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

1. **Use EBITDA proxy**  
   The annual report provides **Gross Profit / Margine Operativo Lordo**, which corresponds to EBITDA-like operating margin:
   - 2022 EBITDA = **€1,305,021,000**

2. **Estimate gross financial debt**  
   From the balance sheet at 2022 year-end:
   - Other noncurrent financial liabilities = **€4,722,263,000**
   - Other current financial liabilities = **€619,418,000**

   Gross debt:
   \[
   4,722,263,000 + 619,418,000 = 5,341,681,000
   \]

3. **Subtract cash and cash equivalents**
   - Cash and cash equivalents at year-end 2022 = **€559,908,000**

   Net debt:
   \[
   5,341,681,000 - 559,908,000 = 4,781,773,000
   \]

4. **Calculate Net Debt / EBITDA**
   \[
   \frac{4,781,773,000}{1,305,021,000} \approx 3.66
   \]

<answer>3.66</answer>