diff --git a/CHANGELOG.md b/CHANGELOG.md
index f68da0b049..4128a2b75f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,34 @@
+Changes in [1.12.9](https://github.com/element-hq/element-web/releases/tag/v1.12.9) (2026-01-27)
+================================================================================================
+## ✨ Features
+
+* Allow local log downloads when a rageshake URL is not configured. ([#31716](https://github.com/element-hq/element-web/pull/31716)). Contributed by @Half-Shot.
+* Improve icon rendering accessibility ([#31776](https://github.com/element-hq/element-web/pull/31776)). Contributed by @t3chguy.
+* Show "Bob shared this message" on messages shared via MSC4268 ([#31684](https://github.com/element-hq/element-web/pull/31684)). Contributed by @richvdh.
+* Update the way we render icons for accessibility ([#31731](https://github.com/element-hq/element-web/pull/31731)). Contributed by @t3chguy.
+* Switch from css masks to rendering svg ([#31681](https://github.com/element-hq/element-web/pull/31681)). Contributed by @t3chguy.
+* Support for stable MSC4191 account management action parameter ([#31701](https://github.com/element-hq/element-web/pull/31701)). Contributed by @hughns.
+* Support for stable m.oauth UIA stage from MSC4312 ([#31704](https://github.com/element-hq/element-web/pull/31704)). Contributed by @hughns.
+* Switch to Compound icons to replace old icons ([#31667](https://github.com/element-hq/element-web/pull/31667)). Contributed by @t3chguy.
+* Switch from svg masks to svg rendering in more places ([#31652](https://github.com/element-hq/element-web/pull/31652)). Contributed by @t3chguy.
+* Switch from svg masks to svg rendering in more places ([#31650](https://github.com/element-hq/element-web/pull/31650)). Contributed by @t3chguy.
+* Update notification icons using Compound icons ([#31671](https://github.com/element-hq/element-web/pull/31671)). Contributed by @t3chguy.
+* Memoise ListView context  ([#31668](https://github.com/element-hq/element-web/pull/31668)). Contributed by @t3chguy.
+* Switch emoji picker to use emoji for header icons ([#31645](https://github.com/element-hq/element-web/pull/31645)). Contributed by @t3chguy.
+* Replace icons with Compound alternatives ([#31642](https://github.com/element-hq/element-web/pull/31642)). Contributed by @t3chguy.
+
+## 🐛 Bug Fixes
+
+* Fix avatar decorations in thread activity centre not being atop avatar ([#31789](https://github.com/element-hq/element-web/pull/31789)). Contributed by @t3chguy.
+* Fix room settings roles tab getting confused if power level change fails ([#31768](https://github.com/element-hq/element-web/pull/31768)). Contributed by @t3chguy.
+* Custom themes now import highlights in css ([#31758](https://github.com/element-hq/element-web/pull/31758)). Contributed by @Philldomd.
+* Use correct translation for url preview settings ([#31740](https://github.com/element-hq/element-web/pull/31740)). Contributed by @florianduros.
+* Fix error shown if accepting a 3pid invite ([#31735](https://github.com/element-hq/element-web/pull/31735)). Contributed by @dbkr.
+* Ensure correct focus configuration for Element Call before allowing users to call. ([#31490](https://github.com/element-hq/element-web/pull/31490)). Contributed by @Half-Shot.
+* Fix emoji font in emoji picker header buttons ([#31679](https://github.com/element-hq/element-web/pull/31679)). Contributed by @t3chguy.
+* fix flaky test by waiting for chat panel before counting messages ([#31633](https://github.com/element-hq/element-web/pull/31633)). Contributed by @BillCarsonFr.
+
+
 Changes in [1.12.8](https://github.com/element-hq/element-web/releases/tag/v1.12.8) (2026-01-13)
 ================================================================================================
 ## 🦖 Deprecations
diff --git a/package.json b/package.json
index 029c1af07d..adf4c0f801 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
     "name": "element-web",
-    "version": "1.12.8",
+    "version": "1.12.9",
     "description": "Element: the future of secure communication",
     "author": "New Vector Ltd.",
     "repository": {
diff --git a/yarn.lock b/yarn.lock
index 6b82f27104..b7519a71b6 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -4416,7 +4416,7 @@
     classnames "^2.5.1"
     vaul "^1.0.0"
 
-"@vector-im/matrix-wysiwyg-wasm@link:../../Library/Caches/Yarn/v6/npm-@vector-im-matrix-wysiwyg-2.40.0-53c9ca5ea907d91e4515da64f20a82e5586b882c-integrity/node_modules/bindings/wysiwyg-wasm":
+"@vector-im/matrix-wysiwyg-wasm@link:../../../.cache/yarn/v6/npm-@vector-im-matrix-wysiwyg-2.40.0-53c9ca5ea907d91e4515da64f20a82e5586b882c-integrity/node_modules/bindings/wysiwyg-wasm":
   version "0.0.0"
 
 "@vector-im/matrix-wysiwyg@2.40.0":
@@ -9681,9 +9681,10 @@ matrix-events-sdk@0.0.1:
   resolved "https://registry.yarnpkg.com/matrix-events-sdk/-/matrix-events-sdk-0.0.1.tgz#c8c38911e2cb29023b0bbac8d6f32e0de2c957dd"
   integrity sha512-1QEOsXO+bhyCroIe2/A5OwaxHvBm7EsSQ46DEDn8RBIfQwN5HWBpFvyWWR4QY0KHPPnnJdI99wgRiAl7Ad5qaA==
 
-"matrix-js-sdk@github:matrix-org/matrix-js-sdk#develop":
-  version "40.0.0"
-  resolved "https://codeload.github.com/matrix-org/matrix-js-sdk/tar.gz/3d0ebdf6f1256a0611283b13083f0d52261c9307"
+matrix-js-sdk@40.1.0:
+  version "40.1.0"
+  resolved "https://registry.yarnpkg.com/matrix-js-sdk/-/matrix-js-sdk-40.1.0.tgz#bb9bd445e228f31362472653c246378e1b294e1a"
+  integrity sha512-BuCCcA97j5r4S4YY6ECFduQjlkD03jtH/X52R/mmuVuP3hYBbHS3BYl4gOTiwTwFK4eoYNIhY90E6d6XneMnRg==
   dependencies:
     "@babel/runtime" "^7.12.5"
     "@matrix-org/matrix-sdk-crypto-wasm" "^17.0.0"