Mix the dough: In a large bowl, whisk flour, sugar, yeast, and salt. In a separate bowl, combine warm milk, warm water, melted butter, egg, vanilla, and almond extract. Pour wet into dry and stir until a shaggy dough forms.

Knead until smooth: Turn the dough onto a lightly floured surface and knead 6–8 minutes until smooth and elastic. It should be soft but not sticky. Add a sprinkle of flour if needed, but avoid adding too much.

First rise: Place dough in a lightly oiled bowl, cover, and let rise in a warm spot until doubled, about 60–90 minutes. The dough should spring back slowly when pressed.

Make the filling: Beat softened butter and sugar until creamy. Mix in almond flour, egg white, almond extract, salt, and optional citrus zest. The mixture should be spreadable, like thick frosting.

Roll the dough: Punch down the dough and roll it into a 12x18-inch rectangle. Keep the long side facing you. Spread the almond filling evenly over the surface, leaving a 1/2-inch border at the top edge.

Form the ring: Starting from the long edge closest to you, roll the dough into a tight log. Pinch the seam to seal. Transfer to a parchment-lined baking sheet and shape into a ring, tucking one end into the other and pinching to close.

Slash for the twist effect: Using kitchen scissors or a sharp knife, make angled cuts every 1–1.5 inches around the ring, cutting about two-thirds of the way through. Gently rotate each cut section slightly outward to expose the filling.

Second rise: Cover loosely and let rise until puffy, about 30–45 minutes. The ring should look lighter and slightly expanded.

Bake: Preheat oven to 350°F (175°C). Bake 22–28 minutes, rotating once, until golden brown and the center reads about 190°F on an instant-read thermometer. If browning too fast, tent with foil for the last 5–10 minutes.

Cool and glaze: Let cool 15–20 minutes. Whisk powdered sugar, milk, vanilla, and almond extract to a pourable glaze. Drizzle over the warm cake and sprinkle with toasted sliced almonds.

Serve: Slice into wedges and enjoy warm or at room temperature. The texture is best the day it’s baked, but it stays tender for a couple of days.