**Reasoning**

1. **Identify total debt** – According to the S&P methodology, total debt is the sum of all interest‑bearing liabilities. From the balance‑sheet we take the “Non‑current financial liabilities” (€44,216 M) and the “Current financial liabilities” (€25,079 M).  
   \[
   \text{Total debt}=44,216\text{ M}+25,079\text{ M}=69,295\text{ M EUR}
   \]

2. **Adjust for cash and short‑term investments** – Net debt is total debt less cash and cash equivalents and short‑term investments that can be readily converted to cash.  
   - Cash and cash equivalents (2023‑01‑01): €4,608 M  
   - Current financial assets (includes “Other current financial assets” and “Current derivative financial assets”): €4,813 M (treated as short‑term investments in the S&P approach)  

   \[
   \text{Adjustments}=4,608\text{ M}+4,813\text{ M}=9,421\text{ M EUR}
   \]

   \[
   \text{Net debt}=69,295\text{ M}-9,421\text{ M}=59,874\text{ M EUR}
   \]

3. **Obtain EBITDA** – The income‑statement gives “Beneficio bruto de explotación – EBITDA” for FY 2022: €13,228 M.

4. **Compute the ratio**  

   \[
   \frac{\text{Net debt}}{\text{EBITDA}}=\frac{59,874\text{ M}}{13,228\text{ M}}\approx 4.53
   \]

**Final answer**

<answer>4.53</answer>