diff --git a/CHANGELOG.md b/CHANGELOG.md
index 654e699..38abd2a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,16 @@
 
 All notable changes to this project are documented in this file.
 
+## 2.0.3
+
+**Release date:** 2025-11-19
+
+This patch release comes with various dependency updates.
+
+Improvements:
+- Upgrade k8s to 1.34.2 and c-r to 0.22.4
+  [#292](https://github.com/fluxcd/source-watcher/pull/292)
+
 ## 2.0.2
 
 **Release date:** 2025-10-08
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 57a14af..ca59d2f 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -6,4 +6,4 @@ resources:
 images:
   - name: fluxcd/source-watcher
     newName: fluxcd/source-watcher
-    newTag: v2.0.2
+    newTag: v2.0.3
diff --git a/go.mod b/go.mod
index d21274a..29814a0 100644
--- a/go.mod
+++ b/go.mod
@@ -17,7 +17,7 @@ require (
 	github.com/fluxcd/pkg/tar v0.16.0
 	github.com/fluxcd/pkg/testserver v0.13.0
 	github.com/fluxcd/source-controller/api v1.7.2
-	github.com/fluxcd/source-watcher/api/v2 v2.0.2
+	github.com/fluxcd/source-watcher/api/v2 v2.0.3
 	github.com/onsi/gomega v1.38.2
 	github.com/opencontainers/go-digest v1.0.0
 	github.com/spf13/pflag v1.0.10