BUD APAC (01876): Internal restructuring generates US$52 million tax expense; additionally, a US$30 million provision is made for Indian receivables.

BUD APAC (01876) announces that during the quarter ended September 30, 2026, the Group conducted an internal restructuring involving certain of its subsidiaries in mainland China (including Budweiser Sedrin Brewery Co., Ltd.) to enhance the Group's capital efficiency. As a result of this restructuring, the Group expects to record a non-underlying withholding tax expense of approximately US$52 million. The Group supplies beer products to a government beverage company in Telangana, India. Certain receivables of the Group remain outstanding and overdue. Given the prolonged delay in payment, the Group, on a prudent basis, will recognize a provision of approximately US$30 million in respect of such receivables in its results for the three months ended September 30, 2026. The relevant year-on-year change will be presented as an organic change and has no impact on the Group's organic growth. The Group will continue to use its best efforts to recover the outstanding amounts and take all necessary actions to safeguard the interests of the Group and its shareholders. The above matters will have a negative impact on the profit attributable to equity holders of the Group for the three months ended September 30, 2026.