To estimate the Net Debt / EBITDA ratio for Ferrovial S.A. for the year 2022, we first calculate the necessary components based on the S&P methodology, which typically focuses on operational profitability (EBITDA) and debt levels.

**1. EBITDA Calculation:**
EBITDA is calculated as Operating Income (Profit/Loss from Operating Activities) + Depreciation/Amortization Expense + Impairment.
*   **Operating Profit (2022):** 423,000,000 EUR
*   **Depreciation and Amortization (2022):** 299,000,000 EUR
*   **Impairment and gains/losses on disposals:** -6,000,000 EUR (Note: In standard EBITDA, we adjust for these).
*   *Calculation:* 423,000,000 (Operating Profit) + 299,000,000 (Depreciation/Amortization) - (-6,000,000) (The -6M represents the net impact of impairment/disposals).
*   *Adjusted EBITDA:* 423,000,000 + 299,000,000 + 6,000,000 = 728,000,000 EUR.

**2. Net Debt Calculation:**
Net Debt = Current Borrowings + Noncurrent Borrowings - Cash and Cash Equivalents (excluding specific restricted infrastructure assets if applicable, though typically Total Cash is used).
*   **Noncurrent Borrowings (2022-12-31):** 10,776,000,000 EUR
*   **Current Borrowings (2022-12-31):** 877,000,000 EUR
*   **Total Debt:** 11,653,000,000 EUR
*   **Cash and Cash Equivalents (2022-12-31):** 5,536,000,000 EUR
*   *Net Debt:* 11,653,000,000 - 5,536,000,000 = 6,117,000,000 EUR.

**3. Ratio Calculation:**
*   Net Debt / EBITDA = 6,117,000,000 / 728,000,000 ≈ 8.402.

*Note on methodology:* Infrastructure companies like Ferrovial often distinguish between "Project Debt" and "Corporate Debt." S&P often evaluates them separately or on a non-recourse basis. However, based on the provided aggregate financial figures for the group:

<answer>8.40</answer>