diff --git a/docling/backend/mspowerpoint_backend.py b/docling/backend/mspowerpoint_backend.py
index e641f138d6..9892444874 100644
--- a/docling/backend/mspowerpoint_backend.py
+++ b/docling/backend/mspowerpoint_backend.py
@@ -48,7 +48,7 @@
     TabularChartMetaField,
     TextItem,
 )
-from docling_core.types.doc.document import ContentLayer
+from docling_core.types.doc.document import ContentLayer, Formatting
 from lxml import etree
 from PIL import Image, UnidentifiedImageError
 from pydantic import AnyUrl, ValidationError
@@ -85,6 +85,7 @@
     from pptx.shapes.autoshape import Shape
     from pptx.shapes.base import BaseShape
     from pptx.shapes.picture import Picture
+    from pptx.text.text import _Paragraph, _Run
 
     _PPTX_AVAILABLE = True
 except ImportError as e:  # pragma: no cover - import-time guard
@@ -186,27 +187,11 @@ def _iter_paragraph_elements(element: etree._Element) -> Iterator[etree._Element
             yield child
 
 
-def _paragraph_fragments(element: etree._Element) -> list[tuple[DocItemLabel, str]]:
-    """Coalesce adjacent text runs while keeping equations as separate fragments."""
-    fragments: list[tuple[DocItemLabel, str]] = []
-    text = ""
-    for child in _iter_paragraph_elements(element):
-        if child.tag == f"{{{_MATH_NAMESPACE}}}oMath":
-            if text:
-                fragments.append((DocItemLabel.TEXT, text))
-                text = ""
-            equation = str(oMath2Latex(child)).strip()
-            if equation:
-                fragments.append((DocItemLabel.FORMULA, equation))
-        elif isinstance(child, CT_TextLineBreak):
-            text += " "
-        else:
-            run_text = child.find(qn("a:t"))
-            if run_text is not None:
-                text += run_text.text or ""
-    if text:
-        fragments.append((DocItemLabel.TEXT, text))
-    return fragments
+# ``(label, text, formatting, hyperlink)``; equations are FORMULA entries with
+# neither formatting nor hyperlink.
+_ParagraphRun = tuple[
+    DocItemLabel, str, Optional[Formatting], Optional[Union[AnyUrl, Path]]
+]
 
 
 _SAFE_XML_PARSER: Final = etree.XMLParser(
@@ -1048,8 +1033,128 @@ class _ShapeInfo(NamedTuple):
             for si in sorted(row, key=lambda si: (si.left, si.index)):
                 yield si.shape
 
+    def _get_run_format(self, run: _Run) -> Formatting:
+        """Build a ``Formatting`` (bold, italic, underline) from a run's font."""
+        font = run.font
+        return Formatting(
+            bold=bool(font.bold),
+            italic=bool(font.italic),
+            underline=bool(font.underline),
+        )
+
+    def _get_run_hyperlink_target(self, run: _Run) -> Optional[AnyUrl | Path]:
+        """Resolve a run's hyperlink to a URL or local path, or ``None``."""
+        try:
+            address = run.hyperlink.address
+        except KeyError:
+            return None
+        if not address:
+            return None
+        if not urlparse(address).scheme:
+            return Path(address)
+        try:
+            return AnyUrl(address)
+        except ValidationError:
+            _log.warning("Skipping malformed hyperlink address: %r", address)
+            return None
+
+    def _iter_paragraph_runs(self, paragraph: _Paragraph) -> list[_ParagraphRun]:
+        """Split a paragraph into ``(label, text, formatting, hyperlink)`` units."""
+        elements: list[_ParagraphRun] = []
+        for e in _iter_paragraph_elements(paragraph._element):
+            if e.tag == f"{{{_MATH_NAMESPACE}}}oMath":
+                equation = str(oMath2Latex(e)).strip()
+                if equation:
+                    elements.append((DocItemLabel.FORMULA, equation, None, None))
+            elif isinstance(e, CT_TextLineBreak):
+                elements.append((DocItemLabel.TEXT, " ", None, None))
+            else:
+                run = _Run(e, paragraph)
+                elements.append(
+                    (
+                        DocItemLabel.TEXT,
+                        run.text,
+                        self._get_run_format(run),
+                        self._get_run_hyperlink_target(run),
+                    )
+                )
+
+        # Merge adjacent text runs that share formatting and hyperlink, so a word
+        # split across runs doesn't get a spurious space between its parts.
+        coalesced: list[_ParagraphRun] = []
+        for label, text, format, hyperlink in elements:
+            if (
+                coalesced
+                and label == DocItemLabel.TEXT
+                and coalesced[-1][0] == DocItemLabel.TEXT
+                and coalesced[-1][2] == format
+                and coalesced[-1][3] == hyperlink
+            ):
+                prev_text = coalesced[-1][1]
+                coalesced[-1] = (label, prev_text + text, format, hyperlink)
+            else:
+                coalesced.append((label, text, format, hyperlink))
+        return coalesced
+
+    def _add_list_item_with_formatting(
+        self,
+        doc: DoclingDocument,
+        elements: list[_ParagraphRun],
+        marker: str,
+        enumerated: bool,
+        parent: ListGroup,
+        shape,
+        slide_ind: int,
+        slide_size,
+        content_layer: Optional[ContentLayer] = None,
+    ) -> ListItem:
+        """Add a list item; several runs or an equation go in an inline group."""
+        non_empty = [element for element in elements if element[1]]
+        has_equations = any(label == DocItemLabel.FORMULA for label, *_ in non_empty)
+        if len(non_empty) <= 1 and not has_equations:
+            _, text, format, hyperlink = (
+                non_empty[0] if non_empty else (DocItemLabel.TEXT, "", None, None)
+            )
+            return doc.add_list_item(
+                marker=marker,
+                enumerated=enumerated,
+                parent=parent,
+                text=text,
+                prov=self._generate_prov(shape, slide_ind, text, slide_size),
+                formatting=format,
+                hyperlink=hyperlink,
+                content_layer=content_layer,
+            )
+
+        item = doc.add_list_item(
+            marker=marker,
+            enumerated=enumerated,
+            parent=parent,
+            text="",
+            prov=self._generate_prov(shape, slide_ind, "", slide_size),
+            content_layer=content_layer,
+        )
+        inline_parent = doc.add_inline_group(parent=item, content_layer=content_layer)
+        for label, text, format, hyperlink in non_empty:
+            doc.add_text(
+                label=label,
+                parent=inline_parent,
+                text=text,
+                prov=self._generate_prov(shape, slide_ind, text, slide_size),
+                formatting=format,
+                hyperlink=hyperlink,
+                content_layer=content_layer,
+            )
+        return item
+
     def _handle_text_elements(
-        self, shape, parent_slide, slide_ind, doc: DoclingDocument, slide_size
+        self,
+        shape,
+        parent_slide,
+        slide_ind,
+        doc: DoclingDocument,
+        slide_size,
+        paragraph_runs: list[list[_ParagraphRun]],
     ):
         # Lists that are open, outermost first; a deeper paragraph level opens a
         # list nested under the last item of the enclosing one.
@@ -1067,15 +1172,16 @@ def _handle_text_elements(
             content_layer = ContentLayer.FURNITURE
 
