The S&P definition of “Funds from operations (FFO)” corresponds to cash flow from operating activities before changes in working capital, which for 2022 is €1,202 million. Net debt is calculated as total debt (financial liabilities plus finance‑lease obligations) less cash and short‑term liquid assets. At end‑2022, total debt = €5,689.9 m (non‑current financial) + €650.1 m (current financial) + €55.1 m (non‑current lease) + €21.3 m (current lease) = €6,416.4 m. Cash and equivalents plus short‑term investments = €1,942.4 m + €77.7 m = €2,020.1 m. Net debt = €6,416.4 m – €2,020.1 m = €4,396.3 m.  

FFO / Net debt = €1,202 m ÷ €4,396.3 m ≈ 0.27.

<answer>0.27</answer>