S&P’s Net Debt / EBITDA ratio can be approximated as:

**Net Debt / EBITDA = (Gross debt − Cash and cash equivalents) / EBITDA**

Using the available 2022 year-end Fortum figures:

- **Other noncurrent financial liabilities**: EUR 3,658 million  
- **Other current financial liabilities**: EUR 4,127 million  
- **Gross debt approximation**: 3,658 + 4,127 = **EUR 7,785 million**
- **Cash and cash equivalents / liquid funds**: **EUR 3,919 million**

So:

- **Net debt** = 7,785 − 3,919 = **EUR 3,866 million**

For EBITDA, the closest reported S&P-style operating EBITDA measure available is:

- **Comparable EBITDA 2022**: **EUR 2,436 million**

Therefore:

- **Net Debt / EBITDA** = 3,866 / 2,436 = **1.59**

<answer>1.59</answer>