A NOTE FROM BETHESDA GAME STUDIOS We love making these worlds as much as you love playing in them. Today, we want to share what's next for Bethesda Game Studios and what you can expect from us in the years ahead. For forty years, we've built games that have entertained almost half a billion players. More than just games, these are worlds. Worlds for you to explore, shape, and make your own. Worlds we return to together. That's what's driving us forward. We're investing more deeply in the worlds players love, giving creators a bigger role in shaping their experiences, and bringing our teams closer together so we can get our games into your hands sooner, support them longer, and continue building them alongside you for decades to come. STARFIELD CONTINUES With over 17 million players logging almost a billion hours to date, Starfield remains an important part of our future. As we enter Year 3, we'll continue expanding the Settled Systems with new stories, targeted gameplay improvements, and additional updates, while preparing for the launch of new Starborn content next year. More than 40% of players already customize their experience through Creations, and we'll continue investing in creators and giving players new ways to make Starfield their own. CREATED BY PLAYERS We've believed from the beginning that our worlds belong not only to the people who make them, but also to the people who play them. That's why we've long provided players with the tools to create their own experiences, dating back to the Morrowind Construction Set. This year marked another major milestone for Creations with its expansion to Fallout 4, joining Skyrim and Starfield. We're proud to say Creators have already earned more than $10 million in royalties from their work. THE FUTURE OF FALLOUT Fallout is one of our biggest priorities today. Fallout 5 remains our long-range destination, and we have multiple Fallout projects in active development right now. Fallout 76 continues to be home to millions of players exploring Appalachia together. With nearly 70 free updates released to date, the journey is far from over. In fact, we have a major Fallout 76 expansion planned for next year: Raven Rock, a prequel story to Fallout 3. Fallout 4, the most award-winning game in the franchise, just celebrated its 10-year anniversary and recently passed over 35 million copies sold, continuing to attract a new audience every year. We also know many players want to revisit previous Fallout experiences. While we're not announcing any dates today, we have been working on remasters for both Fallout 3 and Fallout: New Vegas. Fallout Shelter continues to be the most popular way to experience Fallout on the go, with more than 250 million players. There’s more ahead for Fallout Shelter, including new Seasons. An unscripted Fallout Shelter television project is also in the works with our partners at Amazon Studios and Kilter Films. We'd like to congratulate Kilter Films and Amazon Studios on the 10 Emmy nominations for Fallout Season 2. Production on Season 3 is already underway. And while we won't host a traditional Fallout Day broadcast this year, we're already planning something special for Fallout's 30th anniversary in 2027, when Fallout Day will be celebrated live in Washington, D.C. STUDIO COLLABORATION The wasteland continues to expand as we team up once again with our longtime friends at Obsidian Entertainment. We're happy to confirm they're working with us on a new Fallout project. We'll have more to share in the future. We're also bringing our teams closer together across Bethesda. ZeniMax Online Studios will partner closely with Bethesda Game Studios on The Elder Scrolls franchise, while continuing to deliver incredible new experiences for The Elder Scrolls Online. Season One: Return of the Thieves Guild recently launched, and the team has more planned for the future. By aligning more directly across the franchise, we can create even better experiences for players. Bringing our teams closer together is helping us build a stronger foundation for everything we create next. THE ELDER SCROLLS AND BEYOND That foundation extends beyond our teams to the technology, tools, and systems that will power the next generation of Bethesda RPGs. Our teams are now developing The Elder Scrolls VI and Fallout 5 on Creation Engine 3, a shared technology platform we've been building since Starfield's launch. It allows our teams to support multiple projects simultaneously with new tools, rendering, and systems that define our games. Fallout 5 is currently in preproduction. The Elder Scrolls VI is our primary development focus today, with the majority of our team currently working on the next chapter of the franchise. With over 65 million copies sold, players are still exploring Skyrim 15 years later, but we know it’s been a very long wait for the sequel. The next chapter is on the way. We’re where we planned to be, loving how it looks, and playing it every day. THE ROAD AHEAD Across Bethesda Game Studios, we're building for the future of Fallout, The Elder Scrolls, and Starfield. We're investing in our technology, bringing teams closer together, supporting our live games, expanding into new forms of entertainment, and developing the next generation of Bethesda RPGs. We couldn’t be more excited for what’s ahead and wanted to share as much as we could today. We can’t thank you enough for all you’ve given to us and these worlds. And we can’t wait to continue them together. –Bethesda Game Studios

USA. A Mexican restaurant. We had not yet ordered anything, and the food was already arriving. Chips. Salsa. Unrequested. Free. I stopped the waiter. "We have not earned these." "They just come with the table, man." They come with the TABLE. In my land, hospitality is a debt. Every gift creates an obligation, weighed carefully, returned in the proper season with interest of feeling. Here, the gift arrives before you have even proven you can pay for dinner. This is not an appetizer. This is a declaration: we trust you. Eat. I ate with the gravity the moment deserved. And then — I must report this calmly — the basket emptied, and a new one appeared. "Did we…?" "Refill," the waiter said. "It's bottomless." Bottomless. They have wells of salsa. The supply lines of this nation are beyond anything my ancestors imagined. My friend warned me. "Don't fill up on chips, dude." Too late. I had accepted three baskets. Honor demanded each one be finished — an unfinished gift is an insult. By the time my actual food arrived, I was a ruined man. I was not hungry. I was not comfortable. I had been defeated by a courtesy. Generosity that arrives before the request cannot be repaid. It can only be survived. I know the rule now. I have made my peace with the basket. One basket. Two at the most. Who am I deceiving. There is no number of baskets I would refuse. The trust of a nation is in that salsa, and I intend to honor all of it.