Let’s reason through the S&P-style net debt / EBITDA calculation step-by-step.

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**1. EBITDA**  
For 2022, “Beneficio Bruto De Explotacion Ebitda” = **4,954 million EUR**.

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**2. Gross debt**  
We sum:  
- Long-term borrowings (2023-01-01): 12,689M  
- Current borrowings & current portion of non-current borrowings (2023-01-01): 2,110M  
- Non-current lease liabilities (2023-01-01): 1,309M  
- Current lease liabilities (2023-01-01): 177M

Total gross debt = 12,689 + 2,110 + 1,309 + 177 = **16,285 million EUR**.

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**3. Cash & equivalents**  
Cash and cash equivalents (2023-01-01): **3,985 million EUR**.

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**4. Net debt**  
Net debt = Gross debt – Cash = 16,285 – 3,985 = **12,300 million EUR**.

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**5. Ratio**  
Net debt / EBITDA = 12,300 / 4,954 ≈ **2.48**.

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<answer>2.48</answer>