Here’s the reasoning step by step.

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**1. Identify EBITDA**  
From the data:  
- "Gross Profit" for 2022 = 1,305,021,000 EUR  
In Italian reporting, “Margine Operativo Lordo” (MOL) is EBITDA. Gross Profit here is given at the MOL level, so:

EBITDA = 1,305,021,000 EUR.

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**2. Identify Net Debt (S&P methodology)**  
S&P’s net debt calculation typically includes:  
- Short-term and long-term debt  
- Lease liabilities (right-of-use)  
- Minus cash and cash equivalents  
- Adjusted for certain other financial liabilities (like derivatives, if material)  

From the balance sheet at 2023-01-01:

**Debt components:**
- Non-current financial liabilities: 4,722,263,000 EUR  
- Current financial liabilities: 619,418,000 EUR  
- Right-of-use assets are 90,397,000 EUR — a proxy for lease liabilities is usually the same amount (assuming no additions/remeasurements). We’ll include 90,397,000 EUR for operating leases.

**Cash and equivalents:**
- Cash and cash equivalents: 559,908,000 EUR  

**Net Debt =**  
(4,722,263,000 + 619,418,000 + 90,397,000) − 559,908,000  
= 5,432,078,000 − 559,908,000  
= 4,872,170,000 EUR.

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**3. Ratio calculation**  
Net Debt / EBITDA = 4,872,170,000 / 1,305,021,000 ≈ 3.73

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<answer>3.73</answer>