diff --git a/RELEASE_NOTES.md b/RELEASE_NOTES.md
index 772e4712..645ef5d2 100644
--- a/RELEASE_NOTES.md
+++ b/RELEASE_NOTES.md
@@ -30,6 +30,9 @@
 * Add missing `[<Test>]` attribute on `Can include-output-and-it` test so it is executed by the test runner.
 * Add regression test confirming that types whose name matches their enclosing namespace are correctly included in generated API docs. [#944](https://github.com/fsprojects/FSharp.Formatting/issues/944)
 * Fix crash (`failwith "tbd - IndirectImage"`) when `Markdown.ToMd` is called on a document containing reference-style images with bracket syntax. The indirect image is now serialised as `![alt](url)` when the reference is resolved, or in bracket notation when it is not. [#1094](https://github.com/fsprojects/FSharp.Formatting/pull/1094)
+* Fix `Markdown.ToMd` serialising italic spans with asterisks incorrectly as bold spans. [#1102](https://github.com/fsprojects/FSharp.Formatting/pull/1102)
+* Fix `Markdown.ToMd` serialising ordered list items with incorrect numbering and formatting. [#1102](https://github.com/fsprojects/FSharp.Formatting/pull/1102)
+* Fix `Markdown.ToMd` not preserving indented code blocks: bare code output was re-parsed as a paragraph. Indented code blocks are now serialised as fenced code blocks, which round-trip correctly.
 * Fix `Markdown.ToMd` serialising `*emphasis*` (italic) spans as `**...**` (bold) instead of `*...*`. [#1102](https://github.com/fsprojects/FSharp.Formatting/pull/1102)
 * Fix `Markdown.ToMd` serialising ordered list items with 0-based numbering and no period (e.g. `0 first`) instead of 1-based with a period (e.g. `1. first`). [#1102](https://github.com/fsprojects/FSharp.Formatting/pull/1102)
 * Fix `HtmlElement` SVG serialisation: `LinearGradient` now renders as `<linearGradient>` and `RadialGradient` now renders as `<radialGradient>` — both previously emitted the invalid tag `<radient>`.
diff --git a/src/FSharp.Formatting.Markdown/MarkdownUtils.fs b/src/FSharp.Formatting.Markdown/MarkdownUtils.fs
index 20a1479b..ef8dd396 100644
--- a/src/FSharp.Formatting.Markdown/MarkdownUtils.fs
+++ b/src/FSharp.Formatting.Markdown/MarkdownUtils.fs
@@ -187,15 +187,15 @@ module internal MarkdownUtils =
               yield String.replicate 3 (string c)
               yield ""
           | CodeBlock(code = code; fence = fence; language = language) ->
-              match fence with
-              | None -> ()
-              | Some f -> yield f + language
+              // Indented code blocks (fence = None) are serialised as fenced blocks so
+              // that the round-trip is valid — raw indented code without a '> ' prefix
+              // or 4-space indent would be parsed as a paragraph, not a code block.
+              let f = defaultArg fence "```"
+              yield f + language
 
               yield code
 
-              match fence with
-              | None -> ()
-              | Some f -> yield f
+              yield f
 
               yield ""
           | ListBlock(Unordered, paragraphsl, _) ->
diff --git a/tests/FSharp.Markdown.Tests/Markdown.fs b/tests/FSharp.Markdown.Tests/Markdown.fs
index e5cf2b90..99ea859e 100644
--- a/tests/FSharp.Markdown.Tests/Markdown.fs
+++ b/tests/FSharp.Markdown.Tests/Markdown.fs
@@ -1444,6 +1444,38 @@ let ``ToMd round-trip: indirect image with unresolved reference`` () =
     result |> should contain "![alt text][unknown-ref]"
 
 // --------------------------------------------------------------------------------------
+// ToMd round-trip: indented code block (fence = None) — issue #fix-tomd-indented-codeblock
+// --------------------------------------------------------------------------------------
+
+[<Test>]
+let ``ToMd round-trip: indented code block is preserved as a code block`` () =
+    // An indented code block (4-space indent) is serialised as a fenced block to
+    // guarantee the round-trip: outputting bare code without any fence would cause
+    // re-parsing to produce a paragraph instead of a code block.
+    let input = "    let x = 1\n    let y = 2"
+    let doc = Markdown.Parse(input)
+    // The parser should have produced a CodeBlock, not a Paragraph
+    let cbs =
+        doc.Paragraphs
+        |> List.choose (function
+            | CodeBlock _ as cb -> Some cb
+            | _ -> None)
+
+    cbs |> should haveLength 1
+    // ToMd should produce a fenced form so the round-trip is valid
+    let result = Markdown.ToMd(doc, newline = "\n")
+    result |> should contain "```"
+    result |> should contain "let x = 1"
+    result |> should contain "let y = 2"
+    // The serialised form re-parses to a CodeBlock, not a Paragraph
+    let doc2 = Markdown.Parse(result)
+
+    doc2.Paragraphs
+    |> List.choose (function
+        | CodeBlock _ as cb -> Some cb
+        | _ -> None)
+    |> should haveLength 1
+
 // ToMd: HardLineBreak and HorizontalRule round-trip
 // --------------------------------------------------------------------------------------