To estimate the Net Debt to EBITDA ratio for VINCI at the end of 2022 using the standard S&P Capital IQ methodology, we calculate Net Debt and EBITDA based on the provided facts:

**1. S&P Net Debt:**
S&P typically defines Net Debt as Total Debt minus Cash and Short-Term Investments. Total Debt includes short-term borrowings, long-term borrowings, and lease liabilities.
*   **Short-term Borrowings:** 6,368,000,000 EUR
*   **Current Lease Liabilities:** 522,000,000 EUR
*   **Noncurrent Portion of Noncurrent Bonds Issued:** 20,425,000,000 EUR
*   **Noncurrent Portion of Other Noncurrent Borrowings:** 3,205,000,000 EUR
*   **Noncurrent Lease Liabilities:** 1,580,000,000 EUR
*   **Total Debt** = 6,368 + 522 + 20,425 + 3,205 + 1,580 = 32,100,000,000 EUR

*   **Cash and Cash Equivalents:** 12,578,000,000 EUR
*   **Current Cash Management Financial Assets (Short-Term Investments):** 755,000,000 EUR
*   **Total Cash & Equivalents** = 12,578 + 755 = 13,333,000,000 EUR

*   **Net Debt** = 32,100,000,000 EUR - 13,333,000,000 EUR = 18,767,000,000 EUR

**2. S&P EBITDA:**
S&P standard EBITDA is typically Operating Income (EBIT) plus Depreciation and Amortization (D&A).
*   **Operating Income (Profit Loss From Operating Activities):** 6,489,000,000 EUR
*   **Depreciation and Amortization (Adjustments for D&A Expense):** 3,613,000,000 EUR
*   **EBITDA** = 6,489 + 3,613 = 10,102,000,000 EUR

**3. Net Debt / EBITDA Ratio:**
*   **Ratio** = 18,767,000,000 EUR / 10,102,000,000 EUR = 1.85775...

Rounding to two decimal places yields 1.86.

<answer>1.86</answer>