To estimate **Net Debt / EBITDA for 2022 under an S&P-style methodology**, use:

**Net Debt = adjusted financial debt – cash and cash equivalents**

Include the main interest-bearing debt categories:
- Noncurrent financial liabilities excluding concession liabilities: **19,692.1m**
- Current financial liabilities excluding concession liabilities: **6,521.4m**
- Noncurrent lease liabilities: **1,656.2m**
- Current lease liabilities: **496.5m**
- Bank overdrafts and other cash position items: **213.6m**

Total adjusted debt:
= 19,692.1 + 6,521.4 + 1,656.2 + 496.5 + 213.6  
= **28,579.8m**

Subtract cash and cash equivalents:
- Cash and cash equivalents: **9,012.2m**

Net debt:
= 28,579.8 - 9,012.2  
= **19,567.6m**

For EBITDA, start with operating income before share of equity-accounted entities and add back operating depreciation, amortization, provisions and impairment losses:

- Operating income before share of net income/loss of equity-accounted entities: **2,206.3m**
- Operating depreciation, amortization, provisions and impairment losses: **3,178.6m**

EBITDA:
= 2,206.3 + 3,178.6  
= **5,384.9m**

Net Debt / EBITDA:
= 19,567.6 / 5,384.9  
= **3.63x**

<answer>3.63</answer>