diff --git a/crates/ui-egui/src/show.rs b/crates/ui-egui/src/show.rs
--- a/crates/ui-egui/src/show.rs
+++ b/crates/ui-egui/src/show.rs
@@ -52,7 +52,13 @@ pub struct Show {
     tex: Option<(Key, TextureHandle)>,
     /// The shapes stacked above the playing videos, drawn over the video frames (#1005).
     overlay: Option<(Key, Vec<ShapeId>, TextureHandle)>,
-    next_tex: Option<(usize, TextureHandle)>,
+    /// The Presenter View's next-slide preview: the presentation and slide it shows.
+    next_tex: Option<(std::sync::Arc<Presentation>, usize, TextureHandle)>,
+    /// The one next-slide preview being rendered on another thread (#964).
+    next_job: Option<(std::sync::Arc<Presentation>, usize, std::sync::mpsc::Receiver<egui::ColorImage>)>,
+    /// Preview renders started on another thread.
+    #[cfg(test)]
+    preview_spawns: usize,
     /// The next slide's first frame, rendered in the background while this one is shown so
     /// advancing only uploads it (#240).
     prefetch: Option<Prefetch>,
@@ -214,6 +220,9 @@ impl Show {
             tex: None,
             overlay: None,
             next_tex: None,
+            next_job: None,
+            #[cfg(test)]
+            preview_spawns: 0,
             prefetch: None,
             backdrop: None,
             blank: None,
diff --git a/crates/ui-egui/src/show/presenter.rs b/crates/ui-egui/src/show/presenter.rs
--- a/crates/ui-egui/src/show/presenter.rs
+++ b/crates/ui-egui/src/show/presenter.rs
@@ -75,27 +75,67 @@ pub(super) fn wall_clock() -> String {
     }
 }
 
+/// The Presenter View's preview of slide `n`, `size` pixels.
+fn render_preview(doc: &Presentation, n: usize, size: (u32, u32), threads: u16) -> egui::ColorImage {
+    let opts = RenderOpts { scale: size.0 as f64 / doc.slide_size.width.max(1.0), size: Some(size), threads, ..Default::default() };
+    crate::textures::to_color_image(&deckcraft_render::render_slide(doc, n, &opts), false)
+}
+
 /// Render the presenter window and set `keep` false when the user ends or closes the show.
-pub(super) fn presenter_window(ctx: &egui::Context, show: &mut Show, doc: &Presentation, now: f64, keep: &mut bool) {
+pub(super) fn presenter_window(ctx: &egui::Context, show: &mut Show, doc: &std::sync::Arc<Presentation>, now: f64, keep: &mut bool) {
     let cur = show.state.slide;
     let next = show.state.peek_next(doc);
     let cur_tex = show.tex.as_ref().map(|(_, t)| t.clone());
+    // The preview wanted: slide `n` of this presentation (an edit replaces it).
+    let is = |d: &std::sync::Arc<Presentation>, k: usize, n: usize| std::sync::Arc::ptr_eq(d, doc) && k == n;
     if let Some(n) = next
-        && show.next_tex.as_ref().is_none_or(|(k, _)| *k != n)
+        && show.next_tex.as_ref().is_none_or(|(d, k, _)| !is(d, *k, n))
     {
         // A very tall slide shape would otherwise ask for a picture taller than the GPU's limit.
         let next_size = crate::textures::fit_size(
             (480, (480.0 * doc.slide_size.height / doc.slide_size.width.max(1.0)).clamp(1.0, 1e9) as u32),
             crate::textures::max_side(ctx),
         );
-        let img = deckcraft_render::render_slide(
-            doc,
-            n,
-            &RenderOpts { scale: next_size.0 as f64 / doc.slide_size.width.max(1.0), size: Some(next_size), ..Default::default() },
-        );
-        show.next_tex = Some((n, crate::textures::upload(ctx, "presenter-next", crate::textures::to_color_image(&img, false))));
+        // Rendered on another thread, so turning the page doesn't wait for the preview (#964). One
+        // render at a time: paging faster than it renders asks for the newest preview once it is
+        // done, and a finished one no longer wanted is dropped.
+        if let Some((d, k, rx)) = show.next_job.take() {
+            match rx.try_recv() {
+                Ok(ci) if is(&d, k, n) => show.next_tex = Some((d, k, crate::textures::upload(ctx, "presenter-next", ci))),
+                Ok(_) => {}
+                Err(std::sync::mpsc::TryRecvError::Empty) => show.next_job = Some((d, k, rx)),
+                // The worker died: render this one here, as before, rather than start another.
