To compute the Net Debt/EBITDA ratio for FY 2022 we first sum all interest‑bearing liabilities at the end of 2022 (non‑current and current financial liabilities, lease liabilities, concession liabilities and bank overdrafts) which total €30,503.5 million. We then subtract cash and short‑term investments (cash and cash equivalents + other current financial assets) of €11,225.7 million, giving net debt of €19,277.8 million. 

EBITDA for FY 2022 is obtained by taking operating income before share of equity‑method profit (€2,206.3 million) and adding back operating depreciation, amortisation and impairment losses (€3,178.6 million), which yields €5,384.9 million. 

Dividing net debt by EBITDA gives a ratio of 19,277.8 / 5,384.9 ≈ 3.58.

<answer>3.58</answer>