**Reasoning**

1. **Total debt** – Sum of borrowings and lease obligations (EUR million)  
   - Short‑term borrowings: 6,368  
   - Non‑current bonds: 20,425  
   - Other non‑current borrowings: 3,205  
   - Current lease liabilities: 522  
   - Non‑current lease liabilities: 1,580  
   **Total debt = 32,100 M€**

2. **Cash & liquid assets** – Cash, cash equivalents and short‑term financial assets (EUR million)  
   - Cash and cash equivalents: 12,578  
   - Current cash‑management assets: 755  
   - Other current financial assets: 84  
   **Cash & equivalents = 13,417 M€**

3. **Net debt** = Total debt – Cash & equivalents  
   **Net debt = 32,100 – 13,417 = 18,683 M€**

4. **EBITDA** – Start from ordinary operating profit (EBIT) and add back non‑cash charges:  
   - EBIT (ordinary operating profit): 6,824 M€  
   - Depreciation & amortisation: 3,613 M€  
   - Share‑based compensation: 356 M€ (non‑cash)  
   **EBITDA = 6,824 + 3,613 + 356 = 10,793 M€**

5. **Net Debt / EBITDA** = 18,683 M€ / 10,793 M€ ≈ **1.73**

<answer>1.73</answer>