➀ Private wireless RAN revenues surged with 20% growth in 2025, while public wireless remained flat;

➁ Huawei, Nokia, and Ericsson dominated private wireless RAN revenue in 1H25, with China leading regionally but non-China markets accelerating faster;

➂ Private RAN is projected to account for 5-10% of total RAN by 2029, contrasting with a 2% annual decline in public RAN.

➀ Global telecom equipment revenues rebounded with 4% YoY growth in H1 2025 after two years of decline, driven by improved comparisons, inventory stabilization, and favorable currency trends;

➁ Markets outside China saw an 8% increase, led by Mobile Core Network, Optical Transport, and Service Provider Router & Switch segments;

➂ Huawei gained market share, while Ericsson and Nokia slightly declined; 2025 global revenues are projected to grow 2%-3%, up from previous flat forecasts.