2025 Capex outlook: financing the 5G era

5G is beginning to make inroads in Africa, though its overall impact remains uneven and limited. With the technology now in its seventh year of deployment, this is a critical juncture for stakeholders to take immediate and coordinated action to accelerate deployment, deepen adoption and maximise the impact of 5G in the region. This includes addressing bottlenecks to spectrum availability and introducing policy incentives to stimulate both consumer and enterprise demand, particularly in markets where operators have already invested heavily in network rollouts.

As digital infrastructure becomes increasingly central to key economic and social outcomes, policymakers are placing a greater emphasis on security and resilience. A key development in this context is the European Commission’s proposal to strengthen cybersecurity requirements through an updated regulatory framework – Cybersecurity Act 2 (known as CSA2). This includes provisions that require the removal of critical equipment supplied by designated high-risk vendors from telecoms infrastructure within a defined timeframe. GSMA Intelligence has conducted unique research to assess the cost of removing critical components from high-risk vendors from European telecoms networks.

Financially strong operators are essential to improve network quality, expand coverage, support growth in capacity and deliver new network functionality linked to 5G standalone, AI and beyond. However, over the past decade, structural trends have placed increasing pressure on the industry’s financial foundations. This report is the first in a series that seeks to address a critical evidence gap in the understanding of the financial sustainability of the mobile sector and its main drivers.