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

**Net debt ≈ Gross borrowings − Cash and cash equivalents**

From the 2022 year-end balance sheet:

- Long-term borrowings: **€28.083bn**
- Current borrowings and current portion of noncurrent borrowings: **€12.508bn**
- Cash and cash equivalents: **€15.570bn**

So:

**Gross debt = 28.083 + 12.508 = €40.591bn**

**Net debt = 40.591 − 15.570 = €25.021bn**

Next, estimate EBITDA from the income statement. A practical proxy is:

**EBITDA ≈ Current operating income including operating MtM + depreciation, amortization and provisions**

For 2022:

- Current operating income including operating MtM: **€4.309bn**
- Depreciation, amortization and provisions: **€5.187bn**

So:

**EBITDA ≈ 4.309 + 5.187 = €9.496bn**

Then:

**Net Debt / EBITDA = 25.021 / 9.496 ≈ 2.64**

<answer>2.64</answer>