Step 1 — Relevant industry  
VERBUND AG is an Austrian electricity utility with substantial hydropower generation and grid activities. Based on the provided methodologies, it best fits the utility/power sector. Because VERBUND has both regulated grid revenue and significant electricity generation/merchant exposure, the relevant framework is closest to Regulated Utilities / Unregulated Power and Gas. For estimating the S&P-adjusted debt-to-EBITDA ratio from the provided data, I apply the baseline S&P-style debt and EBITDA adjustments, with no additional industry-specific purchased-power or securitization adjustments because the necessary data are not provided.

Step 2 — Estimate Adjusted_Debt  

Use year-end 2022 balance sheet, i.e. 2023-01-01 values.

Reported financial debt:
- Noncurrent financial liabilities = EUR 2,844,559,000
- Current financial liabilities = EUR 1,109,297,000

Reported_debt = 2,844,559,000 + 1,109,297,000  
Reported_debt = EUR 3,953,856,000

Leases:
- Right-of-use assets are disclosed, but lease liabilities are not separately provided.
- Current and noncurrent financial liabilities likely include lease liabilities under IFRS.
- To avoid double counting, no separate lease add-back is made.

Pension deficit:
- Noncurrent provisions = EUR 619,486,000
- Current provisions = EUR 50,855,000
- These include more than pensions and are not identified as pension obligations.
- No explicit pension-deficit adjustment is made due to insufficient data.

Guarantees, hybrids, other debt-like items:
- Not disclosed in the provided facts, so assumed zero.

Eligible cash:
- Cash and cash equivalents = EUR 409,252,000

Adjusted_Debt = reported_debt - eligible_cash  
Adjusted_Debt = 3,953,856,000 - 409,252,000  
Adjusted_Debt = EUR 3,544,604,000

Step 3 — Estimate Adjusted_EBITDA  

Reported EBITDA for 2022:
- EBITDA = EUR 3,160,679,000

Potential adjustments:
- Lease adjustment: no separate lease expense data provided, and lease liabilities appear included in financial liabilities; no adjustment.
- Nonrecurring losses/gains: impairment loss and reversal of impairment are below EBITDA in the income statement, so they do not affect reported EBITDA and are not adjusted here.
- Pension adjustments: insufficient data.
- JV proportional EBITDA: equity-method profit is provided, but proportional EBITDA of associates/JVs is not provided, so no adjustment.
- Other normalization: no sufficiently specific nonrecurring EBITDA items identified.

Adjusted_EBITDA = EUR 3,160,679,000

Step 4 — Calculate ratio  

Adjusted_Debt / Adjusted_EBITDA = 3,544,604,000 / 3,160,679,000  
Adjusted_Debt / Adjusted_EBITDA = 1.12147  

Rounded to two decimals = 1.12

<answer>1.12</answer>