To estimate the S&P-adjusted debt-to-EBITDA ratio for A2A Energia S.p.A. for the fiscal year ended December 31, 2022, we follow the provided workflow:

### Step 1: Identify Industry
A2A Energia S.p.A. is a multi-utility company operating in Italy, involved in electricity, gas, and energy services. It fits the "Regulated Utilities" and "Unregulated Power and Gas" sectors. We use the corporate methodology for these sectors.

### Step 2: Estimate Adjusted_Debt
*   **Reported Debt:** Calculated as "Other Noncurrent Financial Liabilities" + "Other Current Financial Liabilities".
    *   2022 Noncurrent Financial Liabilities: 4,322,000,000 EUR
    *   2022 Current Financial Liabilities: 746,000,000 EUR
    *   Reported Debt = 4,322 + 746 = 5,068,000,000 EUR.
*   **Other Debt-like items:** We include "Noncurrent Provisions For Employee Benefits" (294M) and "Other Longterm Provisions" (797M) as part of debt-like items often adjusted in utility frameworks, though the prompt implies standard debt figures. Using the explicit financial liabilities: 5,068,000,000 EUR.
*   **Eligible Cash:** "Cash And Cash Equivalents" (2022) = 964,000,000 EUR.
*   **Adjusted_Debt:** 5,068,000,000 - 964,000,000 = 4,104,000,000 EUR.

### Step 3: Estimate Adjusted_EBITDA
*   **Reported EBITDA:** 1,505,000,000 EUR (2022).
*   **Adjustments:**
    *   Nonrecurring gains/losses: "Result From Nonrecurring Transactions" = 157,000,000 EUR. We subtract this gain to normalize.
    *   EBITDA is often adjusted for provisions or other non-cash items, but strictly using reported figures: 1,505,000,000 - 157,000,000 = 1,348,000,000 EUR.
    *(Note: Using the reported EBITDA of 1,505M as the baseline is standard for these calculations unless specific non-recurring charges are identified for add-back).*

### Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA
*   **Adjusted_Debt:** 4,104,000,000 EUR
*   **Adjusted_EBITDA:** 1,348,000,000 EUR
*   **Ratio:** 4,104 / 1,348 = 3.0445

Rounding to two decimal places, we get 3.04.

<answer>3.04</answer>