Saudi Equity Research - Almarai Company 4Q25 - First Look Note
Working capital rose from SAR 3,812 Mn in 4Q24 to SAR 4,122 Mn in 4Q25, due to inventory buildup ahead of Ramadan. The Company’s CAPEX expanded from SAR 3,634 Mn in 2024 to SAR 4,385 Mn in 2025, driven by capacity expansion and long-term value creation initiatives.