diff --git a/README.md b/README.md
index 3b1f75fb..fbd044fc 100644
--- a/README.md
+++ b/README.md
@@ -43,11 +43,12 @@ If you need help with CAPIC, please visit the [#cluster-api-ionoscloud][slack] c
 
 This provider's versions are compatible with the following versions of Cluster API:
 
-|                        | Cluster API v1beta1 (v1.7) | Cluster API v1beta1 (v1.8) |
-|------------------------|:--------------------------:|:--------------------------:|
-| CAPIC v1alpha1 (v0.2)  |             ✓              |             ☓              |
-| CAPIC v1alpha1 (v0.3)  |             ✓              |             ☓              |
-| CAPIC v1alpha1 (v0.4)  |             ✓              |             ✓              |
+|                       | Cluster API v1beta1 (v1.7) | Cluster API v1beta1 (v1.8) |
+|-----------------------|:--------------------------:|:--------------------------:|
+| CAPIC v1alpha1 (v0.2) |             ✓              |             ☓              |
+| CAPIC v1alpha1 (v0.3) |             ✓              |             ☓              |
+| CAPIC v1alpha1 (v0.4) |             ✓              |             ✓              |
+| CAPIC v1alpha1 (v0.5) |             ✓              |             ✓              |
 
 ### Kubernetes Versions 
 
diff --git a/clusterctl-settings.json b/clusterctl-settings.json
index 32bcec33..b248531a 100644
--- a/clusterctl-settings.json
+++ b/clusterctl-settings.json
@@ -2,6 +2,6 @@
   "name": "infrastructure-ionoscloud",
   "config": {
     "componentsFile": "infrastructure-components.yaml",
-    "nextVersion": "v0.4.0"
+    "nextVersion": "v0.5.0"
   }
 }
diff --git a/metadata.yaml b/metadata.yaml
index cfc48364..4c6495eb 100644
--- a/metadata.yaml
+++ b/metadata.yaml
@@ -2,6 +2,9 @@
 apiVersion: clusterctl.cluster.x-k8s.io/v1alpha3
 kind: Metadata
 releaseSeries:
+- major: 0
+  minor: 5
+  contract: v1beta1
 - major: 0
   minor: 4
   contract: v1beta1
diff --git a/test/e2e/config/ionoscloud.yaml b/test/e2e/config/ionoscloud.yaml
index 3f02a23f..df7683e6 100644
--- a/test/e2e/config/ionoscloud.yaml
+++ b/test/e2e/config/ionoscloud.yaml
@@ -54,7 +54,7 @@ providers:
   - name: ionoscloud
     type: InfrastructureProvider
     versions:
-      - name: v0.4.99
+      - name: v0.5.99
         value: "../../../config/default"
         replacements:
           - old: ghcr.io/ionos-cloud/cluster-api-provider-ionoscloud:dev