To estimate VINCI’s 2022 Net Debt / EBITDA under an S&P-style approach, use:

**Net Debt / EBITDA = adjusted debt net of cash / EBITDA**

From the provided 2022 year-end balance sheet and income statement data:

1. **Debt components**
   - Noncurrent bonds issued: €20,425m
   - Noncurrent other borrowings: €3,205m
   - Short-term borrowings: €6,368m
   - Noncurrent lease liabilities: €1,580m
   - Current lease liabilities: €522m

   Total debt including lease liabilities:
   \[
   20,425 + 3,205 + 6,368 + 1,580 + 522 = 32,100
   \text{ m}
   \]

2. **Cash and cash-like assets**
   - Cash and cash equivalents: €12,578m
   - Current cash management financial assets: €755m

   Total cash / cash equivalents:
   \[
   12,578 + 755 = 13,333
   \text{ m}
   \]

3. **Net debt**
   \[
   32,100 - 13,333 = 18,767
   \text{ m}
   \]

4. **EBITDA**
   Use operating profit plus depreciation and amortisation:
   - Profit from operating activities: €6,489m
   - Depreciation and amortisation: €3,613m

   \[
   EBITDA = 6,489 + 3,613 = 10,102
   \text{ m}
   \]

5. **Net Debt / EBITDA**
   \[
   \frac{18,767}{10,102} \approx 1.86
   \]

<answer>1.86</answer>