
             proxy: Default::default(),
         }
     }
diff --git a/crates/ui-egui/src/frames/tests.rs b/crates/ui-egui/src/frames/tests.rs
index 4099aa4c6..be96ecf30 100644
--- a/crates/ui-egui/src/frames/tests.rs
+++ b/crates/ui-egui/src/frames/tests.rs
@@ -17,6 +17,14 @@ fn converting_a_frame_with_nan_alpha_keeps_the_viewer_alive() {
     assert_eq!(to_color_image(&image).pixels, [egui::Color32::TRANSPARENT]);
 }
 
+/// Frames without the HDR step (`RenderOpts::skip_hdr_step`) never share a RAM or disk
+/// cache key with the HDR-mapped frames of the same options.
+#[test]
+fn frames_without_the_hdr_step_have_keys_of_their_own() {
+    let opts = RenderOpts::default();
+    assert_ne!(opts_hash(&opts), opts_hash(&RenderOpts { skip_hdr_step: true, ..opts }));
+}
+
 struct ProbeDisk {
     keys: Mutex<HashSet<u128>>,
     probes: std::sync::atomic::AtomicUsize,
diff --git a/docs/architecture.md b/docs/architecture.md
index 4400aeb01..260d219a7 100644
--- a/docs/architecture.md
+++ b/docs/architecture.md
@@ -409,7 +409,12 @@ inputs in 32 bpc. With a working space (sRGB, Rec. 709, Rec. 2020, Display P3; m
 from the published primaries), footage is converted from its colour profile (stream metadata or
 Interpret Footage, else sRGB) and the top-level comp is converted to the sRGB display. Linearize
 Working Space runs everything in linear light; Blend Colors Using 1.0 Gamma linearises only for
-blending. Layer cache keys include these settings.
+blending. Layer cache keys include these settings. Project Settings ▸ HDR (compand / tone
+mapping) is the last top-level step, for standard-dynamic-range displays and outputs; OpenEXR
+renders (sequences and ProEXR) skip it (`RenderOpts::skip_hdr_step`) and decode the frame with the
+output space's own curve (`Pipe::output_linear`), so they hold linear light in the output space's
+primaries; unmanaged projects decode with the Working Gamma's curve (sRGB at 2.2, a pure 2.4 power
+curve at 2.4). Unmanaged projects and Rec. 2100 PQ / HLG outputs never get the HDR step.
 
 **Frame blending**: footage and precomp layers whose source time falls between source frames
 (rate conform, stretch, remap) blend the two neighbouring frames, by cross-fade (Frame Mix) or by