To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we need to calculate both Net Debt and EBITDA using the provided financial figures for the period ending 2022-01-01 to 2023-01-01 (which represents the 2022 fiscal year).

**1. Calculate Net Debt:**
Net Debt is defined as Total Financial Debt minus Cash and Cash Equivalents (and generally excluding derivative assets/liabilities unless specified as purely financial, but standard S&P uses gross debt).
- **Total Financial Debt** = Long-term Borrowings + Current Borrowings and Current Portion of Noncurrent Borrowings
  - Long-term Borrowings (2023-01-01): 28,083,000,000 EUR
  - Current Borrowings (2023-01-01): 12,508,000,000 EUR
  - Total Financial Debt = 28,083,000,000 + 12,508,000,000 = 40,591,000,000 EUR
- **Cash and Cash Equivalents** (2023-01-01): 15,570,000,000 EUR
- **Net Debt** = 40,591,000,000 - 15,570,000,000 = 25,021,000,000 EUR

**2. Calculate EBITDA:**
Under S&P methodology, EBITDA is typically calculated starting from the Reported Operating Income (Profit Loss From Operating Activities) and adding back Depreciation, Amortization, and Provisions. 
- **Profit Loss From Operating Activities** (2022): 1,127,000,000 EUR
- **Depreciation Amortization And Provisions** (2022): 5,187,000,000 EUR
- **EBITDA** = 1,127,000,000 + 5,187,000,000 = 6,314,000,000 EUR

*(Note: While ENGIE reports a "Current Operating Income Including Operating MtM" of 4,309,000,000 EUR, S&P's standard methodology begins with the standard GAAP/IFRS Operating Profit before adding back D&A. Using COI+MtM instead would yield an EBITDA of 9,496,000,000 EUR and a ratio of ~2.63x. We follow the strict standard S&P definition of Operating Profit + D&A).*

**3. Calculate the Ratio:**
- **Net Debt / EBITDA** = 25,021,000,000 / 6,314,000,000 ≈ 3.9626...

Rounding to two decimal places gives 3.96.

<answer>3.96</answer>