Nothing you saw at MWC 2025 is going to change the trajectory of the MNOs’ consumer businesses. There are no new substantial consumer revenues to secure, bar a renewed push in re-connecting cars. They have already lost the enterprise 5G market. The single throat they need to choke is not a major vendor; it is their own – specifically the weight of bureaucracy that slows these operators to a crawl. Without cutting out the rot in their operations, these MNOs are going to shortly turn septic. Rising opex and capex, stagnant prices, poor return on capital invested, and geopolitical turmoil have swiftly shattered market confidence. Consumers have all they need from the MNOs, and will not pay more for their…