To estimate Net Debt / EBITDA for VINCI in 2022 using an S&P-style approach:

1. **Estimate debt**
   - Noncurrent bonds issued: €20.425bn
   - Noncurrent other borrowings: €3.205bn
   - Short-term borrowings: €6.368bn
   - Lease liabilities:
     - Noncurrent lease liabilities: €1.580bn
     - Current lease liabilities: €0.522bn

   Total financial debt including leases:
   \[
   20.425 + 3.205 + 6.368 + 1.580 + 0.522 = 32.100 \text{ bn}
   \]

2. **Subtract cash and cash equivalents**
   - Cash and cash equivalents: €12.578bn

   Net debt:
   \[
   32.100 - 12.578 = 19.522 \text{ bn}
   \]

3. **Estimate EBITDA**
   - Profit from ordinary operating activities: €6.824bn
   - Depreciation and amortisation: €3.613bn

   EBITDA:
   \[
   6.824 + 3.613 = 10.437 \text{ bn}
   \]

4. **Calculate Net Debt / EBITDA**
   \[
   \frac{19.522}{10.437} = 1.87
   \]

<answer>1.87</answer>