diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 6d691db..5791ece 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-    ".": "5.2.0"
+    ".": "5.3.0"
 }
diff --git a/CHANGELOG.md b/CHANGELOG.md
index c6ee35a..92a4da4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,23 @@
 # Changelog
 
+## [5.3.0](https://github.com/Flagsmith/flagsmith-python-client/compare/v5.2.0...v5.3.0) (2026-04-28)
+
+### Features
+
+- Lazy identity-flag evaluation in local-eval mode
+  ([#200](https://github.com/Flagsmith/flagsmith-python-client/issues/200))
+  ([f7750bb](https://github.com/Flagsmith/flagsmith-python-client/commit/f7750bbd4d3548fe5446a7e3e3a54c702ab9247d))
+
+### CI
+
+- pre-commit autoupdate ([#192](https://github.com/Flagsmith/flagsmith-python-client/issues/192))
+  ([51852fe](https://github.com/Flagsmith/flagsmith-python-client/commit/51852fe5875b917b834a57113ff97231a4bbb1ca))
+
+### Other
+
+- **deps:** bump urllib3 from 2.6.0 to 2.6.3 ([#190](https://github.com/Flagsmith/flagsmith-python-client/issues/190))
+  ([0a4490f](https://github.com/Flagsmith/flagsmith-python-client/commit/0a4490fdaebe90811ef4bd4570ec1ec6027263bc))
+
 ## [5.2.0](https://github.com/Flagsmith/flagsmith-python-client/compare/v5.1.1...v5.2.0) (2026-04-15)
 
 ### Features
diff --git a/pyproject.toml b/pyproject.toml
index 9373e3f..47e95f2 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "flagsmith"
-version = "5.2.0"
+version = "5.3.0"
 description = "Flagsmith Python SDK"
 authors = ["Flagsmith <support@flagsmith.com>"]
 license = "BSD3"