## Reasoning

### Step 1: Calculate Net Debt (S&P Methodology)

S&P's Net Debt typically includes:
- Short-term borrowings
- Long-term borrowings
- Lease liabilities (S&P typically includes these)
- Minus: Cash and cash equivalents

**Gross Debt components (as of 2023-01-01, which represents end of fiscal year 2022):**

1. **Non-current bonds/securities ("Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes"):** 3,101M EUR
2. **Non-current loans received:** 2,624M EUR
3. **Non-current lease liabilities:** 439M EUR
4. **Current bonds/securities ("Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes"):** 1,139M EUR
5. **Current loans received:** 553M EUR
6. **Current lease liabilities:** 72M EUR

**Total Gross Debt** = 3,101 + 2,624 + 439 + 1,139 + 553 + 72 = **7,928M EUR**

**Cash and Cash Equivalents** = 2,360M EUR

**Net Debt** = 7,928 - 2,360 = **5,568M EUR**

### Step 2: Calculate EBITDA (S&P Methodology)

S&P's EBITDA = Operating Profit + Depreciation & Amortization + Impairment

From the income statement (2022-01-01 to 2023-01-01):

- **Profit Loss From Operating Activities:** 1,334M EUR
- **Depreciation, Amortization and Provisions ("Dotacion Amortizacion YVariacion De Provisiones"):** 762M EUR
- **Impairment Loss (shown as negative = loss):** -15M EUR (this means 15M impairment loss)

Note: S&P typically adds back D&A and impairment to operating profit. The operating profit already includes the equity method result from operations ("Resultado De Puesta En Equivalencia Operativa") of 159M.

**EBITDA** = Operating Profit + D&A + Impairment
= 1,334 + 762 + 15 = **2,111M EUR**

However, S&P methodology also typically includes lease payments (operating lease depreciation is already in D&A since IFRS 16 is applied). The lease liabilities are already capitalized under IFRS 16, so depreciation of right-of-use assets is included in the D&A figure, and interest on leases is in finance costs. Under S&P methodology, they may adjust further, but with the data given, the standard approach is:

EBITDA = 1,334 + 762 + 15 = **2,111M EUR**

### Step 3: Net Debt / EBITDA

Net Debt / EBITDA = 5,568 / 2,111 = **2.64x**

Note: If we exclude lease liabilities from debt (some S&P calculations separate these), Net Debt would be 5,568 - 439 - 72 = 5,057M, giving 5,057/2,111 = 2.40x. But S&P typically includes lease liabilities in debt under their adjusted methodology.

Let me reconsider: S&P's standard approach post-IFRS 16 includes lease liabilities in debt and adds back lease depreciation (which is already in D&A) and lease interest (which is in finance costs). Since EBITDA as calculated above already includes the add-back of lease-related depreciation (part of the 762M D&A), the standard EBITDA figure works.

**Net Debt / EBITDA ≈ 2.64**

<answer>2.64</answer>