         # Iterate through paragraphs to build up text
-        for paragraph in shape.text_frame.paragraphs:
+        for paragraph, paragraph_elements in zip(
+            shape.text_frame.paragraphs, paragraph_runs, strict=True
+        ):
             is_a_list, bullet_type = self._is_list_item(paragraph)
             p = paragraph._element
 
-            fragments = _paragraph_fragments(p)
-            p_text = "".join(text for _, text in fragments)
-            has_equations = any(label == DocItemLabel.FORMULA for label, _ in fragments)
-
-            prov = self._generate_prov(shape, slide_ind, p_text, slide_size)
+            has_equations = any(
+                label == DocItemLabel.FORMULA for label, *_ in paragraph_elements
+            )
+            p_text = "".join(text for _, text, _, _ in paragraph_elements)
 
             if is_a_list:
                 enum_marker = ""
@@ -1114,28 +1220,17 @@ def _handle_text_elements(
                     current.counter += 1
                     enum_marker = str(current.counter) + "."
 
-                current.last_item = doc.add_list_item(
+                current.last_item = self._add_list_item_with_formatting(
+                    doc=doc,
+                    elements=paragraph_elements,
                     marker=enum_marker,
                     enumerated=enumerated,
                     parent=current.group,
-                    text="" if has_equations else p_text,
-                    prov=prov,
+                    shape=shape,
+                    slide_ind=slide_ind,
+                    slide_size=slide_size,
                     content_layer=content_layer,
                 )
-                if has_equations:
-                    inline_group = doc.add_inline_group(
-                        parent=current.last_item, content_layer=content_layer
-                    )
-                    for label, text in fragments:
-                        doc.add_text(
-                            label=label,
-                            parent=inline_group,
-                            text=text,
-                            prov=self._generate_prov(
-                                shape, slide_ind, text, slide_size
-                            ),
-                            content_layer=content_layer,
-                        )
             else:  # is paragraph not a list item
                 open_lists.clear()
                 # Assign proper label to the text, depending if it's a Title or Section Header
@@ -1151,14 +1246,20 @@ def _handle_text_elements(
                         doc_label = DocItemLabel.TITLE
 
