Here’s the reasoning for the calculation of **Net Debt / EBITDA for 2022** according to the S&P methodology.  

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**1. EBITDA Calculation**  
S&P defines EBITDA as operating profit before depreciation, amortization, and impairment.  
From the data:  
- *Profit Loss From Operating Activities* (2022): **1,334,000,000 EUR**  
- *Dotacion Amortizacion Y Variacion De Provisiones* (2022): **762,000,000 EUR**  
- *Impairment Loss Reversal* (2022): **-15,000,000 EUR** (this already reduces costs, so to get EBITDA we add back the net depreciation/amortization/provisions including impairment movements).

EBITDA = 1,334 + 762 = **2,096,000,000 EUR**  
(Note: “Dotacion…” already includes the impairment effect since it’s a net figure in Spanish reporting.)

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**2. Net Debt Calculation**  
S&P defines net debt as:  
Short-term debt + Long-term debt + Lease liabilities – Cash and cash equivalents.

From the balance sheet at 2022-12-31:  
- *Current loans and current portion of noncurrent loans*: **553,000,000 EUR**  
- *Current lease liabilities*: **72,000,000 EUR**  
- *Participaciones Preferentes Obligaciones Y Otros Valores Negociables Corrientes*: **1,139,000,000 EUR**  
- *Noncurrent loans*: **2,624,000,000 EUR**  
- *Noncurrent lease liabilities*: **439,000,000 EUR**  
- *Noncurrent bonds/debt securities*: **3,101,000,000 EUR**  
- Cash & equivalents: **2,360,000,000 EUR**

Total debt = 553 + 72 + 1,139 + 2,624 + 439 + 3,101 = **7,928,000,000 EUR**  
Net Debt = 7,928 – 2,360 = **5,568,000,000 EUR**

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**3. Ratio**  
Net Debt / EBITDA = 5,568 / 2,096 ≈ **2.66**

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<answer>2.66</answer>