We start by computing the components needed for the S&P Net Debt/EBITDA metric.

**Total debt (2022)**  
- Non‑current borrowings: €9,513 M  
- Current borrowings (including current portion of non‑current): €1,096 M  
- Non‑current lease liabilities: €115 M  
- Current lease liabilities: €58 M  
- Other non‑current financial liabilities (treated as debt): €72 M  

Total debt = 9,513 + 1,096 + 115 + 58 + 72 = **€10,854 M**  

**Unrestricted cash (2022)**  
- Cash and cash equivalents excluding infrastructure‑project cash: €5,329 M  
- Other current financial assets (short‑term investments): €11 M  

Unrestricted cash = 5,329 + 11 = **€5,340 M**  

**Net debt** = total debt – unrestricted cash = 10,854 – 5,340 = **€5,514 M**  

**EBITDA (2022, S&P‑adjusted)**  
- Operating profit before impairment (Profit from operations before impairment and disposals): €429 M  
- Add back amortisation/depreciation (Amortisation expense): €299 M → 429 + 299 = €728 M  
- Adjust for the non‑cash impairment loss of €6 M → 728 + 6 = €734 M  
- Adjust for the small fair‑value adjustment on other operating expense (‑€1 M) → 734 + 1 = **€735 M**  

Thus, adjusted EBITDA ≈ **€735 M**  

**Net Debt / EBITDA ratio** = 5,514 M / 735 M ≈ **7.5**  

<answer>7.5</answer>