                 if has_equations:
+                    # Whitespace-only runs are dropped.
                     has_text = any(
                         label != DocItemLabel.FORMULA and text.strip()
-                        for label, text in fragments
+                        for label, text, _, _ in paragraph_elements
                     )
                     fragment_parent = parent_slide
                     if has_text and doc_label == DocItemLabel.TITLE:
                         fragment_parent = doc.add_text(
-                            label=doc_label, parent=parent_slide, text="", prov=prov
+                            label=doc_label,
+                            parent=parent_slide,
+                            text="",
+                            prov=self._generate_prov(
+                                shape, slide_ind, p_text, slide_size
+                            ),
                         )
                     parent = (
                         doc.add_inline_group(
@@ -1167,7 +1268,7 @@ def _handle_text_elements(
                         if has_text
                         else fragment_parent
                     )
-                    for label, text in fragments:
+                    for label, text, format, hyperlink in paragraph_elements:
                         if text.strip():
                             doc.add_text(
                                 label=label,
@@ -1177,15 +1278,42 @@ def _handle_text_elements(
                                     shape, slide_ind, text, slide_size
                                 ),
                                 content_layer=content_layer,
+                                formatting=format,
+                                hyperlink=hyperlink,
                             )
-                else:
+                elif doc_label == DocItemLabel.TITLE:
+                    # Titles stay a single item; run formatting is not applied.
                     doc.add_text(
                         label=doc_label,
                         parent=parent_slide,
                         text=p_text,
-                        prov=prov,
+                        prov=self._generate_prov(shape, slide_ind, p_text, slide_size),
                         content_layer=content_layer,
                     )
+                else:
+                    # One item per run, in an inline group when there are several.
+                    non_empty = [
+                        element for element in paragraph_elements if element[1]
+                    ]
+                    text_parent = (
+                        doc.add_inline_group(
+                            parent=parent_slide, content_layer=content_layer
+                        )
+                        if len(non_empty) > 1
+                        else parent_slide
+                    )
+                    for _, text, format, hyperlink in non_empty:
+                        doc.add_text(
+                            label=doc_label,
+                            parent=text_parent,
+                            text=text,
+                            prov=self._generate_prov(
+                                shape, slide_ind, text, slide_size
+                            ),
+                            formatting=format,
+                            hyperlink=hyperlink,
+                            content_layer=content_layer,
+                        )
         return
 
