To estimate the S&P-adjusted debt-to-EBITDA ratio for REN - REDES ENERGÉTICAS NACIONAIS, SGPS, S.A. for the fiscal year 2022, we align the reported financials with S&P's standard adjustments for corporate issuers and regulated utilities.

**Step 1: Estimate Adjusted Debt**
S&P defines Adjusted Debt as reported debt plus debt-like items (such as the tax-effected pension deficit and lease liabilities) minus accessible cash.

* **Reported Borrowings:** 
  Long-term Borrowings: €1,695,362,000
  Current Borrowings: €638,944,000
  *Total Reported Debt = €2,334,306,000*
* **Pension Deficit:** 
  Noncurrent Provisions for Employee Benefits = €64,939,000. 
  S&P typically adds post-employment obligations net of deferred tax. Using the effective tax rate from the income statement (Income Tax Expense of €54,263,000 / EBT of €194,053,000 ≈ 28.0%):
  *Tax-effected pension ≈ €64,939,000 × (1 - 0.28) = €46,756,000*
* **Cash and Cash Equivalents:** 
  *Eligible Cash = €365,292,000* (Deducted from debt)

*Adjusted Debt* = €2,334,306,000 + €46,756,000 - €365,292,000 = **€2,015,770,000**

**Step 2: Estimate Adjusted EBITDA**
We start with the reported operating metrics and add back non-cash operating items while applying S&P's sector-specific adjustments (e.g., deducting sector-specific taxes treated as operating costs).

* **Reported EBIT (Profit/Loss from Operating Activities):** €239,721,000
* **Depreciation & Amortisation:** €249,276,000
* **Impairment Losses:** +€1,437,000 (Added back as non-cash/non-recurring)
* **Changes in Other Provisions:** -€2,230,000 (Deducted as a non-cash reversal gain)
* **Energy Sector Extraordinary Contribution (ESEC):** -€28,019,000 
  *(Note: The Portuguese ESEC is reported below EBIT, but S&P standard methodology treats this industry-specific levy as a recurring operating tax expense, so it must be deducted to arrive at Adjusted EBITDA).*

*Adjusted EBITDA* = €239,721,000 + €249,276,000 + €1,437,000 - €2,230,000 - €28,019,000 = **€460,185,000**

**Step 3: Calculate the Ratio**
Adjusted Debt / Adjusted EBITDA = €2,015,770,000 / €460,185,000 = 4.3803...

<answer>4.38</answer>