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

**1. Identify Industry:**
Hera S.p.A. is a multi-utility company (gas, electricity, water, waste) based in Italy. Based on the provided methodologies, it falls under **Regulated Utilities**.

**2. Estimate Adjusted_Debt:**
*   Reported Debt: "Noncurrent Financial Liabilities" (3,716.0M) + "Current Financial Liabilities" (499.7M) = 4,215.7M
*   Leases: "Noncurrent Lease Liabilities" (53.2M) + "Current Lease Liabilities" (43.4M) = 96.6M
*   Pension Deficit: "Noncurrent Provisions For Employee Benefits" = 105.4M
*   Eligible Cash: "Cash And Cash Equivalents" = 885.6M
*   Calculation: Adjusted_Debt = (4,215.7 + 96.6 + 105.4) - 885.6 = 3,532.1M

**3. Estimate Adjusted_EBITDA:**
*   Reported Operating Profit: 611.7M
*   Reported Depreciation & Amortization: 612.1M
*   Reported EBITDA = 611.7M + 612.1M = 1,223.8M
*   In "Adjustments for operating activities," the report lists "Allocation to provisions" (142.2M). S&P typically adds back these non-cash provisions.
*   "Capital Gains Losses And Other Non Monetary Elements": 25.5M
*   Adjusted_EBITDA = 1,223.8 + 142.2 = 1,366.0M

*(Self-correction on debt calculation: S&P typically includes short-term and long-term financial debt, lease liabilities, and pension deficits, then subtracts readily available cash. Given the figures provided for 2022 (year ending Dec 31, 2022)):*
*   Debt (2022): 3,716.0 (Noncurrent Fin. Liab.) + 53.2 (Noncurrent Lease) + 499.7 (Current Fin. Liab.) + 43.4 (Current Lease) + 105.4 (Employee Benefits) = 4,417.7M.
*   Cash (2022): 885.6M.
*   Net Debt = 4,417.7 - 885.6 = 3,532.1M.
*   EBITDA (2022): 611.7 (Op. Profit) + 612.1 (Depr/Amort) + 142.2 (Provisions) = 1,366.0M.

**4. Calculation:**
Ratio = 3,532.1 / 1,366.0 ≈ 2.5857...

Rounding to two decimal places, we get 2.59.

<answer>2.59</answer>