Here’s my reasoning for estimating the **Net Debt / EBITDA ratio for 2022** for Fortum Oyj, using S&P methodology.

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**Step 1 – Identify EBITDA from provided data**

From the facts, we have:

- **Comparable EBITDA 2022:** €2,436m  
- **Items Affecting Comparability 2022:** –€593m  

S&P typically uses reported EBITDA (not adjusted) including items affecting comparability.  
So:  
**Reported EBITDA** = Comparable EBITDA + Items Affecting Comparability  
= 2,436 + (–593)  
= **€1,843m**

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**Step 2 – Identify Net Debt**

S&P net debt usually =  
**Total debt (noncurrent + current borrowings)**  
– **Cash and liquid funds**  
– **Certain other liquid financial assets (if readily available)**

From the balance sheet at 2023-01-01 (FY 2022 end):

**Debt items:**
- Other Noncurrent Financial Liabilities: €3,658m  
- Other Current Financial Liabilities: €4,127m  
Total debt = **€7,785m**

**Cash and liquid assets:**
- Liquid Funds: €3,919m  
- Other Current Financial Assets: €660m  
We exclude non-current financial assets, margin receivables, and derivative assets as they are not standard “cash” for net debt.

So: Net Debt = €7,785m – (3,919 + 660) = **€3,206m**

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**Step 3 – Compute ratio**

Net Debt / EBITDA = 3,206 / 1,843 ≈ **1.74**

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<answer>1.74</answer>