To estimate the S&P-adjusted debt-to-EBITDA ratio for TenneT Holding B.V. for the fiscal year 2022, we apply the standard S&P Global Ratings methodology for Corporate and Regulated Utilities.

**Step 1: Estimate Adjusted Debt**
We calculate Adjusted Debt by including reported borrowings, lease liabilities, unfunded pension obligations, and the debt-like portion of hybrid capital, and then we deduct accessible cash. 
- **Reported Borrowings:** Long-term borrowings (€19,006m) + Short-term borrowings (€709m) = €19,715m
- **Lease Liabilities:** Noncurrent (€574m) + Current (€155m) = €729m
- **Pension Deficit:** Noncurrent Recognised Liabilities Defined Benefit Plan = €174m
- **Hybrid Capital:** Standard S&P methodology assigns 50% debt and 50% equity content to intermediate corporate hybrids. (€2,125m * 50%) = €1,062.5m
- **Less Accessible Cash:** Cash and cash equivalents = €6,547m

*Adjusted Debt* = 19,715 + 729 + 174 + 1,062.5 - 6,547 = **€15,133.5m**

**Step 2: Estimate Adjusted EBITDA**
To find the normalized core operating cash generation, we start with the reported operating profit (EBIT) and add back D&A, non-recurring items, non-cash regulatory items, and adjust for equity investments.
- **Reported EBIT:** €-976m (This equals Revenue of €8,299m minus Operating Expenses of €9,395m plus Share of Profit of JVs/Associates of €120m).
- **Depreciation & Amortization (D&A):** +€1,233m
- *(Reported EBITDA = €257m)*
- **Non-recurring Losses:** "Other Gains/Losses" represents a loss booked in operating expenses. We add it back. +€38m
- **Other Normalization Adjustments (Regulatory/Non-cash):** Under IFRS, TenneT cannot book regulatory deferral accounts (amounts under/over-recovered from grid tariffs) on the balance sheet. S&P resolves this mismatch to focus on underlying economic performance by adjusting EBITDA with the "Other Adjustments For Noncash Items" found in the operating cash flow. +€1,347m
- **Joint Venture Adjustments:** S&P deducts equity-accounted earnings and replaces them with actual cash dividends received. (-€120m Share of Profit + €92m Dividends) = -€28m

*Adjusted EBITDA* = -976 + 1,233 + 38 + 1,347 - 28 = **€1,614m**

**Step 3: Calculate Adjusted Debt-to-EBITDA**
Adjusted Debt / Adjusted EBITDA = €15,133.5m / €1,614m = 9.37639...

<answer>9.38</answer>