     def _rasterize_metafile(self, image_bytes: bytes) -> Optional[Image.Image]:
@@ -1970,16 +2098,19 @@ def handle_shape_content(shape, parent_slide, slide_ind, doc, slide_size):
                 if not shape.has_text_frame:
                     _log.warning("Warning: shape has text but not text_frame")
                     return
-                if not shape.text.strip() and not any(
-                    _paragraph_fragments(paragraph._element)
+                paragraph_runs = [
+                    self._iter_paragraph_runs(paragraph)
                     for paragraph in shape.text_frame.paragraphs
+                ]
+                if not shape.text.strip() and not any(
+                    text for runs in paragraph_runs for _, text, _, _ in runs
                 ):
                     return
                 # Handle other text elements, including lists (bullet lists, numbered
                 # lists)
                 first_new_text = len(doc.texts)
                 self._handle_text_elements(
-                    shape, parent_slide, slide_ind, doc, slide_size
+                    shape, parent_slide, slide_ind, doc, slide_size, paragraph_runs
                 )
                 self._apply_shape_hyperlink(shape, doc.texts[first_new_text:])
                 return
diff --git a/tests/data/pptx/groundtruth/powerpoint_comments.pptx.itxt b/tests/data/pptx/groundtruth/powerpoint_comments.pptx.itxt
index 28c7679a92..dc0b785033 100644
--- a/tests/data/pptx/groundtruth/powerpoint_comments.pptx.itxt
+++ b/tests/data/pptx/groundtruth/powerpoint_comments.pptx.itxt
@@ -4,10 +4,13 @@ item-0 at level 0: unspecified: group _root_
     item-3 at level 2: paragraph: Docling converts messy documents ... as, reading order, OCR, and much more.
   item-4 at level 1: chapter: group slide-1
     item-5 at level 2: title: Start
-    item-6 at level 2: paragraph: Install Docling as a Python library with your favorite package manager
-  item-7 at level 1: chapter: group slide-2
-    item-8 at level 2: title: Features
-    item-9 at level 2: list: group list
-      item-10 at level 3: list_item: Import many document formats int ... ages via an OCR engine of your choice.
-      item-11 at level 3: list_item: Export a parsed document to form ... on into AI, RAG, and agentic systems. 
-      item-12 at level 3: list_item: Extract document components and  ...  properties from the Docling Document.
\ No newline at end of file
+    item-6 at level 2: inline: group group
+      item-7 at level 3: paragraph: Install Docling as a 
+      item-8 at level 3: paragraph: Python library
+      item-9 at level 3: paragraph:  with your favorite package manager
+  item-10 at level 1: chapter: group slide-2
+    item-11 at level 2: title: Features
+    item-12 at level 2: list: group list
+      item-13 at level 3: list_item: Import many document formats int ... ages via an OCR engine of your choice.
+      item-14 at level 3: list_item: Export a parsed document to form ... on into AI, RAG, and agentic systems. 
+      item-15 at level 3: list_item: Extract document components and  ...  properties from the Docling Document.
\ No newline at end of file
diff --git a/tests/data/pptx/groundtruth/powerpoint_comments.pptx.json b/tests/data/pptx/groundtruth/powerpoint_comments.pptx.json
index 57ec9416fa..b633bdb39a 100644
--- a/tests/data/pptx/groundtruth/powerpoint_comments.pptx.json
+++ b/tests/data/pptx/groundtruth/powerpoint_comments.pptx.json
@@ -30,13 +30,13 @@
         "$ref": "#/groups/3"
       },
       {
-        "$ref": "#/groups/4"
+        "$ref": "#/groups/5"
       },
       {
-        "$ref": "#/groups/6"
+        "$ref": "#/groups/7"
       },
       {
-        "$ref": "#/groups/7"
+        "$ref": "#/groups/8"
       }
     ],
     "content_layer": "body",
@@ -99,7 +99,7 @@
           "$ref": "#/texts/4"
         },
         {
-          "$ref": "#/texts/5"
+          "$ref": "#/groups/4"
         }
       ],
       "content_layer": "body",
@@ -109,14 +109,34 @@
     {
       "self_ref": "#/groups/4",
       "parent": {
-        "$ref": "#/body"
+        "$ref": "#/groups/3"
       },
       "children": [
+        {
+          "$ref": "#/texts/5"
+        },
         {
           "$ref": "#/texts/6"
         },
         {
-          "$ref": "#/groups/5"
+          "$ref": "#/texts/7"
+        }
+      ],
+      "content_layer": "body",
+      "name": "group",
+      "label": "inline"
+    },
+    {
+      "self_ref": "#/groups/5",
+      "parent": {
+        "$ref": "#/body"
+      },
+      "children": [
+        {
+          "$ref": "#/texts/8"
+        },
+        {
+          "$ref": "#/groups/6"
         }
       ],
       "content_layer": "body",
@@ -124,19 +144,19 @@
       "label": "chapter"
     },
     {
-      "self_ref": "#/groups/5",
+      "self_ref": "#/groups/6",
       "parent": {
-        "$ref": "#/groups/4"
+        "$ref": "#/groups/5"
       },
       "children": [
         {
-          "$ref": "#/texts/7"
+          "$ref": "#/texts/9"
         },
         {
-          "$ref": "#/texts/8"
+          "$ref": "#/texts/10"
         },
         {
-          "$ref": "#/texts/9"
+          "$ref": "#/texts/11"
         }
       ],
       "content_layer": "body",
@@ -144,13 +164,13 @@
       "label": "list"
     },
     {
-      "self_ref": "#/groups/6",
+      "self_ref": "#/groups/7",
       "parent": {
         "$ref": "#/body"
       },
       "children": [
         {
-          "$ref": "#/texts/10"
+          "$ref": "#/texts/12"
         }
       ],
       "content_layer": "notes",
@@ -158,13 +178,13 @@
       "label": "comment_section"
     },
     {
-      "self_ref": "#/groups/7",
+      "self_ref": "#/groups/8",
