**Reasoning**

1. **Identify interest‑bearing debt (S&P “gross debt”)**  
   - Non‑current preferred shares/obligations: 3,101 M €  
   - Non‑current loans (long‑term portion): 2,624 M €  
   - Non‑current lease liabilities: 439 M €  
   - Current preferred shares/obligations: 1,139 M €  
   - Current loans (short‑term portion): 553 M €  
   - Current lease liabilities: 72 M €  

   **Total debt** = 3,101 + 2,624 + 439 + 1,139 + 553 + 72 = **7,928 M €**.

2. **Calculate net debt** – subtract cash and cash equivalents.  
   - Cash & cash equivalents (2023‑01‑01): 2,360 M € (this already includes short‑term investments classified as cash equivalents).  

   **Net debt** = 7,928 M € − 2,360 M € = **5,568 M €**.

3. **Compute EBITDA using S&P’s approach**  
   - Operating profit (profit from operating activities) = 1,334 M € (includes the operating share of equity‑method results).  
   - Add back depreciation, amortisation and changes in provisions (the line “Dotacion Amortizacion YVariacion De Provisiones”) = 762 M €.  
   - Adjust for net impairment reversal (the line “Impairment loss reversal …” is a positive reversal of –15 M €, so subtract it).  

   **EBITDA** = 1,334 + 762 − 15 = **2,081 M €**.

4. **Compute the ratio**  
   \[
   \text{Net Debt / EBITDA} = \frac{5,568}{2,081} \approx 2.68.
   \]

**Final answer**

<answer>2.68</answer>