<p>➀ Private wireless RAN revenues surged with 20% growth in 2025, while public wireless remained flat; </p><p>➁ Huawei, Nokia, and Ericsson dominated private wireless RAN revenue in 1H25, with China leading regionally but non-China markets accelerating faster; </p><p>➂ Private RAN is projected to account for 5-10% of total RAN by 2029, contrasting with a 2% annual decline in public RAN.</p>