**Reasoning**

1. **Identify total debt (including lease obligations)**  
   - Non‑current borrowings (debt securities & bank borrowings): €10,776 M  
   - Current borrowings (including current portion of non‑current borrowings): €877 M  
   - Lease liabilities (non‑current + current): €120 M + €64 M = €184 M  

   **Total debt** = 10,776 + 877 + 184 = **€11,837 M**

2. **Identify unrestricted cash**  
   - “Cash and cash equivalents excluding infrastructure projects” is the cash freely available to the group: €4,962 M  

   **Net Debt** = Total debt – Unrestricted cash  
   = 11,837 M – 4,962 M = **€6,875 M**

3. **Calculate EBITDA**  
   - Operating profit (before impairment and disposals) = €429 M (includes depreciation/amortisation)  
   - Add back amortisation expense: €299 M  

   **EBITDA** = 429 M + 299 M = **€728 M**

4. **Compute the ratio**  
   - Net Debt / EBITDA = 6,875 M / 728 M ≈ **9.4**

**Final answer**

<answer>9.4</answer>