diff --git a/include/sparseir/version.h b/include/sparseir/version.h
index c9e71f45..2e667b8c 100644
--- a/include/sparseir/version.h
+++ b/include/sparseir/version.h
@@ -1,3 +1,3 @@
 #define SPARSEIR_VERSION_MAJOR 0
-#define SPARSEIR_VERSION_MINOR 4
-#define SPARSEIR_VERSION_PATCH 2
+#define SPARSEIR_VERSION_MINOR 5
+#define SPARSEIR_VERSION_PATCH 0
diff --git a/python/pyproject.toml b/python/pyproject.toml
index 3b243515..8116cdd5 100644
--- a/python/pyproject.toml
+++ b/python/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "scikit_build_core.build"
 
 [project]
 name = "pylibsparseir"
-version = "0.4.2"
+version = "0.5.0"
 description = "Python bindings for the libsparseir library"
 readme = "README.md"
 license = {file = "LICENSE"}