Bud APAC (01876) has announced that during the quarter ended September 30, 2026, the group carried out an internal restructuring involving certain of its mainland China subsidiaries (including Budweiser Sedrin Brewery Co., Ltd.) in order 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 the government beverage corporation in Telangana State, India. Certain of the group's receivables remain outstanding and overdue.

In view of the prolonged payment delays, and on a prudent basis, the group will recognize a provision of approximately US$30 million against these receivables in its results for the three months ended September 30, 2026.

The relevant year-on-year changes will be presented as a range change and have no impact on the group's organic growth.

The group will continue to make its best efforts to recover the outstanding amounts and will take all necessary actions to protect the interests of the group and its shareholders.

The above matters will have a negative impact on the group's profit attributable to equity holders for the three months ended September 30, 2026.