Using an S&P-style approximation:

1. **Debt**
   - Long-term borrowings: DKK 60.451bn
   - Short-term borrowings: DKK 2.830bn
   - Lease liabilities: DKK 7.697bn + DKK 0.569bn = DKK 8.266bn
   - Hybrid capital is typically treated as **50% debt / 50% equity** under S&P methodology:
     - 50% × DKK 19.793bn = DKK 9.897bn

   Estimated adjusted debt:
   - 60.451 + 2.830 + 8.266 + 9.897 = **DKK 81.444bn**

2. **Cash deduction**
   - Cash: DKK 16.178bn

   Estimated net debt:
   - 81.444 − 16.178 = **DKK 65.266bn**

3. **EBITDA**
   - Reported EBITDA: DKK 32.057bn

4. **Net Debt / EBITDA**
   - 65.266 / 32.057 = **2.04x**

<answer>2.04</answer>