       "parent": {
         "$ref": "#/body"
       },
       "children": [
         {
-          "$ref": "#/texts/11"
+          "$ref": "#/texts/13"
         }
       ],
       "content_layer": "notes",
@@ -225,7 +245,14 @@
         }
       ],
       "orig": "Docling converts messy documents into structured data and simplifies downstream document and AI processing by detecting tables, formulas, reading order, OCR, and much more.",
-      "text": "Docling converts messy documents into structured data and simplifies downstream document and AI processing by detecting tables, formulas, reading order, OCR, and much more."
+      "text": "Docling converts messy documents into structured data and simplifies downstream document and AI processing by detecting tables, formulas, reading order, OCR, and much more.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/2",
@@ -281,7 +308,7 @@
     {
       "self_ref": "#/texts/5",
       "parent": {
-        "$ref": "#/groups/3"
+        "$ref": "#/groups/4"
       },
       "children": [],
       "content_layer": "body",
@@ -298,12 +325,19 @@
           },
           "charspan": [
             0,
-            70
+            21
           ]
         }
       ],
-      "orig": "Install Docling as a Python library with your favorite package manager",
-      "text": "Install Docling as a Python library with your favorite package manager"
+      "orig": "Install Docling as a ",
+      "text": "Install Docling as a ",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/6",
@@ -312,6 +346,75 @@
       },
       "children": [],
       "content_layer": "body",
+      "label": "paragraph",
+      "prov": [
+        {
+          "page_no": 2,
+          "bbox": {
+            "l": 457200.0,
+            "t": 1600200.0,
+            "r": 8686800.0,
+            "b": 6126163.0,
+            "coord_origin": "TOPLEFT"
+          },
+          "charspan": [
+            0,
+            14
+          ]
+        }
+      ],
+      "orig": "Python library",
+      "text": "Python library",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
+      "hyperlink": "https://pypi.org/project/docling"
+    },
+    {
+      "self_ref": "#/texts/7",
+      "parent": {
+        "$ref": "#/groups/4"
+      },
+      "children": [],
+      "content_layer": "body",
+      "label": "paragraph",
+      "prov": [
+        {
+          "page_no": 2,
+          "bbox": {
+            "l": 457200.0,
+            "t": 1600200.0,
+            "r": 8686800.0,
+            "b": 6126163.0,
+            "coord_origin": "TOPLEFT"
+          },
+          "charspan": [
+            0,
+            35
+          ]
+        }
+      ],
+      "orig": " with your favorite package manager",
+      "text": " with your favorite package manager",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
+    },
+    {
+      "self_ref": "#/texts/8",
+      "parent": {
+        "$ref": "#/groups/5"
+      },
+      "children": [],
+      "content_layer": "body",
       "label": "title",
       "prov": [
         {
@@ -333,9 +436,9 @@
       "text": "Features"
     },
     {
-      "self_ref": "#/texts/7",
+      "self_ref": "#/texts/9",
       "parent": {
-        "$ref": "#/groups/5"
+        "$ref": "#/groups/6"
       },
       "children": [],
       "content_layer": "body",
@@ -358,13 +461,20 @@
       ],
       "orig": "Import many document formats into a unified and structured Docling Document , including scanned pages via an OCR engine of your choice.",
       "text": "Import many document formats into a unified and structured Docling Document , including scanned pages via an OCR engine of your choice.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
     {
-      "self_ref": "#/texts/8",
+      "self_ref": "#/texts/10",
       "parent": {
-        "$ref": "#/groups/5"
+        "$ref": "#/groups/6"
       },
       "children": [],
       "content_layer": "body",
@@ -387,13 +497,20 @@
       ],
       "orig": "Export a parsed document to formats that simplify processing and ingestion into AI, RAG, and agentic systems. ",
       "text": "Export a parsed document to formats that simplify processing and ingestion into AI, RAG, and agentic systems. ",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
     {
-      "self_ref": "#/texts/9",
+      "self_ref": "#/texts/11",
       "parent": {
-        "$ref": "#/groups/5"
+        "$ref": "#/groups/6"
       },
       "children": [],
       "content_layer": "body",
@@ -416,13 +533,20 @@
       ],
       "orig": "Extract document components and their properties from the Docling Document.",
       "text": "Extract document components and their properties from the Docling Document.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
     {
-      "self_ref": "#/texts/10",
+      "self_ref": "#/texts/12",
       "parent": {
-        "$ref": "#/groups/6"
+        "$ref": "#/groups/7"
       },
       "children": [],
       "content_layer": "notes",
@@ -432,9 +556,9 @@
       "text": "[author: Jane Smith (JS), time: 2026-06-18T17:37:55.253]: This is a cool feature"
     },
     {
-      "self_ref": "#/texts/11",
+      "self_ref": "#/texts/13",
       "parent": {
-        "$ref": "#/groups/7"
+        "$ref": "#/groups/8"
       },
       "children": [],
       "content_layer": "notes",
diff --git a/tests/data/pptx/groundtruth/powerpoint_comments.pptx.md b/tests/data/pptx/groundtruth/powerpoint_comments.pptx.md
index a8eceb3b5f..90c05d76dd 100644
--- a/tests/data/pptx/groundtruth/powerpoint_comments.pptx.md
+++ b/tests/data/pptx/groundtruth/powerpoint_comments.pptx.md
@@ -8,7 +8,7 @@ Docling converts messy documents into structured data and simplifies downstream
 
