To estimate **Net Debt / EBITDA** for 2022 using an S&P-style approach, use:

**Net Debt = Gross financial debt + lease liabilities - cash and cash equivalents**

From the 2022 year-end balance sheet:

- Long-term borrowings: **15,782,604,000**
- Current borrowings and current portion of non-current borrowings: **4,239,869,000**
- Right-of-use assets, used as proxy for lease liabilities: **1,320,270,000**
- Cash and cash equivalents: **4,900,205,000**

So:

Gross debt = 15,782,604,000 + 4,239,869,000 = **20,022,473,000**

Adjusted debt including leases = 20,022,473,000 + 1,320,270,000 = **21,342,743,000**

Net debt = 21,342,743,000 - 4,900,205,000 = **16,442,538,000**

For EBITDA, the closest reported figure is:

- Profit before provisions, amortisation and impairment, financial income and expenses, income tax and CESE: **4,523,539,000**

This is effectively EBITDA before provisions and associates impact, so use **4,523,539,000** as EBITDA.

Net Debt / EBITDA:

16,442,538,000 / 4,523,539,000 = **3.635**

Rounded to two decimals: **3.64**

<answer>3.64</answer>