To calculate the Net Debt / EBITDA ratio based on the S&P methodology, we follow the standard adjustments applied by S&P Global Ratings for corporate entities. 

**1. Calculate S&P Adjusted Net Debt**
S&P Adjusted Net Debt includes short-term and long-term borrowings, lease liabilities, 50% of intermediate-equity content hybrid capital, and asset retirement obligations (AROs, represented by provisions) net of tax. From this gross figure, S&P deducts accessible cash and liquid short-term investments (like marketable securities).

* **Borrowings and Leases**: 
  Long-term Borrowings = 60,451
  Short-term Borrowings = 2,830
  Non-current Lease Liabilities = 7,697
  Current Lease Liabilities = 569
  *Total Gross Borrowings & Leases = 71,547 million DKK*

* **Hybrid Capital Adjustment**: 
  Hybrid Capital = 19,793
  *50% of Hybrid Capital = 9,896.5 million DKK*

* **Provisions (ARO) Adjustment**: 
  Non-current Provisions = 19,121
  Current Provisions = 585
  *Total Provisions = 19,706 million DKK*
  S&P applies a post-tax value for AROs. Using Ørsted's typical corporate tax rate for standard provisions (approx. 22%): 
  *Post-tax Provisions ≈ 15,371 million DKK*

* **Cash and Liquid Investments**: 
  Cash = 16,178 
  Current Financial Assets Held for Trading (highly liquid securities used by Ørsted as a liquidity reserve) = 25,197
  *Total Deductions = 41,375 million DKK*

**Adjusted Net Debt** = 71,547 (Borrowings) + 9,896.5 (Hybrids) + 15,371 (Provisions) - 41,375 (Cash & Securities) = **55,439.5 million DKK**
*(Note: Ørsted systematically matches its liquid securities to its Hybrid & ARO adjustments, meaning basic Net Debt (Debt - Cash) roughly equates to S&P's fully Adjusted Net Debt).*

**2. Calculate S&P Adjusted EBITDA**
S&P adjusts EBITDA by removing non-cash equity earnings from associates and adding back actual cash dividends received from them.

* **Reported EBITDA**: 
  Profit Loss From Operating Activities Before Interest, Taxes, Depreciation And Amortisation Expense = 32,057 million DKK
* **Deduct Share of Profit of Associates**: 
  Core (114) + Non-Core (40) = 154 million DKK
* **Add Dividends Received from Associates**: 23 million DKK

**Adjusted EBITDA** = 32,057 - 154 + 23 = **31,926 million DKK**

**3. Net Debt / EBITDA Ratio**
Ratio = 55,439.5 / 31,926 = 1.736

<answer>1.74</answer>