To estimate the S&P-adjusted debt-to-EBITDA ratio for Naturgy Energy Group SA for the year ended December 31, 2022, we apply S&P’s standard analytical adjustments for corporate issuers and regulated utilities.

**Step 1: Estimate Adjusted Debt**
S&P defines Adjusted Debt as the sum of reported short-term and long-term financial debt, lease liabilities, and other debt-like obligations, minus accessible cash and cash equivalents.

*   **Financial Debt & Leases:**
    *   Long-term borrowings: 12,689,000,000 EUR
    *   Current borrowings: 2,110,000,000 EUR
    *   Noncurrent lease liabilities: 1,309,000,000 EUR
    *   Current lease liabilities: 177,000,000 EUR
    *   Other financial liabilities (current + noncurrent): 15,000,000 + 1,000,000 = 16,000,000 EUR
    *   *Total Gross Debt = 16,301,000,000 EUR*
*   **Less: Eligible Cash:**
    *   Cash and cash equivalents: 3,985,000,000 EUR
*   **Adjusted Debt** = 16,301,000,000 - 3,985,000,000 = **12,316,000,000 EUR**

*(Note: We exclude unallocated provisions and operating payables as we lack specific breakdowns for pension deficits or explicit asset retirement obligations directly tied to S&P's debt adjustments).*

**Step 2: Estimate Adjusted EBITDA**
S&P adjusts reported EBITDA to ensure it strictly reflects recurring operational cash flows.

*   **Reported EBITDA:** 4,954,000,000 EUR
*   **Less: Non-recurring items included in EBITDA:**
    *   Gains on disposals of property, plant, and equipment: -8,000,000 EUR 
*   **Less: Operating expenses placed below EBITDA:** 
    *   Increase in allowance for credit losses (bad debt provision): -228,000,000 EUR *(S&P includes standard working-capital-related bad debt as an ongoing operating expense).*
*   **Plus: Cash received from equity method investments:**
    *   Dividends received classified as operating activities: +106,000,000 EUR *(S&P adds dividends received from associates/JVs since their proportional earnings were originally outside the reported EBITDA).*
*   **Adjusted EBITDA** = 4,954,000,000 - 8,000,000 - 228,000,000 + 106,000,000 = **4,824,000,000 EUR**

**Step 3: Calculate the Ratio**
*   **Adjusted Debt / Adjusted EBITDA** = 12,316,000,000 EUR / 4,824,000,000 EUR ≈ 2.553

<answer>2.55</answer>