+                Err(std::sync::mpsc::TryRecvError::Disconnected) => {
+                    show.next_tex = Some((doc.clone(), n, crate::textures::upload(ctx, "presenter-next", render_preview(doc, n, next_size, 0))));
+                }
+            }
+        }
+        if show.next_job.is_none() && show.next_tex.as_ref().is_none_or(|(d, k, _)| !is(d, *k, n)) {
+            let (tx, rx) = std::sync::mpsc::channel();
+            let worker_doc = doc.clone();
+            // The web has no threads: render it here.
+            let spawned = !cfg!(target_arch = "wasm32")
+                && std::thread::Builder::new()
+                    .name("show-next-preview".into())
+                    .spawn(move || {
+                        let _ = tx.send(render_preview(&worker_doc, n, next_size, 1));
+                    })
+                    .is_ok();
+            if spawned {
+                #[cfg(test)]
+                {
+                    show.preview_spawns += 1;
+                }
+                show.next_job = Some((doc.clone(), n, rx));
+            } else {
+                show.next_tex = Some((doc.clone(), n, crate::textures::upload(ctx, "presenter-next", render_preview(doc, n, next_size, 0))));
+            }
+        }
+        if show.next_job.is_some() {
+            ctx.request_repaint_after(std::time::Duration::from_millis(16));
+        }
     }
-    let next_tex = show.next_tex.as_ref().filter(|(k, _)| Some(*k) == next).map(|(_, t)| t.clone());
+    let next_tex = show.next_tex.as_ref().filter(|(d, k, _)| next.is_some_and(|n| is(d, *k, n))).map(|(_, _, t)| t.clone());
     let no_notes = deckcraft_model::text::TextBody::default();
     let notes = doc.slides.get(cur).map_or(&no_notes, |s| &s.notes);
     let clock = wall_clock();
@@ -212,7 +252,10 @@ pub(super) fn presenter_window(ctx: &egui::Context, show: &mut Show, doc: &Prese
                     }
                     None => {
                         ui.painter().rect_filled(nr, CornerRadius::ZERO, Color32::from_gray(40));
-                        ui.painter().text(nr.center(), Align2::CENTER_CENTER, "End of slide show", theme::font(13.0), Color32::from_gray(170));
+                        // A next slide whose preview is still on its way is not the end.
+                        if next.is_none() {
+                            ui.painter().text(nr.center(), Align2::CENTER_CENTER, "End of slide show", theme::font(13.0), Color32::from_gray(170));
+                        }
                     }
                 }
                 let notes_head = Rect::from_min_size(pos2(right.min.x, nr.max.y + 12.0), vec2(right.width(), 28.0));
diff --git a/crates/ui-egui/src/show/tests.rs b/crates/ui-egui/src/show/tests.rs
--- a/crates/ui-egui/src/show/tests.rs
+++ b/crates/ui-egui/src/show/tests.rs
@@ -993,3 +993,119 @@ fn input_state_tracks_the_modes_that_move_show_click_targets() {
     show.blank = Some(Color32::BLACK);
     assert_ne!(show.input_state(), base, "a blank screen has no slide click targets");
 }
+
+/// #964: the next-slide preview renders on another thread; the presenter frame that asks for
+/// it doesn't wait, and the preview arrives on a later frame.
+#[test]
+fn the_presenter_next_preview_arrives_without_blocking_the_frame() {
+    let mut session = deckcraft_engine::Session::with_new();
+    session.execute("slide.new", &json!({})).unwrap();
+    let doc = session.active().unwrap().doc.clone();
+    // One frame on its own (a harness runs frames until the preview lands): it asks for the
+    // preview and returns without it.
+    let mut show = Show::new(&doc, 0, false, true);
+    let mut keep = true;
+    let ctx = egui::Context::default();
+    let _ = ctx.run_ui(egui::RawInput::default(), |ui| presenter_window(ui.ctx(), &mut show, &doc, 0.0, &mut keep));
+    assert!(show.next_job.is_some() && show.next_tex.is_none(), "the first frame leaves the preview pending");
+    assert_eq!(show.preview_spawns, 1);
+    let mut harness = egui_kittest::Harness::builder().with_size(vec2(1100.0, 700.0)).build_ui_state(
+        |ui, (doc, show, keep): &mut (std::sync::Arc<Presentation>, Show, bool)| {
+            let now = ui.input(|i| i.time);
+            presenter_window(ui.ctx(), show, doc, now, keep);
+        },
+        (doc, show, true),
+    );
+    for _ in 0..200 {
+        if harness.state().1.next_tex.is_some() {
+            break;
+        }
+        std::thread::sleep(std::time::Duration::from_millis(5));
+        harness.step();
+    }
+    assert_eq!(harness.state().1.next_tex.as_ref().map(|(_, n, _)| *n), Some(1));
+    assert!(harness.state().1.next_job.is_none());
+    assert_eq!(harness.state().1.preview_spawns, 1, "the pending render landed; none started over");
+}
+
+/// #964: paging quickly keeps one preview render running, and the preview that lands is the
+/// newest one asked for.
