diff --git a/README.md b/README.md
index a78adff4..ce5dea25 100644
--- a/README.md
+++ b/README.md
@@ -20,6 +20,7 @@ This provider's versions are compatible with the following versions of Cluster A
 | CAPMOX v1alpha1 (v0.1) |             ✓              |             ✓              |             ☓              |
 | CAPMOX v1alpha1 (v0.2) |             ☓              |             ✓              |             ✓              |
 | CAPMOX v1alpha1 (v0.3) |             ☓              |             ✓              |             ✓              |
+| CAPMOX v1alpha1 (v0.4) |             ☓              |             ✓              |             ✓              |
 
 (See [Kubernetes support matrix](https://cluster-api.sigs.k8s.io/reference/versions.html) of Cluster API versions).
 
diff --git a/clusterctl-settings.json b/clusterctl-settings.json
index a92a5408..3792c5ce 100644
--- a/clusterctl-settings.json
+++ b/clusterctl-settings.json
@@ -2,6 +2,6 @@
   "name": "infrastructure-proxmox",
   "config": {
     "componentsFile": "infrastructure-components.yaml",
-    "nextVersion": "v0.3.0"
+    "nextVersion": "v0.4.0"
   }
 }
diff --git a/metadata.yaml b/metadata.yaml
index 4f87e3d5..ad54af02 100644
--- a/metadata.yaml
+++ b/metadata.yaml
@@ -11,3 +11,6 @@ releaseSeries:
 - major: 0
   minor: 3
   contract: v1beta1
+- major: 0
+  minor: 4
+  contract: v1beta1
diff --git a/test/e2e/config/proxmox-ci.yaml b/test/e2e/config/proxmox-ci.yaml
index 93a319e4..8b0b5386 100644
--- a/test/e2e/config/proxmox-ci.yaml
+++ b/test/e2e/config/proxmox-ci.yaml
@@ -66,7 +66,7 @@ providers:
   - name: proxmox
     type: InfrastructureProvider
     versions:
-      - name: v0.3.99
+      - name: v0.4.99
         value: "${PWD}/config/default"
         replacements:
           - old: ghcr.io/ionos-cloud/cluster-api-provider-proxmox:dev
diff --git a/test/e2e/config/proxmox-dev.yaml b/test/e2e/config/proxmox-dev.yaml
index a1eedcb8..7691a942 100644
--- a/test/e2e/config/proxmox-dev.yaml
+++ b/test/e2e/config/proxmox-dev.yaml
@@ -66,7 +66,7 @@ providers:
   - name: proxmox
     type: InfrastructureProvider
     versions:
-      - name: v0.3.99
+      - name: v0.4.99
         value: "${PWD}/config/default"
         replacements:
           - old: ghcr.io/ionos-cloud/cluster-api-provider-proxmox:dev