To determine the S&P-adjusted debt-to-EBITDA ratio for VERBUND AG for the fiscal year ended December 31, 2022, we apply the standard S&P Global Ratings methodology for Corporate Issuers (including Regulated Utilities / Unregulated Power and Gas where applicable).

**Step 1: Estimate Adjusted Debt**
We calculate the Adjusted Debt by taking the reported financial liabilities and deducting highly liquid cash and cash equivalents. 
* Reported Noncurrent Financial Liabilities: 2,844,559,000 EUR
* Reported Current Financial Liabilities: 1,109,297,000 EUR
* *Total Reported Debt*: 3,953,856,000 EUR

*(Note: Lease liabilities under IFRS are capitalized and included within the reported financial liabilities. We do not have sufficient itemized data to add explicit post-retirement pension obligations or asset retirement obligations, which would typically be included inside provisions.)*

* Less: Cash and Cash Equivalents: 409,252,000 EUR
* **Adjusted Debt** = 3,953,856,000 EUR - 409,252,000 EUR = **3,544,604,000 EUR**

**Step 2: Estimate Adjusted EBITDA**
We reconstruct the Adjusted EBITDA starting from the reported EBITDA and applying S&P's standard analytical adjustments. 
* Reported EBITDA: 3,160,679,000 EUR
* *Adjustment for Equity Investments*: For VERBUND AG, the "Share Of Profit Loss Of Associates And Joint Ventures" (4,293,000 EUR) is reported as a component of "Finance Income Cost", which sits below "Profit Loss From Operating Activities". Consequently, it is not included in the reported EBITDA. Under S&P's criteria, we should add the actual cash dividends received from these equity investments.
* Plus: Dividends Received Classified As Operating Activities: 29,900,000 EUR
* Plus: Adjustments for Losses on Disposal of Noncurrent Assets (nonrecurring loss): 4,914,000 EUR

* **Adjusted EBITDA** = 3,160,679,000 EUR + 29,900,000 EUR + 4,914,000 EUR = **3,195,493,000 EUR**
*(Without the minor disposal loss, Adjusted EBITDA would be 3,190,579,000 EUR; both scenarios round to the same resulting ratio)*

**Step 3: Calculate the Ratio**
* **Adjusted Debt / Adjusted EBITDA** = 3,544,604,000 EUR / 3,195,493,000 EUR ≈ 1.10925

<answer>1.11</answer>