Whisk together the warm milk, warm water, sugar, and 2 tablespoons melted butter in a mixing bowl until the sugar has dissolved. Sprinkle yeast over top, and set aside for 5 minutes.
Once the yeast is foamy, stir in the flour, adding more if needed to make a stiff dough. When the dough has pulled together, turn it out onto a lightly floured surface and knead until smooth and elastic, about 8 minutes. Place into an oiled bowl, cover with a cloth, and let stand in a warm place until doubled in bulk, about 1 hour.
Combine 1/2 cup sugar with the cardamom and cinnamon in a small bowl; set aside. Deflate the dough and turn it out onto a lightly floured surface. Roll the dough into a 9x13-inch rectangle, and brush with 1/2 cup of melted butter. Sprinkle with the cardamom sugar, raisins, and walnuts. Roll into a log, pinch the edges closed, and place onto a parchment paper-lined baking sheet. Cover with a cloth, and let stand in a warm place until doubled in bulk, about 1 hour.
Preheat an oven to 350 degrees F (175 degrees C).
With a sharp knife score the top layer of the roll with V-shapes that don't quite meet in the middle the whole length of the roll, this will make the bread look braided, and is very pretty, but could be skipped. Beat the egg with 1 tablespoon of water in a small bowl. Brush the egg wash over the top of the bread. Sprinkle with almonds and pearl sugar.
Bake in the preheated oven until the bread is golden-brown and sounds hollow when tapped on the bottom, 30 to 35 minutes. Cool completely on a wire rack before slicing.
