diff --git a/NEWS b/NEWS
index 51f5fe4b448deceb1d85a65ed06c4a9a8c7aeb9a..d8d2980830ae321633eac438758a225e746501ef 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,16 @@
+phoc 0.49~rc1
+-------------
+Released August 2025
+* Fix (use after free) crash on shell unlock
+* Add initial sysprof support
+* Reject input in shell mode when shell is not up
+* Add debug option to damage whole output
+* Issues fixed:
+    * https://gitlab.gnome.org/World/Phosh/phoc/-/issues/411
+    * https://gitlab.gnome.org/World/Phosh/phoc/-/issues/228
+* Contributors:
+    * Guido Günther
+
 phoc 0.48.0
 -----------
 Released June 2025
diff --git a/debian/changelog b/debian/changelog
index 2de91c723f3d513eddb7df8c41b667abc6b65968..7e487d5c0b0698a2378c27d6726cfb434a38c214 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,30 @@
+phoc (0.49~rc1) experimental; urgency=medium
+
+  * gtk-shell: Remove unused signal
+  * gtk-shell: Make sure to init listener links.
+    Otherwise cleaning up will fail when we can't get an xdg surface.
+    Tested-by: anteater <nt8r@protonmail.com>
+    Closes: https://gitlab.gnome.org/World/Phosh/phoc/-/issues/411
+  * cursor: Guard against 0 serial.
+    On error the wlr functions return `0`. We don't want to use
+    that as last serial.
+  * tracing: Namespace tracing symbols.
+    Makes the doc build happy but also avoids collisions
+  * tracing: Add sysprof support.
+    Inspired from what glib is doing
+  * render: Add capture mark
+  * server: Track whether input is allowed.
+    In shell mode we don't want to allow any input when the shell
+    isn't attached (yet).
+  * seat: Reject input based on shell state too.
+    Closes: https://gitlab.gnome.org/World/Phosh/phoc/-/issues/228
+  * output: Allow to damage whole output on each frame.
+    This allows to rule out damage tracking issues
+  * debug-control: Allow to toggle damaging whole output via DBus.
+    Can be useful to trigger in a running compositor
+
+ -- Guido Günther <agx@sigxcpu.org>  Wed, 06 Aug 2025 08:53:29 +0200
+
 phoc (0.48.0) experimental; urgency=medium
 
   * testlib: Store format in GPtrArray.
diff --git a/meson.build b/meson.build
index bd7f62fe534bab5e3d4acb7dd75e8b4625853515..b9a57908bf28539a2d712438466ac1140d7bad88 100644
--- a/meson.build
+++ b/meson.build
@@ -1,7 +1,7 @@
 project(
   'phoc',
   'c',
-  version: '0.48.0',
+  version: '0.49.rc1',
   license: 'GPLv3+',
   meson_version: '>= 0.63.0',
   default_options: ['warning_level=1', 'buildtype=debugoptimized', 'c_std=gnu11'],