diff --git a/vtex/utils/extensions/simulation.ts b/vtex/utils/extensions/simulation.ts
index f4887b4e0..96d5a188b 100644
--- a/vtex/utils/extensions/simulation.ts
+++ b/vtex/utils/extensions/simulation.ts
@@ -30,10 +30,17 @@ const doSimulate = (items: {
     },
   } = getSegmentFromBag(ctx);
 
+  // When removeUTMFromCacheKey is on the store has declared UTM does not
+  // affect content/price, so the page is cached with UTM stripped from the
+  // cache key. Feeding UTM into the simulation here would let a UTM-triggered
+  // promotion change the price and get cached generically, so skip it to keep
+  // the simulation consistent with the caching contract.
+  const utmInKey = !ctx.advancedConfigs?.removeUTMFromCacheKey;
+
   const md = new Map<string, unknown>();
-  utm_campaign && md.set("utmCampaign", utm_campaign);
-  utm_source && md.set("utmSource", utm_source);
-  utmi_campaign && md.set("utmiCampaign", utmi_campaign);
+  utmInKey && utm_campaign && md.set("utmCampaign", utm_campaign);
+  utmInKey && utm_source && md.set("utmSource", utm_source);
+  utmInKey && utmi_campaign && md.set("utmiCampaign", utmi_campaign);
   campaigns && md.set("campaigns", [{ id: campaigns }]);
   const marketingData = md.size > 0
     ? Object.fromEntries(md.entries())
diff --git a/vtex/utils/segment.ts b/vtex/utils/segment.ts
index 4afa1ca7a..6e3a9e633 100644
--- a/vtex/utils/segment.ts
+++ b/vtex/utils/segment.ts
@@ -260,9 +260,19 @@ export const setSegmentBag = (
     });
   }
 
-  // Only set vtex_segment when the channel is non-default so that default-SC
-  // responses remain cacheable by the CDN without a Set-Cookie header.
-  if (vtex_segment !== token && !isAnonymous(ctx)) {
+  // The vtex_segment cookie disqualifies CDN caching (Cloudflare skips
+  // Set-Cookie responses). Gate its emission on whether the response is
+  // cacheable. UTM can drive VTEX promotions and change price, so treating
+  // UTM-only requests as cacheable is only safe when the store opts in via
+  // removeUTMFromCacheKey (the same flag the loaders use to strip UTM from
+  // their cache key). With the flag on we use isCacheableSegment (ignores
+  // UTM); otherwise we keep isAnonymous, which keeps UTM-carrying requests
+  // non-cacheable and cookie-bearing.
+  const nonCacheable = ctx.advancedConfigs?.removeUTMFromCacheKey
+    ? !isCacheableSegment(ctx)
+    : !isAnonymous(ctx);
+
+  if (vtex_segment !== token && nonCacheable) {
     setCookie(ctx.response.headers, {
       value: token,
       name: SEGMENT_COOKIE_NAME,