To estimate the Net Debt / EBITDA ratio for TenneT Holding B.V. for 2022 based on the S&P methodology, I’ll proceed step by step.

### Step 1 – Determine EBITDA
S&P typically calculates EBITDA as operating profit/loss before depreciation and amortization, adjusted for certain items.  
From the given data, for 2022:

- Profit/loss from operating activities: **-976,000,000 EUR**
- Depreciation and amortization expense: **1,233,000,000 EUR**

Thus,  
**EBITDA** = -976,000,000 + 1,233,000,000 = **257,000,000 EUR**

S&P may also adjust for other items (e.g., share of profit from associates/JVs if not received in cash), but based on available data, this simple EBITDA is a reasonable starting point.

### Step 2 – Determine Net Debt
S&P’s definition of net debt includes:
- Long-term borrowings
- Short-term borrowings
- Current bank overdrafts
- Lease liabilities (current and noncurrent)
- Other financial liabilities (current and noncurrent) that are debt-like
- Less: Cash and cash equivalents

From the balance sheet at end-2022:
- Long-term borrowings: 19,006,000,000 EUR
- Short-term borrowings: 709,000,000 EUR
- Current bank overdrafts: 0 EUR
- Noncurrent lease liabilities: 574,000,000 EUR
- Current lease liabilities: 155,000,000 EUR
- Other noncurrent financial liabilities: 185,000,000 EUR
- Other current financial liabilities: 550,000,000 EUR

**Gross debt** =  
19,006,000,000 + 709,000,000 + 574,000,000 + 155,000,000 + 185,000,000 + 550,000,000 = **21,179,000,000 EUR**

**Cash and cash equivalents**: 6,547,000,000 EUR

**Net debt** = 21,179,000,000 – 6,547,000,000 = **14,632,000,000 EUR**

### Step 3 – Net Debt / EBITDA
14,632,000,000 / 257,000,000 ≈ **56.93**

So the ratio is roughly **56.9**.

<answer>56.9</answer>