+#[test]
+fn paging_quickly_renders_one_preview_at_a_time_and_lands_on_the_newest() {
+    let mut session = deckcraft_engine::Session::with_new();
+    for _ in 0..7 {
+        session.execute("slide.new", &json!({})).unwrap();
+    }
+    let doc = session.active().unwrap().doc.clone();
+    let show = Show::new(&doc, 0, false, true);
+    let mut harness = egui_kittest::Harness::builder().with_size(vec2(1100.0, 700.0)).build_ui_state(
+        |ui, (doc, show, keep): &mut (std::sync::Arc<Presentation>, Show, bool)| {
+            let now = ui.input(|i| i.time);
+            presenter_window(ui.ctx(), show, doc, now, keep);
+        },
+        (doc, show, true),
+    );
+    let mut turns = 0;
+    for _ in 0..6 {
+        let doc = harness.state().0.clone();
+        let a = harness.state_mut().1.state.next(&doc);
+        harness.state_mut().1.apply(a, &doc, 0.0);
+        harness.step();
+        turns += 1;
+    }
+    let want = harness.state().1.state.peek_next(&harness.state().0);
+    for _ in 0..400 {
+        if harness.state().1.next_tex.as_ref().map(|(_, k, _)| Some(*k)) == Some(want) {
+            break;
+        }
+        std::thread::sleep(std::time::Duration::from_millis(5));
+        harness.step();
+    }
+    let st = &harness.state().1;
+    assert_eq!(st.next_tex.as_ref().map(|(_, k, _)| *k), want, "the newest preview lands");
+    assert!(st.next_job.is_none());
+    // A render starts only once the one before it has finished: never more than one per turn.
+    assert!(st.preview_spawns <= turns + 1, "{} renders for {turns} turns", st.preview_spawns);
+
+    // While a render is pending, turning the page starts no other.
+    let (_tx, rx) = std::sync::mpsc::channel();
+    let doc = harness.state().0.clone();
+    let spawns = harness.state().1.preview_spawns;
+    harness.state_mut().1.next_tex = None;
+    harness.state_mut().1.next_job = Some((doc.clone(), 0, rx));
+    let a = harness.state_mut().1.state.prev(&doc);
+    harness.state_mut().1.apply(a, &doc, 0.0);
+    harness.step();
+    let st = &harness.state().1;
+    assert_eq!(st.preview_spawns, spawns, "no render starts while one is pending");
+    assert!(st.next_job.is_some());
+}
+
+/// A preview rendered from a presentation that has since been edited (replaced) is dropped,
+/// and the preview is rendered again from the new one.
+#[test]
+fn a_preview_of_an_edited_presentation_is_rendered_again() {
+    let mut session = deckcraft_engine::Session::with_new();
+    session.execute("slide.new", &json!({})).unwrap();
+    let doc = session.active().unwrap().doc.clone();
+    let show = Show::new(&doc, 0, false, true);
+    let mut harness = egui_kittest::Harness::builder().with_size(vec2(1100.0, 700.0)).build_ui_state(
+        |ui, (doc, show, keep): &mut (std::sync::Arc<Presentation>, Show, bool)| {
+            let now = ui.input(|i| i.time);
+            presenter_window(ui.ctx(), show, doc, now, keep);
+        },
+        (doc, show, true),
+    );
+    harness.step();
+    let edited = std::sync::Arc::new((*harness.state().0).clone());
+    harness.state_mut().0 = edited.clone();
+    for _ in 0..400 {
+        if harness.state().1.next_tex.as_ref().is_some_and(|(d, _, _)| std::sync::Arc::ptr_eq(d, &edited)) {
+            break;
+        }
+        std::thread::sleep(std::time::Duration::from_millis(5));
+        harness.step();
+    }
+    let tex = harness.state().1.next_tex.as_ref().map(|(d, k, _)| (std::sync::Arc::ptr_eq(d, &edited), *k));
+    assert_eq!(tex, Some((true, 1)), "the preview comes from the edited presentation");
+}
