To determine the Net Debt to EBITDA ratio based on the standard S&P Capital IQ methodology, we must first extract the relevant components for Total Debt, Cash & Equivalents, and EBITDA from the provided financial facts for the period ending December 31, 2022 (represented as 2023-01-01).

**1. Calculate Total Debt**
Under standard S&P Capital IQ methodology, Total Debt consists of both short-term and long-term borrowings, as well as current and noncurrent lease liabilities.
- Noncurrent Borrowings (Noncurrent Portion Of Other Noncurrent Borrowings): 10,776,000,000 EUR
- Current Borrowings (Current Borrowings And Current Portion Of Noncurrent Borrowings): 877,000,000 EUR
- Noncurrent Lease Liabilities: 120,000,000 EUR
- Current Lease Liabilities: 64,000,000 EUR
*Total Debt = 10,776 + 877 + 120 + 64 = 11,837,000,000 EUR*

**2. Calculate Cash and Equivalents**
We take the reported standardized cash figure from the balance sheet.
- Cash And Cash Equivalents: 5,130,000,000 EUR
*(Note: Capital IQ typically does not net non-current restricted cash against debt, relying directly on the reported top-line Cash & Equivalents figure).*

**3. Calculate Net Debt**
Net Debt = Total Debt - Cash And Cash Equivalents
*Net Debt = 11,837,000,000 EUR - 5,130,000,000 EUR = 6,707,000,000 EUR*

**4. Calculate EBITDA**
EBITDA adds back Depreciation & Amortization and non-cash impairment charges to Operating Income. 
- Profit Loss From Operating Activities (Operating Income): 423,000,000 EUR
- Amortisation Expense (D&A): 299,000,000 EUR
- Impairment And Gains Or Losses On Disposal Of Non Current Assets: 6,000,000 EUR (recorded as a -6,000,000 EUR charge/loss, thus added back)
*EBITDA = 423 + 299 + 6 = 728,000,000 EUR*
*(This correctly aligns with the pre-D&A figure tagged as "Gross Profit" in Ferrovial's standardized reporting: 728,000,000 EUR).*

**5. Calculate Net Debt / EBITDA**
Ratio = 6,707,000,000 EUR / 728,000,000 EUR ≈ 9.2129x

<answer>9.21</answer>