diff --git a/maven-model-builder/src/main/java/org/apache/maven/model/building/DefaultModelBuilder.java b/maven-model-builder/src/main/java/org/apache/maven/model/building/DefaultModelBuilder.java
index bc84b81c2144..e2c36b0761a5 100644
--- a/maven-model-builder/src/main/java/org/apache/maven/model/building/DefaultModelBuilder.java
+++ b/maven-model-builder/src/main/java/org/apache/maven/model/building/DefaultModelBuilder.java
@@ -38,10 +38,13 @@
 import java.util.Properties;
 import java.util.concurrent.Callable;
 import java.util.function.Supplier;
+import java.util.function.UnaryOperator;
 import java.util.stream.Collectors;
+import java.util.stream.Stream;
 
 import org.apache.maven.api.VersionRange;
 import org.apache.maven.api.feature.Features;
+import org.apache.maven.api.model.ActivationFile;
 import org.apache.maven.api.model.Exclusion;
 import org.apache.maven.api.model.InputSource;
 import org.apache.maven.api.services.VersionParserException;
@@ -57,6 +60,7 @@
 import org.apache.maven.model.PluginManagement;
 import org.apache.maven.model.Profile;
 import org.apache.maven.model.building.ModelProblem.Severity;
+import org.apache.maven.model.building.ModelProblem.Version;
 import org.apache.maven.model.composition.DependencyManagementImporter;
 import org.apache.maven.model.inheritance.InheritanceAssembler;
 import org.apache.maven.model.interpolation.ModelInterpolator;
@@ -82,11 +86,14 @@
 import org.apache.maven.model.resolution.UnresolvableModelException;
 import org.apache.maven.model.resolution.WorkspaceModelResolver;
 import org.apache.maven.model.superpom.SuperPomProvider;
+import org.apache.maven.model.v4.MavenTransformer;
 import org.apache.maven.model.validation.DefaultModelValidator;
 import org.apache.maven.model.validation.ModelValidator;
 import org.apache.maven.model.version.ModelVersionParser;
 import org.codehaus.plexus.interpolation.InterpolationException;
+import org.codehaus.plexus.interpolation.Interpolator;
 import org.codehaus.plexus.interpolation.MapBasedValueSource;
+import org.codehaus.plexus.interpolation.RegexBasedInterpolator;
 import org.codehaus.plexus.interpolation.StringSearchInterpolator;
 import org.eclipse.sisu.Nullable;
 
@@ -897,69 +904,89 @@ private List<org.apache.maven.api.model.Profile> interpolateActivations(
             List<org.apache.maven.api.model.Profile> profiles,
             DefaultProfileActivationContext context,
             DefaultModelProblemCollector problems) {
-        List<org.apache.maven.api.model.Profile> newProfiles = null;
-        for (int index = 0; index < profiles.size(); index++) {
-            org.apache.maven.api.model.Profile profile = profiles.get(index);
-            org.apache.maven.api.model.Activation activation = profile.getActivation();
-            if (activation != null) {
-                org.apache.maven.api.model.ActivationFile file = activation.getFile();
-                if (file != null) {
-                    String oldExists = file.getExists();
-                    if (isNotEmpty(oldExists)) {
+        if (profiles.stream()
+                .map(org.apache.maven.api.model.Profile::getActivation)
+                .filter(Objects::nonNull)
+                .findFirst()
+                .isEmpty()) {
+            return profiles;
+        }
+        final Interpolator xform = new RegexBasedInterpolator();
+        xform.setCacheAnswers(true);
+        Stream.of(context.getUserProperties(), context.getSystemProperties())
+                .map(MapBasedValueSource::new)
+                .forEach(xform::addValueSource);
+
+        class ProfileInterpolator extends MavenTransformer
+                implements UnaryOperator<org.apache.maven.api.model.Profile> {
+            ProfileInterpolator() {
+                super(s -> {
+                    if (isNotEmpty(s)) {
                         try {
-                            String newExists = interpolate(oldExists, context);
-                            if (!Objects.equals(oldExists, newExists)) {
-                                if (newProfiles == null) {
-                                    newProfiles = new ArrayList<>(profiles);
-                                }
-                                newProfiles.set(
-                                        index, profile.withActivation(activation.withFile(file.withExists(newExists))));
-                            }
+                            return xform.interpolate(s);
                         } catch (InterpolationException e) {
-                            addInterpolationProblem(problems, file, oldExists, e, "exists");
-                        }
-                    } else {
-                        String oldMissing = file.getMissing();
-                        if (isNotEmpty(oldMissing)) {
-                            try {
-                                String newMissing = interpolate(oldMissing, context);
-                                if (!Objects.equals(oldMissing, newMissing)) {
-                                    if (newProfiles == null) {
-                                        newProfiles = new ArrayList<>(profiles);
-                                    }
-                                    newProfiles.set(
-                                            index,
-                                            profile.withActivation(activation.withFile(file.withMissing(newMissing))));
-                                }
-                            } catch (InterpolationException e) {
-                                addInterpolationProblem(problems, file, oldMissing, e, "missing");
-                            }
+                            problems.add(new ModelProblemCollectorRequest(Severity.ERROR, Version.BASE)
+                                    .setMessage(e.getMessage())
+                                    .setException(e));
                         }
                     }
+                    return s;
+                });
+            }
+
+            @Override
+            public org.apache.maven.api.model.Profile apply(org.apache.maven.api.model.Profile p) {
+                return org.apache.maven.api.model.Profile.newBuilder(p)
+                        .activation(transformActivation(p.getActivation()))
+                        .build();
+            }
+
+            @Override
+            protected void transformActivationFile_Missing(ActivationFile.Builder builder, ActivationFile target) {
+                final String path = target.getMissing();
+                final String xformed = transformPath(path, target, "missing");
+                if (xformed != path) {
+                    builder.missing(xformed);
                 }
             }
+
+            @Override
+            protected void transformActivationFile_Exists(ActivationFile.Builder builder, ActivationFile target) {
+                final String path = target.getExists();
+                final String xformed = transformPath(path, target, "exists");
+                if (xformed != path) {
+                    builder.exists(xformed);
+                }
+            }
+
+            private String transformPath(String path, ActivationFile target, String locationKey) {
+                if (isNotEmpty(path)) {
+                    try {
+                        return profileActivationFilePathInterpolator.interpolate(path, context);
+                    } catch (InterpolationException e) {
+                        addInterpolationProblem(problems, target, path, e, locationKey);
+                    }
+                }
+                return path;
+            }
         }
-        return newProfiles != null ? newProfiles : profiles;
+        return profiles.stream().map(new ProfileInterpolator()).toList();
     }
 
     private static void addInterpolationProblem(
             DefaultModelProblemCollector problems,
-            org.apache.maven.api.model.ActivationFile file,
+            org.apache.maven.api.model.InputLocationTracker target,
             String path,
             InterpolationException e,
             String locationKey) {
         problems.add(new ModelProblemCollectorRequest(Severity.ERROR, ModelProblem.Version.BASE)
                 .setMessage("Failed to interpolate file location " + path + ": " + e.getMessage())
-                .setLocation(Optional.ofNullable(file.getLocation(locationKey))
+                .setLocation(Optional.ofNullable(target.getLocation(locationKey))
                         .map(InputLocation::new)
                         .orElse(null))
                 .setException(e));
     }
 
-    private String interpolate(String path, ProfileActivationContext context) throws InterpolationException {
-        return isNotEmpty(path) ? profileActivationFilePathInterpolator.interpolate(path, context) : path;
-    }
-
     private static boolean isNotEmpty(String string) {
         return string != null && !string.isEmpty();
     }