 # Start
 
-Install Docling as a Python library with your favorite package manager
+Install Docling as a  [Python library](https://pypi.org/project/docling)  with your favorite package manager
 
 # Features
 
diff --git a/tests/data/pptx/groundtruth/powerpoint_issue_2663.pptx.json b/tests/data/pptx/groundtruth/powerpoint_issue_2663.pptx.json
index 80214ac0d1..7e0d154162 100644
--- a/tests/data/pptx/groundtruth/powerpoint_issue_2663.pptx.json
+++ b/tests/data/pptx/groundtruth/powerpoint_issue_2663.pptx.json
@@ -149,7 +149,14 @@
         }
       ],
       "orig": "Key Benefits:",
-      "text": "Key Benefits:"
+      "text": "Key Benefits:",
+      "formatting": {
+        "bold": true,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/2",
@@ -177,6 +184,13 @@
       ],
       "orig": "Open-source software is cost-effective as it eliminates license fees, reducing overall expenses.",
       "text": "Open-source software is cost-effective as it eliminates license fees, reducing overall expenses.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -206,6 +220,13 @@
       ],
       "orig": "Ehnhances security and transparency by allowing public access to source code",
       "text": "Ehnhances security and transparency by allowing public access to source code",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -235,6 +256,13 @@
       ],
       "orig": "Strong global community improves and maintains open-source projects.",
       "text": "Strong global community improves and maintains open-source projects.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -264,6 +292,13 @@
       ],
       "orig": "Offers flexibility, allowing users to customize and adapt the software",
       "text": "Offers flexibility, allowing users to customize and adapt the software",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -321,7 +356,14 @@
         }
       ],
       "orig": "Considerations When Using Open-Source Software:",
-      "text": "Considerations When Using Open-Source Software:"
+      "text": "Considerations When Using Open-Source Software:",
+      "formatting": {
+        "bold": true,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/8",
@@ -349,6 +391,13 @@
       ],
       "orig": "Open-source projects often rely on community support, which may not be as reliable as dedicated customer service.",
       "text": "Open-source projects often rely on community support, which may not be as reliable as dedicated customer service.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -378,6 +427,13 @@
       ],
       "orig": "Some open-source solutions may require advanced technical expertise for implementation and maintenance.",
       "text": "Some open-source solutions may require advanced technical expertise for implementation and maintenance.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     }
diff --git a/tests/data/pptx/groundtruth/powerpoint_issue_2663.pptx.md b/tests/data/pptx/groundtruth/powerpoint_issue_2663.pptx.md
index ad883ff00e..4a50ddfcc9 100644
--- a/tests/data/pptx/groundtruth/powerpoint_issue_2663.pptx.md
+++ b/tests/data/pptx/groundtruth/powerpoint_issue_2663.pptx.md
@@ -1,6 +1,6 @@
 # Open-Source Software
 
