Edison has slightly revised its full-year guidance downwards after reporting a 50% drop in first-quarter operating profit, hit by the force majeure declared by its liquefied natural gas (LNG) supplier QatarEnergy.

QatarEnergy has cancelled 12 LNG cargoes destined for Edison, extending the force majeure until early July due to the conflict in Iran.

The Italian utility holds a long-term contract with QatarEnergy for 6.4 billion cubic meters (bcm) of gas per year, representing 10% of Italy's total annual gas consumption.

First-quarter EBIT fell to 101 million euros from 203 million in 2025, 'driven in particular by the net change in fair value, which was also impacted by adjustments to the hedging plan following the force majeure notification from QatarEnergy,' the company stated in a press release.

For the full year 2026, the group expects EBITDA to come in at the lower end of its previously announced range of 1.2-1.4 billion euros, 'pending further clarity on the conditions for the reopening of the Strait of Hormuz.'

First-quarter EBITDA stood at 350 million euros, largely in line with the first quarter of 2025.

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