diff --git a/configure.ac b/configure.ac
index cca57a70dd..f323d1a779 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,7 +1,7 @@
 AC_PREREQ([2.63])
 dnl To perform a release, follow the instructions in `docs/CONTRIBUTING.md`.
 m4_define([year_version], [2024])
-m4_define([release_version], [2])
+m4_define([release_version], [3])
 m4_define([package_version], [year_version.release_version])
 AC_INIT([libostree], [package_version], [walters@verbum.org])
 is_release_build=no