-Key Benefits:
+**Key Benefits:**
 
 - Open-source software is cost-effective as it eliminates license fees, reducing overall expenses.
 - Ehnhances security and transparency by allowing public access to source code
@@ -8,7 +8,7 @@ Key Benefits:
 - Offers flexibility, allowing users to customize and adapt the software
 - 
 
-Considerations When Using Open-Source Software:
+**Considerations When Using Open-Source Software:**
 
 - Open-source projects often rely on community support, which may not be as reliable as dedicated customer service.
 - Some open-source solutions may require advanced technical expertise for implementation and maintenance.
\ No newline at end of file
diff --git a/tests/data/pptx/groundtruth/powerpoint_malformed_pictures.pptx.json b/tests/data/pptx/groundtruth/powerpoint_malformed_pictures.pptx.json
index 1768b01000..bcd1578e71 100644
--- a/tests/data/pptx/groundtruth/powerpoint_malformed_pictures.pptx.json
+++ b/tests/data/pptx/groundtruth/powerpoint_malformed_pictures.pptx.json
@@ -101,7 +101,14 @@
         }
       ],
       "orig": "Slide With Missing BlipFill",
-      "text": "Slide With Missing BlipFill"
+      "text": "Slide With Missing BlipFill",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/1",
@@ -128,7 +135,14 @@
         }
       ],
       "orig": "Slide With Dangling Rel",
-      "text": "Slide With Dangling Rel"
+      "text": "Slide With Dangling Rel",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/2",
@@ -155,7 +169,14 @@
         }
       ],
       "orig": "Slide With Wrong Content Type",
-      "text": "Slide With Wrong Content Type"
+      "text": "Slide With Wrong Content Type",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     }
   ],
   "pictures": [],
diff --git a/tests/data/pptx/groundtruth/powerpoint_sample.pptx.json b/tests/data/pptx/groundtruth/powerpoint_sample.pptx.json
index c96319ee0c..adda7e5658 100644
--- a/tests/data/pptx/groundtruth/powerpoint_sample.pptx.json
+++ b/tests/data/pptx/groundtruth/powerpoint_sample.pptx.json
@@ -287,7 +287,14 @@
         }
       ],
       "orig": "With footnote",
-      "text": "With footnote"
+      "text": "With footnote",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/2",
@@ -341,7 +348,14 @@
         }
       ],
       "orig": "A rectangle shape with this text inside.",
-      "text": "A rectangle shape with this text inside."
+      "text": "A rectangle shape with this text inside.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/4",
@@ -368,7 +382,14 @@
         }
       ],
       "orig": "Let’s introduce a list",
-      "text": "Let’s introduce a list"
+      "text": "Let’s introduce a list",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/5",
@@ -396,6 +417,13 @@
       ],
       "orig": "With foo",
       "text": "With foo",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -425,6 +453,13 @@
       ],
       "orig": "Bar",
       "text": "Bar",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -454,6 +489,13 @@
       ],
       "orig": "And baz things",
       "text": "And baz things",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -510,6 +552,13 @@
       ],
       "orig": "List item4",
       "text": "List item4",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": true,
       "marker": "1."
     },
@@ -539,6 +588,13 @@
       ],
       "orig": "List item5",
       "text": "List item5",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": true,
       "marker": "2."
     },
@@ -568,6 +624,13 @@
       ],
       "orig": "List item6",
       "text": "List item6",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": true,
       "marker": "3."
     },
@@ -597,6 +660,13 @@
       ],
       "orig": "I1",
       "text": "I1",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -626,6 +696,13 @@
       ],
       "orig": "I2",
       "text": "I2",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -655,6 +732,13 @@
       ],
       "orig": "I3",
       "text": "I3",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -684,6 +768,13 @@
       ],
       "orig": "I4",
       "text": "I4",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -712,7 +803,14 @@
         }
       ],
       "orig": "Some info:",
-      "text": "Some info:"
+      "text": "Some info:",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/17",
@@ -740,6 +838,13 @@
       ],
       "orig": "Item A",
       "text": "Item A",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -769,6 +874,13 @@
       ],
       "orig": "Item B",
       "text": "Item B",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -797,7 +909,14 @@
         }
       ],
       "orig": "Maybe a list?",
-      "text": "Maybe a list?"
+      "text": "Maybe a list?",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/20",
@@ -825,6 +944,13 @@
       ],
       "orig": "List1",
       "text": "List1",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": true,
       "marker": "1."
     },
@@ -854,6 +980,13 @@
       ],
       "orig": "List2",
       "text": "List2",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": true,
       "marker": "2."
     },
@@ -883,6 +1016,13 @@
       ],
       "orig": "List3",
       "text": "List3",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": true,
       "marker": "3."
     },
@@ -912,6 +1052,13 @@
       ],
       "orig": "l1 ",
       "text": "l1 ",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -941,6 +1088,13 @@
       ],
       "orig": "l2",
       "text": "l2",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -970,6 +1124,13 @@
       ],
       "orig": "l3",
       "text": "l3",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
diff --git a/tests/data/pptx/groundtruth/powerpoint_unrecognized_shape.pptx.json b/tests/data/pptx/groundtruth/powerpoint_unrecognized_shape.pptx.json
index 57ab17c20d..91176788b5 100644
--- a/tests/data/pptx/groundtruth/powerpoint_unrecognized_shape.pptx.json
+++ b/tests/data/pptx/groundtruth/powerpoint_unrecognized_shape.pptx.json
@@ -184,6 +184,13 @@
       ],
       "orig": "Total revenue grew 18% year-over-year.",
       "text": "Total revenue grew 18% year-over-year.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -213,6 +220,13 @@
       ],
       "orig": "Enterprise segment led growth at 24%.",
       "text": "Enterprise segment led growth at 24%.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -242,6 +256,13 @@
       ],
       "orig": "APAC region exceeded targets by 12%.",
       "text": "APAC region exceeded targets by 12%.",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -270,7 +291,14 @@
         }
       ],
       "orig": "Key Metrics",
-      "text": "Key Metrics"
+      "text": "Key Metrics",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/5",
@@ -297,7 +325,14 @@
         }
       ],
       "orig": "Monthly active users: 4.2M",
