Probabilistic forecasting plays an essential role in risk-sensitive decision-making, particularly in long-horizon settings. However, existing approaches often face a fundamental trade-off between distributional flexibility and accurate mean prediction.

Traditional parametric methods, such as Mean Variance Estimation (MVE), can suffer from degraded point accuracy when trained under joint Negative Log-Likelihood (NLL) objectives, while modern-flexible generative models, including Normalizing Flows and Diffusion Models, typically rely on costly Monte Carlo sampling and may yield suboptimal mean estimates. To address this limitation, we propose Two-stage Odd Residual Flows (TORF), a framework that decouples mean forecasting from uncertainty estimation.

In the first stage, a pre-trained deterministic model is used to produce an accurate mean prediction. In the second stage, a Restricted Normalizing Flow, with strictly odd functions learns flexible residual distributions around the point forecast, guaranteeing mean preservation from the first stage without sampling.

Experiments show that TORF achieves state-of-the-art deterministic accuracy (NMAE) while providing strong density estimation performance (CRPS) on short and long-horizon forecasting.