We report on the fully analytic calculation of the leading-power
contribution to the photon-pion transition form factor
\gamma \, \gamma^{\ast} \to \pi^0γγ*→π0
at two loops in QCD. The applied techniques are based on hard-collinear
factorization, together with modern multi-loop methods. We focus both,
on the technical details such as the treatment of evanescent operators,
and the phenomenological implications. Our results indicate that the
two-loop correction is numerically comparable to the one-loop effect in
the same kinematic domain. We also demonstrate that our results will
play a key role in disentangling various models for the twist-two pion
distribution amplitude thanks to the envisaged precision at Belle
II.