-      "text": "Monthly active users: 4.2M"
+      "text": "Monthly active users: 4.2M",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/6",
@@ -324,7 +359,14 @@
         }
       ],
       "orig": "Net retention rate: 112%",
-      "text": "Net retention rate: 112%"
+      "text": "Net retention rate: 112%",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/7",
@@ -351,7 +393,14 @@
         }
       ],
       "orig": "Text in an unrecognized shape",
-      "text": "Text in an unrecognized shape"
+      "text": "Text in an unrecognized shape",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/8",
@@ -406,6 +455,13 @@
       ],
       "orig": "1. Finalize pricing model",
       "text": "1. Finalize pricing model",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -435,6 +491,13 @@
       ],
       "orig": "2. Launch APAC campaign",
       "text": "2. Launch APAC campaign",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     },
@@ -464,6 +527,13 @@
       ],
       "orig": "3. Hire 3 additional SEs",
       "text": "3. Hire 3 additional SEs",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      },
       "enumerated": false,
       "marker": ""
     }
diff --git a/tests/data/pptx/groundtruth/powerpoint_with_image.pptx.json b/tests/data/pptx/groundtruth/powerpoint_with_image.pptx.json
index 5e12d432d2..d703b21f2c 100644
--- a/tests/data/pptx/groundtruth/powerpoint_with_image.pptx.json
+++ b/tests/data/pptx/groundtruth/powerpoint_with_image.pptx.json
@@ -126,7 +126,14 @@
         }
       ],
       "orig": "Image test",
-      "text": "Image test"
+      "text": "Image test",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/2",
@@ -153,7 +160,14 @@
         }
       ],
       "orig": "Image linked to file",
-      "text": "Image linked to file"
+      "text": "Image linked to file",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     },
     {
       "self_ref": "#/texts/3",
@@ -207,7 +221,14 @@
         }
       ],
       "orig": "This is a picture inserted through a layout’s picture placeholder",
-      "text": "This is a picture inserted through a layout’s picture placeholder"
+      "text": "This is a picture inserted through a layout’s picture placeholder",
+      "formatting": {
+        "bold": false,
+        "italic": false,
+        "underline": false,
+        "strikethrough": false,
+        "script": "baseline"
+      }
     }
   ],
   "pictures": [
diff --git a/tests/test_backend_pptx_runs.py b/tests/test_backend_pptx_runs.py
new file mode 100644
index 0000000000..1cd89ee78d
--- /dev/null
+++ b/tests/test_backend_pptx_runs.py
@@ -0,0 +1,125 @@
+# SPDX-FileCopyrightText: The Docling Contributors
+# SPDX-License-Identifier: MIT
+
+from pathlib import Path
+
+import pytest
+from pptx import Presentation
+from pptx.oxml.ns import qn
+from pptx.util import Inches
+
+from docling.backend.mspowerpoint_backend import MsPowerpointDocumentBackend
+from docling.datamodel.base_models import InputFormat
+from docling.document_converter import DocumentConverter
+
+
+def get_converter() -> DocumentConverter:
+    return DocumentConverter(allowed_formats=[InputFormat.PPTX])
+
+
+def test_pptx_preserves_run_level_formatting_and_hyperlinks(tmp_path: Path):
+    """Each run in a paragraph keeps its own formatting and hyperlink."""
+
+    prs = Presentation()
+    slide = prs.slides.add_slide(prs.slide_layouts[6])
+    box = slide.shapes.add_textbox(Inches(0), Inches(0), Inches(4), Inches(1))
+    p = box.text_frame.paragraphs[0]
+
+    bold_run = p.add_run()
+    bold_run.text = "Bold"
+    bold_run.font.bold = True
+
+    plain_run = p.add_run()
+    plain_run.text = " plain "
+
+    link_run = p.add_run()
+    link_run.text = "link"
+    link_run.hyperlink.address = "https://example.com/docs"
+
+    pptx_path = tmp_path / "mixed_runs.pptx"
+    prs.save(pptx_path)
+
+    doc = get_converter().convert(pptx_path).document
+
+    texts = [t for t in doc.texts if t.text]
+    assert [t.text for t in texts] == ["Bold", " plain ", "link"]
+
+    assert texts[0].formatting is not None
+    assert texts[0].formatting.bold is True
+    assert texts[0].hyperlink is None
+
+    assert texts[1].formatting is not None
+    assert texts[1].formatting.bold is False
+    assert texts[1].hyperlink is None
+
+    assert texts[2].formatting is not None
+    assert texts[2].formatting.bold is False
+    assert texts[2].hyperlink is not None
+    assert str(texts[2].hyperlink) == "https://example.com/docs"
+
+
+@pytest.mark.parametrize("malformation", ["dangling", "empty_rid", "no_rid"])
+def test_pptx_malformed_run_hyperlink_is_dropped(tmp_path: Path, malformation: str):
+    """A run whose hyperlink relationship cannot be resolved keeps its text."""
+
+    prs = Presentation()
+    slide = prs.slides.add_slide(prs.slide_layouts[6])
+    box = slide.shapes.add_textbox(Inches(0), Inches(0), Inches(4), Inches(1))
+    p = box.text_frame.paragraphs[0]
+
+    broken_run = p.add_run()
+    broken_run.text = "broken"
+    broken_run.font.bold = True
+    broken_run.hyperlink.address = "https://example.com/broken"
+
+    p.add_run().text = " and "
+
+    valid_run = p.add_run()
+    valid_run.text = "valid"
+    valid_run.hyperlink.address = "https://example.com/valid"
+
+    hlink_click = broken_run._r.rPr.hlinkClick
+    if malformation == "dangling":
+        slide.part.rels.pop(hlink_click.rId)
+    elif malformation == "empty_rid":
+        hlink_click.set(qn("r:id"), "")
+    else:
+        del hlink_click.attrib[qn("r:id")]
+
+    pptx_path = tmp_path / "malformed_hyperlink.pptx"
+    prs.save(pptx_path)
+
+    doc = get_converter().convert(pptx_path).document
+
+    texts = [t for t in doc.texts if t.text]
+    assert [t.text for t in texts] == ["broken", " and ", "valid"]
+    assert texts[0].formatting is not None
+    assert texts[0].formatting.bold is True
+    assert texts[0].hyperlink is None
+    assert texts[1].hyperlink is None
+    assert str(texts[2].hyperlink) == "https://example.com/valid"
+
+
+def test_pptx_paragraph_runs_are_read_once(tmp_path: Path, monkeypatch):
+    """Each paragraph is split into runs once, including in whitespace-only shapes."""
+
+    prs = Presentation()
+    slide = prs.slides.add_slide(prs.slide_layouts[6])
+    for text in ["first", "   "]:
+        box = slide.shapes.add_textbox(Inches(0), Inches(0), Inches(4), Inches(1))
+        box.text_frame.text = text
+    pptx_path = tmp_path / "paragraph_runs.pptx"
+    prs.save(pptx_path)
+
+    calls: list[str] = []
+    iter_runs = MsPowerpointDocumentBackend._iter_paragraph_runs
+
+    def spy(self, paragraph):
+        calls.append(paragraph.text)
+        return iter_runs(self, paragraph)
+
+    monkeypatch.setattr(MsPowerpointDocumentBackend, "_iter_paragraph_runs", spy)
+
+    get_converter().convert(pptx_path)
+
+    assert sorted(calls) == ["   ", "first"]