## Reasoning

### Step 1: Calculate EBITDA (S&P methodology)

S&P's EBITDA typically starts with operating profit and adds back depreciation and amortization.

**EBITDA = Profit Loss From Operating Activities + Depreciation Amortisation And Impairment**

For 2022 (period 2022-01-01 to 2023-01-01):
- Profit Loss From Operating Activities = 1,333,500,000 EUR
- Depreciation Amortisation And Impairment = 725,700,000 EUR

EBITDA = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR

### Step 2: Calculate Net Debt (S&P methodology)

S&P's Net Debt = Total Debt - Cash and Cash Equivalents - Short-term investments

**Total Debt components (as of 2023-01-01, i.e., end of fiscal year 2022):**
- Long-term Borrowings = 8,416,700,000 EUR
- Short-term Borrowings = 444,100,000 EUR
- Current Portion of Long-term Borrowings = 1,909,300,000 EUR

Total Gross Debt = 8,416,700,000 + 444,100,000 + 1,909,300,000 = 10,770,100,000 EUR

**Cash and liquid investments:**
- Cash and Cash Equivalents = 2,155,100,000 EUR
- Current Financial Assets = 255,300,000 EUR

Total Cash and Liquid Assets = 2,155,100,000 + 255,300,000 = 2,410,400,000 EUR

**S&P considerations:**
- S&P typically treats hybrid bonds with intermediate equity content as 50% debt / 50% equity. The company issued 989,000,000 EUR in perpetual hybrid bonds during the period. Under S&P methodology, 50% of this (494,500,000 EUR) would typically be treated as debt.

However, looking more carefully at the balance sheet, the hybrid bonds appear to be classified entirely in equity (under "Capital Instruments Bonds Hybrid Perpetual" = 989,000,000 EUR in equity). So they're not in the borrowings figures already. Under S&P methodology, we should add 50% as debt.

Net Debt = Total Gross Debt + 50% of Hybrid Bonds - Cash - Current Financial Assets
Net Debt = 10,770,100,000 + 494,500,000 - 2,155,100,000 - 255,300,000
Net Debt = 8,854,200,000 EUR

### Step 3: Calculate Net Debt / EBITDA

Net Debt / EBITDA = 8,854,200,000 / 2,059,200,000 ≈ 4.30

Let me also consider whether S&P would include the noncurrent financial liabilities (247,200,000) and current financial liabilities (44,900,000) as debt. These could include lease liabilities or derivative liabilities. S&P typically includes lease obligations in debt.

If including these:
Total Debt = 10,770,100,000 + 247,200,000 + 44,900,000 = 11,062,200,000
Net Debt = 11,062,200,000 + 494,500,000 - 2,155,100,000 - 255,300,000 = 9,146,300,000

Net Debt / EBITDA = 9,146,300,000 / 2,059,200,000 ≈ 4.44

Given the ambiguity, let me go with a more standard approach. S&P typically focuses on financial debt (borrowings) plus lease obligations. The financial liabilities line items may include derivatives, so I'll be conservative and include them but also note the noncurrent financial assets might offset some.

Let me stick with the core borrowings + 50% hybrid approach:

Net Debt / EBITDA = 8,854,200,000 / 2,059,200,000 ≈ 4.30

Actually, reconsidering - many simpler estimates would not include the hybrid adjustment unless specifically asked. But the question says "S&P methodology." Let me include it.

Net Debt / EBITDA ≈ 4.30

<answer>4.3</answer>