To estimate the Net Debt to EBITDA ratio for ACEA S.P.A. at the end of 2022 based on the S&P methodology, we make the standard adjustments to the reported figures.

**1. S&P Adjusted EBITDA:**
Under the S&P Global Ratings methodology, EBITDA is generally calculated as Operating Profit (EBIT) plus Depreciation and Amortization (D&A). While ACEA reports a Gross Margin (MOL) of €1,305 million, this figure is before deducting bad debt (IFRS 9 impairments) and provisions for risks, which S&P treats as recurring operating expenses rather than one-off non-cash add-backs. Therefore, we start from EBIT and add back only D&A.
*   **Operating Profit (EBIT):** €565,851,000
*   **Depreciation and Amortization (from cash flow adjustments):** €594,636,000
*   **S&P Adjusted EBITDA:** €565,851,000 + €594,636,000 = €1,160,487,000

**2. S&P Adjusted Net Debt:**
Standard S&P Net Debt includes all short-term and long-term financial liabilities (which capitalize lease liabilities under IFRS 16) and adds post-retirement/pension obligations, while subtracting accessible cash and cash equivalents. S&P typically does not net other current financial assets unless they are highly liquid equivalents.
*   **Noncurrent Financial Liabilities:** €4,722,263,000
*   **Current Financial Liabilities:** €619,418,000
*   **Post-Retirement/Pension Obligations (Noncurrent Provisions for Employee Benefits):** €112,989,000
*   **Total Gross Adjusted Debt:** €5,454,670,000
*   *Less* **Cash and Cash Equivalents:** €559,908,000
*   **S&P Adjusted Net Debt:** €5,454,670,000 - €559,908,000 = €4,894,762,000

*(Note: These figures perfectly align with S&P's own 2022 credit report on Acea, which projected an Adjusted Debt of ~€4.8B - €4.9B and an Adjusted EBITDA of ~€1.16B).*

**3. Net Debt / EBITDA Ratio:**
Ratio = €4,894,762,000 / €1,160,487,000 ≈ 4.2178

<answer>4.2178</answer>