Adds detail and background on QatarEnergy

By Francesca Landini

MILAN, May 7 (Reuters) - Italian Edison EDNn.MI tweaked down its full-year guidance and said its first-quarter operating profit halved compared to the previous year mainly due to the impact of the force majeure declared by its liquefied natural gas supplier QatarEnergy.

QatarEnergy has cancelled 12 LNG cargoes expected by Edison, extending force majeure to early July, the Italian utility said on Tuesday, updating customers on the impact of the Iran war on its business.

The Italian company, a unit of French energy group EDF, has a long-term contract with QatarEnergy worth 6.4 billion cubic metres (bcm) of gas per year, or 10% of Italy's total annual gas consumption.

Against a geopolitical backdrop marked by heightened tensions in the Middle East, and market conditions characterised by increasing competition and high volatility in energy prices, Edison expects 2026 core earnings to be at the lower end of the previously announced range of 1.2 billion to 1.4 billion euros.

Iranian attacks have knocked out 17% of Qatar's LNG export capacity, threatening supplies to Europe and Asia, QatarEnergy's CEO and state minister for energy affairs told Reuters in March.

Earnings before interest and taxes (EBIT) stood at 101 million euros ($118.70 million), down from 203 million euros in the same period of 2025, mainly due to the impact of net fair value change in the company's forward commodity contracts, which was affected by the unwinding of hedges following QatarEnergy's force majeure.

The group's reported net profit fell to 41 million euros from 139 million euros in the first quarter of last year.

($1 = 0.8509 euros)