From what I have read so far, it looks like visual assets, i.e. meshes, textures, animations, etc. will need to be remade for UE5, but the esp/esm and scripts will still work. I don't have a copy yet, but it's on the todo list. I may wait until some conversion tools are available, before I start updating my Oblivion mods.
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Mods for The Elder Scrolls single-player games, and I play ESO.
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