diff --git a/NEWS b/NEWS
index ffd6f12..8e31be2 100644
--- a/NEWS
+++ b/NEWS
@@ -1,7 +1,37 @@
+gnome-calls 49.1
+----------------
+Released October 2025
+* Start calls as part of gnome-session
+* Make use of DBus activation
+* oFono backends now supports USSD
+* Issues fixed:
+    * https://gitlab.gnome.org/GNOME/calls/-/issues/699
+    * https://gitlab.gnome.org/GNOME/calls/-/issues/687
+* Contributors:
+    * Bardia Moshiri
+    * Boris Shtrasman
+    * Evangelos Ribeiro Tzaras
+    * Guido Günther
+    * Jan Tojnar
+    * knoppix
+    * Markus Göllnitz
+    * Vivek wagdare
+* UI translations:
+    * Abduqadir Abliz (ug)
+    * Baxrom Raxmatov (uz)
+    * Bjørn Mørkedal (nn)
+    * Emilio Sepúlveda (ia)
+    * Iverson Briones (fil)
+    * Kristjan SCHMIDT (eo)
+    * Sabri Ünal (tr)
+    * Yi-Jyun Pan (zh_TW)
+    * Zayar Lwin (my)
+    * Ziri Sut (kab)
+
 gnome-calls 48.0
 ----------------
 Released March 2025
-
+* No code changes over beta.1
 * UI translations:
     * Abdullah Ibrahim (ar)
     * Changwoo Ryu (ko)
diff --git a/data/org.gnome.Calls.metainfo.xml.in b/data/org.gnome.Calls.metainfo.xml.in
index c0460eb..197f0a0 100644
--- a/data/org.gnome.Calls.metainfo.xml.in
+++ b/data/org.gnome.Calls.metainfo.xml.in
@@ -69,6 +69,20 @@
     <content_rating type="oars-1.1"/>
 
     <releases>
+      <release version="49.1" date="2025-10-06">
+        <description>
+          <p>
+            This is the first stable release of the 49 cycle.
+          </p>
+          <ul>
+            <li>Fix issue with USSD dialog leaving the application window unresponsive</li>
+            <li>Fix dialpad not showing with SIP or when switching origins</li>
+            <li>oFono backend now supports USSD interface</li>
+            <li>Startup splash screen should get properly dismissed now</li>
+            <li>Updated translations (including 5 new locales)</li>
+          </ul>
+        </description>
+      </release>
       <release version="48.0" date="2025-03-17">
         <description>
           <p>
diff --git a/debian/changelog b/debian/changelog
index 0ed1888..257a8ea 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,69 @@
+gnome-calls (49.1) unstable; urgency=medium
+
+  [ Baxrom Raxmatov ]
+  * Add Uzbek (Latin) translation
+
+  [ Jan Tojnar ]
+  * ci: Fix dist tarball name
+
+  [ Guido Günther ]
+  * data: Start calls as part of gnome-session
+  * call-box: Use correct property
+  * build: Drop meson version check
+  * account-overview: Ref list models
+  * application: Don't try to remove inexistent window
+  * data: Switch calls to DBus activation
+  * application: Validate daemon flag only on first startup
+  * application: Drop ignore_activation flag
+
+  [ Bardia Moshiri ]
+  * ofono: implement USSD interface
+  * ofono: fixup styling
+
+  [ Yi-Jyun Pan ]
+  * Update Chinese (Taiwan) translation
+
+  [ knoppix ]
+  * main-window.ui: add a proper callback for Close button
+
+  [ Vivek wagdare ]
+  * contacts-box: Add vertical margins to SearchEntry in contacts view
+
+  [ Evangelos Ribeiro Tzaras ]
+  * metainfo: Wrap old release notes in paragraph
+
+  [ Boris Shtrasman ]
+  * emergency-call-types: add Israeli emergency numbers
+
+  [ Bjørn Mørkedal ]
+  * Add Norwegian Nynorsk translation
+
+  [ Kristjan SCHMIDT ]
+  * Update Esperanto translation
+
+  [ Sabri Ünal ]
+  * Update Turkish translation
+
+  [ Ziri Sut ]
+  * Update Kabyle translation
+
+  [ Abduqadir Abliz ]
+  * Add Uighur translation
+
+  [ Markus Göllnitz ]
+  * flatpak: update to resolve build errors
+
+  [ Iverson Briones ]
+  * Add Filipino translation
+
+  [ Emilio Sepúlveda ]
+  * Add Interlingua translation
+
+  [ Zayar Lwin ]
+  * Update Burmese translation
+
+ -- Evangelos Ribeiro Tzaras <devrtz@fortysixandtwo.eu>  Mon, 06 Oct 2025 08:50:45 +0200
+
 gnome-calls (48.0) unstable; urgency=medium
 
   [ Pawan Chitrakar ]
diff --git a/meson.build b/meson.build
index 57b3ed1..f9cea5b 100644
--- a/meson.build
+++ b/meson.build
@@ -22,7 +22,7 @@
 project(
   'calls',
   'c', 'vala',
-  version: '48.0',
+  version: '49.1',
   license: 'GPLv3+',
   meson_version: '>= 1.0',
   default_options: [