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

1. **Net Debt**
2. **EBITDA**, adjusted from operating profit by adding back depreciation, amortisation, and lease/right-of-use depreciation.

From the data:

- **Net Debt at 2023-01-01**: €7,440 million  
  This represents the year-end 2022 net debt.

For EBITDA:

- **Profit from operating activities recurring**: €1,962 million
- **Depreciation and amortisation expense**: €2,228 million
- **Depreciation of right-of-use assets**: €446 million

Estimated EBITDA:

\[
EBITDA = 1,962 + 2,228 + 446 = 4,636
\]

So EBITDA is approximately **€4,636 million**.

Now compute the ratio:

\[
\frac{Net\ Debt}{EBITDA} = \frac{7,440}{4,636} \approx 1.60
\]

<answer>1.60</answer>