diff --git a/src/Exceptions/Concerns/RendersHttpExceptions.php b/src/Exceptions/Concerns/RendersHttpExceptions.php
index b983af0777d..f9776b58efe 100644
--- a/src/Exceptions/Concerns/RendersHttpExceptions.php
+++ b/src/Exceptions/Concerns/RendersHttpExceptions.php
@@ -96,9 +96,11 @@ private function getCachedError(): ?Response
 
         $request = Request::createFrom(request())->fakeStaticCacheStatus($status);
 
-        return $cacher->hasCachedPage($request)
-            ? $cacher->getCachedPage($request)->toResponse($request)
-            : null;
+        if (! $cacher->hasCachedPage($request)) {
+            return null;
+        }
+
+        return $cacher->getCachedPage($request)->toResponse($request);
     }
 
     public static function renderUsing(Closure $callback): void
diff --git a/src/StaticCaching/Middleware/Cache.php b/src/StaticCaching/Middleware/Cache.php
index 85816471a82..61afdd05501 100644
--- a/src/StaticCaching/Middleware/Cache.php
+++ b/src/StaticCaching/Middleware/Cache.php
@@ -22,6 +22,7 @@
 use Statamic\StaticCaching\NoCache\Session;
 use Statamic\StaticCaching\Replacer;
 use Statamic\StaticCaching\ResponseStatus;
+use Symfony\Component\HttpFoundation\Response as SymfonyResponse;
 
 use function Statamic\trans as __;
 
@@ -88,9 +89,21 @@ private function handleRequest($request, Closure $next)
         $response = $next($request);
 
         if ($this->shouldBeCached($request, $response)) {
-            $this->copyError($request, $response);
+            $preparedResponse = $this->makeReplacementsAndCacheResponse($request, $response);
+
+            // The clone above is what gets cached, and keeps any replacer placeholders
+            // (e.g. nocache regions, CSRF tokens) intact for future requests to expand
+            // per-visitor. Under the ApplicationCacher, prepareResponseToCache() leaves
+            // those placeholders in the live response untouched too (it's the FileCacher
+            // that needs them left in place, for client-side JS to resolve), so they need
+            // expanding here - normally a no-op, except when this content came from a
+            // shared error cache (see RendersHttpExceptions::getCachedError), whose
+            // placeholders were never expanded on the way out.
+            if ($this->cacher instanceof ApplicationCacher) {
+                $this->makeReplacements($response);
+            }
 
-            $this->makeReplacementsAndCacheResponse($request, $response);
+            $this->copyError($request, $preparedResponse);
 
             $this->nocache->write();
 
@@ -160,7 +173,7 @@ private function attemptToGetCachedResponse($request)
         }
     }
 
-    private function makeReplacementsAndCacheResponse($request, $response)
+    private function makeReplacementsAndCacheResponse($request, $response): SymfonyResponse
     {
         $cachedResponse = clone $response;
 
@@ -169,6 +182,8 @@ private function makeReplacementsAndCacheResponse($request, $response)
         }
 
         $this->cacher->cachePage($request, $cachedResponse);
+
+        return $cachedResponse;
     }
 
     private function makeReplacements($response)
diff --git a/tests/StaticCaching/SharedErrorsStaticCachingTest.php b/tests/StaticCaching/SharedErrorsStaticCachingTest.php
index 71a5daaae27..04863dada47 100644
--- a/tests/StaticCaching/SharedErrorsStaticCachingTest.php
+++ b/tests/StaticCaching/SharedErrorsStaticCachingTest.php
@@ -4,13 +4,22 @@
 
 use Illuminate\Http\Request;
 use Illuminate\Routing\Events\ResponsePrepared;
+use Illuminate\Support\Facades\Cache;
+use Orchestra\Testbench\Attributes\DefineEnvironment;
 use PHPUnit\Framework\Attributes\Test;
 use Statamic\Facades\Site;
 use Statamic\StaticCaching\Cachers\ApplicationCacher;
+use Statamic\StaticCaching\Replacer;
+use Symfony\Component\HttpFoundation\Response;
+use Tests\FakesViews;
+use Tests\PreventSavingStacheItemsToDisk;
 use Tests\TestCase;
 
 class SharedErrorsStaticCachingTest extends TestCase
 {
+    use FakesViews;
+    use PreventSavingStacheItemsToDisk;
+
     private ApplicationCacher $cacher;
 
