To estimate Fortum’s 2022 Net Debt / EBITDA ratio under an S&P-style approach, use:

**Net Debt / EBITDA = Net Debt ÷ EBITDA**

A practical approximation from the provided data is:

- **Debt**: use interest-bearing financial liabilities  
  - Other noncurrent financial liabilities: **EUR 3,658m**
  - Other current financial liabilities: **EUR 4,127m**
  - Total debt ≈ **EUR 7,785m**

- **Cash and equivalents / liquid funds**: **EUR 3,919m**

So:

**Net Debt ≈ 7,785m − 3,919m = 3,866m**

For EBITDA, S&P-style credit analysis commonly focuses on operating EBITDA adjusted for comparability and excludes volatile/discontinued/non-recurring effects where possible. The provided **Comparable EBITDA** for 2022 is:

**Comparable EBITDA = EUR 2,436m**

Therefore:

**Net Debt / EBITDA ≈ 3,866m ÷ 2,436m = 1.59x**

<answer>1.59</answer>