diff --git a/browser/perf/brave_perf_features_processor.cc b/browser/perf/brave_perf_features_processor.cc
index 8db5c796b13..14b5b15eca3 100644
--- a/browser/perf/brave_perf_features_processor.cc
+++ b/browser/perf/brave_perf_features_processor.cc
@@ -53,7 +53,7 @@ void EnableAdblockCookieList(base::WeakPtr<Profile> profile) {
 
 namespace perf {
 
-void MaybeEnableBraveFeatureForPerfTesting(Profile* profile) {
+void MaybeEnableBraveFeaturesPrefsForPerfTesting(Profile* profile) {
   auto* cmd = base::CommandLine::ForCurrentProcess();
   if (!cmd->HasSwitch(switches::kEnableBraveFeaturesForPerfTesting) ||
       !cmd->HasSwitch(::switches::kUserDataDir)) {
@@ -64,11 +64,6 @@ void MaybeEnableBraveFeatureForPerfTesting(Profile* profile) {
   profile->GetPrefs()->SetBoolean(brave_ads::prefs::kOptedInToNotificationAds,
                                   true);
 
-  // Rewards
-  auto* rewards_service =
-      brave_rewards::RewardsServiceFactory::GetForProfile(profile);
-  rewards_service->CreateRewardsWallet("US", base::BindOnce(&FakeCallback));
-
   // Brave news
   profile->GetPrefs()->SetBoolean(brave_news::prefs::kNewTabPageShowToday,
                                   true);
@@ -86,6 +81,20 @@ void MaybeEnableBraveFeatureForPerfTesting(Profile* profile) {
                                base::Time::Now());
   profile->GetPrefs()->SetBoolean(
       ai_chat::prefs::kBraveChatAutocompleteProviderEnabled, true);
+}
+
+void MaybeEnableBraveFeaturesServicesAndComponentsForPerfTesting(
+    Profile* profile) {
+  auto* cmd = base::CommandLine::ForCurrentProcess();
+  if (!cmd->HasSwitch(switches::kEnableBraveFeaturesForPerfTesting) ||
+      !cmd->HasSwitch(::switches::kUserDataDir)) {
+    return;
+  }
+
+  // Rewards
+  auto* rewards_service =
+      brave_rewards::RewardsServiceFactory::GetForProfile(profile);
+  rewards_service->CreateRewardsWallet("US", base::BindOnce(&FakeCallback));
 
   // Adblock
   EnableAdblockCookieList(profile->GetWeakPtr());
diff --git a/browser/perf/brave_perf_features_processor.h b/browser/perf/brave_perf_features_processor.h
index d2f8ca9a3d0..01b268427cb 100644
--- a/browser/perf/brave_perf_features_processor.h
+++ b/browser/perf/brave_perf_features_processor.h
@@ -10,8 +10,16 @@ class Profile;
 
 namespace perf {
 
-// A handler for --enable-brave-features-for-perf-testing switch.
-void MaybeEnableBraveFeatureForPerfTesting(Profile* profile);
+// Handlers for --enable-brave-features-for-perf-testing switch.
+// They are split into two because the first is invoked from
+// BraveProfileManager::InitProfileUserPrefs and cannot instantiate services
+// that rely on identity manager because ProfileImpl::OnLocaleReady expects
+// identity manager not to be initialized before browser context services are
+// created. The second one is invoked from
+// BraveProfileManager::DoFinalInitForServices.
+void MaybeEnableBraveFeaturesPrefsForPerfTesting(Profile* profile);
+void MaybeEnableBraveFeaturesServicesAndComponentsForPerfTesting(
+    Profile* profile);
 
 }  // namespace perf
 
diff --git a/browser/profiles/brave_profile_manager.cc b/browser/profiles/brave_profile_manager.cc
index 90ae5b62348..5ea5fc9bed9 100644
--- a/browser/profiles/brave_profile_manager.cc
+++ b/browser/profiles/brave_profile_manager.cc
@@ -107,8 +107,7 @@ void RecordInitialP3AValues(Profile* profile) {
 }  // namespace
 
 BraveProfileManager::BraveProfileManager(const base::FilePath& user_data_dir)
-    : ProfileManager(user_data_dir) {
-}
+    : ProfileManager(user_data_dir) {}
 
 size_t BraveProfileManager::GetNumberOfProfiles() {
   size_t count = ProfileManager::GetNumberOfProfiles();
@@ -157,7 +156,7 @@ void BraveProfileManager::InitProfileUserPrefs(Profile* profile) {
   RecordInitialP3AValues(profile);
   brave::SetDefaultSearchVersion(profile, profile->IsNewProfile());
   brave::SetDefaultThirdPartyCookieBlockValue(profile);
-  perf::MaybeEnableBraveFeatureForPerfTesting(profile);
+  perf::MaybeEnableBraveFeaturesPrefsForPerfTesting(profile);
   MigrateHttpsUpgradeSettings(profile);
 }
 
@@ -166,6 +165,7 @@ void BraveProfileManager::DoFinalInitForServices(Profile* profile,
   ProfileManager::DoFinalInitForServices(profile, go_off_the_record);
   if (!do_final_services_init_)
     return;
+  perf::MaybeEnableBraveFeaturesServicesAndComponentsForPerfTesting(profile);
   brave_ads::AdsServiceFactory::GetForProfile(profile);
   brave_rewards::RewardsServiceFactory::GetForProfile(profile);
   brave_wallet::BraveWalletServiceFactory::GetServiceForContext(profile);
@@ -230,7 +230,6 @@ void BraveProfileManager::SetNonPersonalProfilePrefs(Profile* profile) {
   prefs->SetBoolean(bookmarks::prefs::kShowBookmarkBar, false);
 }
 
-
 BraveProfileManagerWithoutInit::BraveProfileManagerWithoutInit(
     const base::FilePath& user_data_dir)
     : BraveProfileManager(user_data_dir) {