diff --git a/src/Marathon.Application/Export/Csv.cs b/src/Marathon.Application/Export/Csv.cs
index 6733c26..1bae1d8 100644
--- a/src/Marathon.Application/Export/Csv.cs
+++ b/src/Marathon.Application/Export/Csv.cs
@@ -44,4 +44,19 @@ public static class Csv
             return value;
         return "\"" + value.Replace("\"", "\"\"") + "\"";
     }
+
+    /// <summary>
+    /// Defuses spreadsheet formula / DDE injection: when a cell would start with a formula
+    /// trigger (<c>= + - @</c>, tab or CR) it is prefixed with an apostrophe so Excel /
+    /// LibreOffice render it as text. Apply to USER-supplied or SCRAPED text fields (notes,
+    /// event titles) before they enter a row — numeric/date cells your own code formats are
+    /// trusted and don't need it (keeping them numeric for analysis).
+    /// </summary>
+    public static string NeutralizeFormula(string? field)
+    {
+        var value = field ?? string.Empty;
+        return value.Length > 0 && value[0] is '=' or '+' or '-' or '@' or '\t' or '\r'
+            ? "'" + value
+            : value;
+    }
 }
diff --git a/src/Marathon.Application/UseCases/ExportToCsvUseCase.cs b/src/Marathon.Application/UseCases/ExportToCsvUseCase.cs
index 97444ff..f5caad8 100644
--- a/src/Marathon.Application/UseCases/ExportToCsvUseCase.cs
+++ b/src/Marathon.Application/UseCases/ExportToCsvUseCase.cs
@@ -60,7 +60,7 @@ public sealed class ExportToCsvUseCase
             {
                 b.PlacedAt.ToString("yyyy-MM-dd HH:mm", CultureInfo.InvariantCulture),
                 Title(titles, b.EventId),
-                b.EventId.Value,
+                Csv.NeutralizeFormula(b.EventId.Value),
                 b.Selection.Type.ToString(),
                 b.Selection.Side.ToString(),
                 b.Selection.Value?.Value.ToString(CultureInfo.InvariantCulture) ?? string.Empty,
@@ -68,7 +68,7 @@ public sealed class ExportToCsvUseCase
                 b.Stake.ToString(CultureInfo.InvariantCulture),
                 b.Outcome.ToString(),
                 b.NetProfit?.ToString(CultureInfo.InvariantCulture) ?? string.Empty,
-                b.Notes ?? string.Empty,
+                Csv.NeutralizeFormula(b.Notes),
             });
 
         return await WriteAsync("journal", Csv.Document(header, rows), ct).ConfigureAwait(false);
@@ -93,7 +93,7 @@ public sealed class ExportToCsvUseCase
             {
                 b.OpenedAt.ToString("yyyy-MM-dd HH:mm", CultureInfo.InvariantCulture),
                 Title(titles, b.EventId),
-                b.EventId.Value,
+                Csv.NeutralizeFormula(b.EventId.Value),
                 b.PickedSide.ToString(),
                 b.Rate.ToString(CultureInfo.InvariantCulture),
                 b.Stake.ToString(CultureInfo.InvariantCulture),
@@ -127,6 +127,8 @@ public sealed class ExportToCsvUseCase
         return titles;
     }
 
+    // Titles are scraped ("Side1 vs Side2") so they're treated as untrusted text and
+    // neutralized against CSV/formula injection.
     private static string Title(IReadOnlyDictionary<DomainEventId, string> titles, DomainEventId id) =>
-        titles.TryGetValue(id, out var t) ? t : id.Value;
+        Csv.NeutralizeFormula(titles.TryGetValue(id, out var t) ? t : id.Value);
 }
diff --git a/tests/Marathon.Application.Tests/Export/CsvTests.cs b/tests/Marathon.Application.Tests/Export/CsvTests.cs
index 1d31fac..e5c5429 100644
--- a/tests/Marathon.Application.Tests/Export/CsvTests.cs
+++ b/tests/Marathon.Application.Tests/Export/CsvTests.cs
@@ -38,4 +38,32 @@ public sealed class CsvTests
             "Kelly,ok\r\n" +
             "\"Flat, fixed\",\"say \"\"hi\"\"\"\r\n");
     }
+
+    [Theory]
+    [InlineData("=cmd|'/c calc'!A1")]
+    [InlineData("+1+1")]
+    [InlineData("-2+3")]
+    [InlineData("@SUM(A1)")]
+    [InlineData("\ttab")]
+    [InlineData("\rcr")]
+    public void NeutralizeFormula_PrefixesLeadingFormulaTriggers(string dangerous)
+    {
+        Csv.NeutralizeFormula(dangerous).Should().Be("'" + dangerous);
+    }
+
+    [Theory]
+    [InlineData("Home vs Away")]
+    [InlineData("normal note")]
+    [InlineData("3-1 win")]
+    [InlineData("")]
+    public void NeutralizeFormula_LeavesSafeValuesUntouched(string safe)
+    {
+        Csv.NeutralizeFormula(safe).Should().Be(safe);
+    }
+
+    [Fact]
+    public void NeutralizeFormula_Null_IsEmpty()
+    {
+        Csv.NeutralizeFormula(null).Should().BeEmpty();
+    }
 }
diff --git a/tests/Marathon.Application.Tests/UseCases/ExportToCsvUseCaseTests.cs b/tests/Marathon.Application.Tests/UseCases/ExportToCsvUseCaseTests.cs
index 719a431..75a2e6a 100644
--- a/tests/Marathon.Application.Tests/UseCases/ExportToCsvUseCaseTests.cs
+++ b/tests/Marathon.Application.Tests/UseCases/ExportToCsvUseCaseTests.cs
@@ -74,6 +74,27 @@ public sealed class ExportToCsvUseCaseTests : IDisposable
         content.Should().Contain("evt-1");
     }
 
+    [Fact]
+    public async Task ExportJournalAsync_NeutralizesFormulaInjection_InNotes()
+    {
+        var bet = new PlacedBet(
+            Guid.NewGuid(),
+            new EventId("evt-1"),
+            new Bet(MatchScope.Instance, BetType.Win, Side.Side1, null, new OddsRate(2.0m)),
+            100m, T0, BetOutcome.Pending, "=cmd|'/c calc'!A1");
+        _bets.ListAsync(Arg.Any<CancellationToken>()).Returns(new[] { bet });
+        _events.GetManyAsync(Arg.Any<IReadOnlyCollection<EventId>>(), Arg.Any<CancellationToken>())
+            .Returns(new Dictionary<EventId, Event>());
+
+        var path = await CreateSut().ExportJournalAsync();
+
+        var content = await File.ReadAllTextAsync(path!);
+        // The dangerous note is apostrophe-prefixed so no cell opens as a live formula in
+        // Excel; it sits in the last column, preceded by the CSV separator.
+        content.Should().Contain(",'=cmd");
+        content.Should().NotContain(",=cmd");
+    }
+
     [Fact]
     public async Task ExportPaperLedgerAsync_ReturnsNull_When_NoBets()
     {