To estimate the Net Debt to EBITDA ratio for Naturgy Energy Group SA for 2022 using standard S&P Global Ratings methodology, we adjust both reported EBITDA and Debt.

**1. S&P Adjusted EBITDA Calculation:**
S&P typically starts with the reported EBITDA or Operating Profit and makes several adjustments, including excluding non-recurring gains/losses, including bad debt expenses as a standard operating expense, and replacing equity-method earnings with actual cash dividends received from those associates.

* **Reported EBITDA:** 4,954 million EUR
* **Less: Gains on Disposals:** (8) million EUR (Excluded as non-recurring)
* **Less: Bad Debt Expense (Credit Losses):** (228) million EUR (Treated by S&P as an operating expense, whereas Naturgy excluded it from their reported EBITDA)
* **Plus: Dividends Received from Associates:** 106 million EUR (S&P excludes the equity-method earnings—which are naturally below operating profit here anyway—and adds the actual cash dividends received)

*S&P Adjusted EBITDA* = 4,954 - 8 - 228 + 106 = 4,824 million EUR

*(Note: Other non-recurring items such as "Other Gains Losses" of -111 million EUR were already excluded from the reported EBITDA metric, so no further adjustment is needed for them).*

**2. S&P Adjusted Net Debt Calculation:**
S&P defines Net Debt as gross debt (including lease liabilities) minus accessible cash and cash equivalents.

* **Long-term Borrowings:** 12,689 million EUR
* **Current Borrowings:** 2,110 million EUR
* **Noncurrent Lease Liabilities:** 1,309 million EUR
* **Current Lease Liabilities:** 177 million EUR
* *Gross Debt* = 12,689 + 2,110 + 1,309 + 177 = 16,285 million EUR
* **Less: Cash and Cash Equivalents:** (3,985) million EUR

*S&P Adjusted Net Debt* = 16,285 - 3,985 = 12,300 million EUR

**3. Net Debt / EBITDA Ratio:**
*Ratio* = 12,300 million EUR / 4,824 million EUR = 2.5497

<answer>2.55</answer>