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

**Net debt ≈ reported financial debt + lease liabilities − cash and cash equivalents**

From the 2022 year-end balance sheet, dated 2023-01-01:

- Noncurrent financial liabilities: **€44.216bn**
- Current financial liabilities: **€25.079bn**
- Cash and cash equivalents: **€4.608bn**

These financial liabilities include lease liabilities:
- Noncurrent lease liabilities: **€2.287bn**
- Current lease liabilities: **€0.151bn**

Because lease liabilities are already included in current and noncurrent financial liabilities, they do not need to be added separately.

So:

**Gross financial debt = 44.216 + 25.079 = €69.295bn**

**Net debt = 69.295 − 4.608 = €64.687bn**

For EBITDA, use reported 2022 EBITDA:

- EBITDA: **€13.228bn**

Therefore:

**Net Debt / EBITDA = 64.687 / 13.228 = 4.89x**

<answer>4.89</answer>