To estimate the S&P-adjusted debt-to-EBITDA ratio for Ferrovial S.A. for 2022, we follow the prescribed workflow:

### 1. Identify the Industry
Ferrovial operates heavily in infrastructure (toll roads, airports, and construction). Given the emphasis on concessions, we categorize Ferrovial under "Transportation Infrastructure."

### 2. Estimate Adjusted Debt
Per S&P guidelines, we calculate Adjusted Debt using the provided balance sheet data (figures in EUR):
*   **Reported Debt:**
    *   Noncurrent Borrowings: 10,776,000,000 (Noncurrent Portion of Other Noncurrent Borrowings) + 838,000,000 (Other Noncurrent Financial Liabilities) = 11,614,000,000
    *   Current Borrowings: 1,096,000,000
    *   Lease Liabilities (Current + Noncurrent): 58,000,000 + 115,000,000 = 173,000,000
    *   Total Debt = 11,614,000,000 + 1,096,000,000 + 173,000,000 = 12,883,000,000
*   **Eligible Cash:** Generally defined as Cash and Cash Equivalents, excluding restricted cash.
    *   Total Cash: 5,536,000,000
    *   Restricted Cash: 579,000,000 + 47,000,000 + 160,000,000 = 786,000,000
    *   Eligible Cash = 5,536,000,000 - 786,000,000 = 4,750,000,000
*   **Adjusted Debt:** 12,883,000,000 - 4,750,000,000 = 8,133,000,000

### 3. Estimate Adjusted EBITDA
We reconstruct EBITDA using the Operating Profit + Depreciation/Amortization + Non-recurring items.
*   **Profit from Operating Activities:** 423,000,000
*   **Depreciation & Amortization:** 299,000,000
*   **Adjustments:**
    *   Add back Impairment/Disposals: 6,000,000 (Since -6M is a loss, we add it back to normalized operating performance).
    *   Exclude Fair Value Adjustments: 1,000,000 (Subtracting to normalize).
*   **Adjusted EBITDA:** 423,000,000 + 299,000,000 + 6,000,000 - 1,000,000 = 727,000,000
*(Note: Per methodology, we maintain consistency with reported operating metrics).*

### 4. Calculate Ratio
*   Ratio = Adjusted Debt / Adjusted EBITDA
*   Ratio = 8,133,000,000 / 727,000,000
*   Ratio ≈ 11.187...

Rounding to two decimal places, we get 11.19.

<answer>11.19</answer>