To estimate the S&P-adjusted debt-to-EBITDA ratio for Acciona SA for the fiscal year ended December 31, 2022, we follow the S&P Global Ratings baseline methodology for corporate entities, determining Adjusted Debt and Adjusted EBITDA from the provided financial facts.

**Step 1: Estimate Adjusted Debt**
S&P defines Adjusted Debt as reported gross debt plus lease liabilities, minus accessible cash and cash equivalents. We compile the short- and long-term borrowing figures from the balance sheet. 

*Reported Borrowings:*
- Noncurrent Portion Of Noncurrent Loans Received: €2,624,000,000
- Current Loans Received And Current Portion Of Noncurrent Loans Received: €553,000,000
- Participaciones Preferentes, Obligaciones Y Otros Valores Negociables No Corrientes (Noncurrent Bonds/Securities): €3,101,000,000
- Participaciones Preferentes, Obligaciones Y Otros Valores Negociables Corrientes (Current Bonds/Securities): €1,139,000,000
*Total Reported Debt = €7,417,000,000*

*Lease Liabilities:*
- Noncurrent Lease Liabilities: €439,000,000
- Current Lease Liabilities: €72,000,000
*Total Lease Liabilities = €511,000,000*

*Gross Debt = €7,417,000,000 + €511,000,000 = €7,928,000,000*

*Eligible Cash:*
- Cash And Cash Equivalents: €2,360,000,000

*Adjusted Debt* = €7,928,000,000 - €2,360,000,000 = **€5,568,000,000**

**Step 2: Estimate Adjusted EBITDA**
S&P calculates Adjusted EBITDA by starting with reported Operating Profit (EBIT), adding back Depreciation and Amortization (D&A), and making normalizations for non-recurring or non-cash items, as well as adjusting for equity in earnings of joint ventures (subtracting non-cash equity income and adding back cash dividends received).

We reconstruct the EBIT to ensure proper sign alignments:
*Reported EBIT = €1,334,000,000*

*D&A Add-back:* 
- Dotacion Amortizacion Y Variacion De Provisiones: €762,000,000 
*(EBITDA before further adjustments = €1,334M + €762M = €2,096,000,000)*

*Normalizations (removing gains to clean the core metric):*
- Equity in earnings of operating JVs ("Resultado De Puesta En Equivalencia Operativa"): Deduct the €159,000,000 non-cash gain included in EBIT.
- Dividends received from JVs: Add the actual cash received of €89,000,000.
- Reversal of impairment losses ("Impairment Loss Reversal..."): Deduct the €15,000,000 non-recurring gain.
- Other Gains / Losses: Deduct the €13,000,000 operating gain.

*Adjusted EBITDA* = €2,096,000,000 - €159,000,000 + €89,000,000 - €15,000,000 - €13,000,000 = **€1,998,000,000**

**Step 3: Calculate the S&P-Adjusted Debt-to-EBITDA Ratio**
Adjusted Debt / Adjusted EBITDA = €5,568,000,000 / €1,998,000,000 = 2.78678...

<answer>2.79</answer>