To estimate Net Debt / EBITDA for 2022 using an S&P-style approach, I treat gross financial debt as current plus noncurrent financial liabilities, then subtract cash and cash equivalents. Relevant 2022 year-end figures: - Other noncurrent financial liabilities: €5,867 million - Other current financial liabilities: €1,022 million - Cash and cash equivalents: €2,584 million - EBITDA: €1,505 million Calculation: Gross financial debt = 5,867 + 1,022 = €6,889 million Net debt = 6,889 - 2,584 = €4,305 million Net Debt / EBITDA = 4,305 / 1,505 = 2.8605 Rounded estimate: 2.86 2.86