diff --git a/CHANGELOG.md b/CHANGELOG.md
index b6ff2d1178..7243ca664e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,27 @@
+Changes in [1.12.3](https://github.com/element-hq/element-web/releases/tag/v1.12.3) (2025-11-04)
+================================================================================================
+## 🦖 Deprecations
+
+* Remove allowVoipWithNoMedia feature flag ([#31087](https://github.com/element-hq/element-web/pull/31087)). Contributed by @Half-Shot.
+
+## ✨ Features
+
+* Change module API to be an instance getter ([#31025](https://github.com/element-hq/element-web/pull/31025)). Contributed by @dbkr.
+
+## 🐛 Bug Fixes
+
+* Show hover elements when keyboard focus is within an event tile ([#31078](https://github.com/element-hq/element-web/pull/31078)). Contributed by @t3chguy.
+* Ensure toolbar navigation pattern works in MessageActionBar ([#31080](https://github.com/element-hq/element-web/pull/31080)). Contributed by @t3chguy.
+* Ensure sent markers are hidden when showing thread summary. ([#31076](https://github.com/element-hq/element-web/pull/31076)). Contributed by @Half-Shot.
+* Fix translation in dev mode ([#31045](https://github.com/element-hq/element-web/pull/31045)). Contributed by @florianduros.
+* Fix sort order in space hierarchy ([#30975](https://github.com/element-hq/element-web/pull/30975)). Contributed by @t3chguy.
+* New Room list: don't display message preview of thread ([#31043](https://github.com/element-hq/element-web/pull/31043)). Contributed by @florianduros.
+* Revert "A11y: move focus to right panel when opened" ([#30999](https://github.com/element-hq/element-web/pull/30999)). Contributed by @florianduros.
+* Fix highlights in messages (or search results) breaking links ([#30264](https://github.com/element-hq/element-web/pull/30264)). Contributed by @bojidar-bg.
+* Add prepare script ([#31030](https://github.com/element-hq/element-web/pull/31030)). Contributed by @dbkr.
+* Fix html exports by adding SDKContext ([#30987](https://github.com/element-hq/element-web/pull/30987)). Contributed by @t3chguy.
+
+
 Changes in [1.12.2](https://github.com/element-hq/element-web/releases/tag/v1.12.2) (2025-10-21)
 ================================================================================================
 ## ✨ Features
diff --git a/package.json b/package.json
index 232afda118..7273a6ec49 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
     "name": "element-web",
-    "version": "1.12.2",
+    "version": "1.12.3",
     "description": "Element: the future of secure communication",
     "author": "New Vector Ltd.",
     "repository": {
@@ -131,7 +131,7 @@
         "maplibre-gl": "^5.0.0",
         "matrix-encrypt-attachment": "^1.0.3",
         "matrix-events-sdk": "0.0.1",
-        "matrix-js-sdk": "github:matrix-org/matrix-js-sdk#develop",
+        "matrix-js-sdk": "39.1.2",
         "matrix-widget-api": "^1.10.0",
         "memoize-one": "^6.0.0",
         "mime": "^4.0.4",
diff --git a/yarn.lock b/yarn.lock
index c870f27dd6..4f18b56692 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -9678,9 +9678,10 @@ 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 "39.0.0"
-  resolved "https://codeload.github.com/matrix-org/matrix-js-sdk/tar.gz/dd7394c14c687d91aff1b589f905aeee673b855a"
+matrix-js-sdk@39.1.2:
+  version "39.1.2"
+  resolved "https://registry.yarnpkg.com/matrix-js-sdk/-/matrix-js-sdk-39.1.2.tgz#ddd2d1aec65aed08bacd26f015a04ba1a6c78304"
+  integrity sha512-6sor0gcDF+LuVZA/D/QV1oerDQfrIk4AZdCUtNE8Qv2zEvSm/Rh9shmFX/nayOKj3pkDfoH2zLLqmMtzicz2Bg==
   dependencies:
     "@babel/runtime" "^7.12.5"
     "@matrix-org/matrix-sdk-crypto-wasm" "^15.3.0"