     protected function setUp(): void
@@ -75,4 +84,145 @@ private function shareError(int $status, string $content): void
         // the framework fires during the real response lifecycle.
         event(new ResponsePrepared($request, $response));
     }
+
+    public function withTestReplacer($app)
+    {
+        $app['config']->set('statamic.static_caching.strategy', 'half');
+        $app['config']->set('statamic.static_caching.share_errors', true);
+        $app['config']->set('statamic.static_caching.replacers', array_merge(
+            $app['config']->get('statamic.static_caching.replacers'),
+            ['test' => SharedErrorTestReplacer::class]
+        ));
+    }
+
+    #[Test]
+    #[DefineEnvironment('withTestReplacer')]
+    public function replacers_run_when_serving_a_shared_error()
+    {
+        Cache::flush();
+
+        $this->withStandardFakeViews();
+        $this->viewShouldReturnRaw('errors.layout', '{{ template_content }}');
+        $this->viewShouldReturnRaw('errors.404', '404 LIVE_VALUE');
+
+        // First 404 renders live and seeds the shared cache. The live response
+        // itself is untouched by the prepare step - only the clone that gets
+        // cached is.
+        $this->get('/this-does-not-exist')
+            ->assertNotFound()
+            ->assertSee('404 LIVE_VALUE', false);
+
+        // A different URL that also 404s is served from the shared cache.
+        // Regression: previously this replayed whatever copyError() captured
+        // before any replacer ran, and getCachedError() never ran replacers on
+        // the way out either - so a stale value (or, for CsrfTokenReplacer in
+        // production, a frozen CSRF token from a different session) leaked to
+        // every subsequent visitor forever.
+        $this->get('/this-also-does-not-exist')
+            ->assertNotFound()
+            ->assertSee('404 REPLACED_ON_SERVE', false);
+    }
+
+    public function shareErrorsWithHalfMeasure($app)
+    {
+        $app['config']->set('statamic.static_caching.strategy', 'half');
+        $app['config']->set('statamic.static_caching.share_errors', true);
+    }
+
+    #[Test]
+    #[DefineEnvironment('shareErrorsWithHalfMeasure')]
+    public function each_session_gets_its_own_csrf_token_on_a_shared_error()
+    {
+        Cache::flush();
+
+        $this->withStandardFakeViews();
+        $this->viewShouldReturnRaw('errors.layout', '{{ template_content }}');
+        $this->viewShouldReturnRaw('errors.404', '404 {{ csrf_token }}');
+
+        // First 404 renders live and seeds the shared cache.
+        $this->withSession(['_token' => 'session-one-token'])
+            ->get('/nope-one')
+            ->assertNotFound()
+            ->assertSee('404 session-one-token', false);
+
+        // A different URL that also 404s is served from the shared cache, but
+        // for a different session. It must get its own token, not the one
+        // frozen into the shared cache by the first visitor.
+        $this->withSession(['_token' => 'session-two-token'])
+            ->get('/nope-two')
+            ->assertNotFound()
+            ->assertSee('404 session-two-token', false)
+            ->assertDontSee('session-one-token', false);
+
+        // A repeat hit on that second URL, now cached under its own URL,
+        // must still resolve session two's current token, not a frozen one.
+        $this->withSession(['_token' => 'session-two-token'])
+            ->get('/nope-two')
+            ->assertNotFound()
+            ->assertSee('404 session-two-token', false);
+    }
+
+    #[Test]
+    #[DefineEnvironment('shareErrorsWithHalfMeasure')]
+    public function nocache_region_inside_a_shared_error_stays_dynamic_across_repeat_hits()
+    {
+        Cache::flush();
+
+        // Use a tag that outputs something dynamic. It just increments by
+        // one every time it's rendered.
+        app()->instance('example_count', 0);
+
+        (new class extends \Statamic\Tags\Tags
+        {
+            public static $handle = 'example_count';
+
+            public function index()
+            {
+                $count = app('example_count');
+                $count++;
+                app()->instance('example_count', $count);
+
+                return $count;
+            }
+        })::register();
+
+        $this->withStandardFakeViews();
+        $this->viewShouldReturnRaw('errors.layout', '{{ template_content }}');
+        $this->viewShouldReturnRaw('errors.404', '404 {{ nocache }}{{ example_count }}{{ /nocache }}');
+
+        // First 404 renders live and seeds the shared cache.
+        $this->get('/nope-one')->assertNotFound()->assertSee('404 1', false);
+
+        // A different URL that also 404s is served from the shared cache.
+        // Its nocache region must render fresh, not replay whatever the
+        // shared cache captured when it was seeded.
+        $this->get('/nope-two')->assertNotFound()->assertSee('404 2', false);
+
+        // Repeat hits to that second URL, now cached under its own URL, must
+        // keep rendering the region fresh too. Before the fix, the first
+        // request served from the shared cache baked the region's rendered
+        // output into the per-URL cache entry, so every later hit on that
+        // URL replayed the same frozen value forever - the same class of
+        // cross-visitor leak this PR fixes for CSRF tokens.
+        $this->get('/nope-two')->assertNotFound()->assertSee('404 3', false);
+        $this->get('/nope-two')->assertNotFound()->assertSee('404 4', false);
+    }
+}
+
+class SharedErrorTestReplacer implements Replacer
+{
+    const PLACEHOLDER = 'TEST_TOKEN_PLACEHOLDER';
+
+    public function prepareResponseToCache(Response $response, Response $initial)
+    {
+        // Mirrors CsrfTokenReplacer's behaviour for the "half" strategy:
+        // only the clone that gets cached is touched, not $initial (which
+        // is what's returned to this first request).
+        $response->setContent(str_replace('LIVE_VALUE', self::PLACEHOLDER, $response->getContent()));
+    }
+
+    public function replaceInCachedResponse(Response $response)
+    {
+        $response->setContent(str_replace(self::PLACEHOLDER, 'REPLACED_ON_SERVE', $response->getContent()));
+    }
 }