Step 1 — Relevant industry

VERBUND AG is primarily an electricity utility with generation, electricity sales, and grid/network operations. The facts show substantial electricity sales revenue and grid revenue. Among the provided methodologies, the closest fit is Utilities / Power, with a mix of:
- regulated utility activities, especially grid revenue; and
- unregulated power generation/sales activities.

For estimating FFO-to-debt using the provided workflow, the same core ratio applies: FFO / Adjusted Debt. No sector-specific formula override is needed from the supplied text beyond considering leases and other debt-like items where identifiable.

Step 2 — Estimate Adjusted EBITDA

Reported 2022 EBITDA:

\[
\text{EBITDA} = 3{,}160{,}679{,}000
\]

Potential adjustments:
- Leases: Right-of-use assets and lease payments are disclosed, but no separate lease interest/depreciation split is provided. Because financial liabilities likely include lease liabilities under IFRS, I avoid double-counting by not adding an additional lease EBITDA adjustment.
- Nonrecurring losses/gains: impairment losses and reversals are already below EBITDA in the income statement, so no EBITDA adjustment is needed.
- JV proportional EBITDA: insufficient data; no adjustment.
- Pension adjustments/other normalization: insufficient data; no adjustment.

Thus:

\[
\text{Adjusted EBITDA} \approx 3{,}160{,}679{,}000
\]

Step 3 — Estimate FFO

Baseline formula:

\[
\text{FFO} = \text{Adjusted EBITDA} - \text{cash interest} - \text{cash taxes}
\]

Given:
- Interest paid classified as operating activities 2022: EUR 36,100,000
- Income taxes paid classified as operating activities 2022: EUR 343,100,000

\[
\text{FFO} = 3{,}160{,}679{,}000 - 36{,}100{,}000 - 343{,}100{,}000
\]

\[
\text{FFO} = 2{,}781{,}479{,}000
\]

Step 4 — Estimate Adjusted Debt

Use year-end 2022 balance sheet, dated 2023-01-01.

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

\[
\text{Reported debt} = 2{,}844{,}559{,}000 + 1{,}109{,}297{,}000
\]

\[
\text{Reported debt} = 3{,}953{,}856{,}000
\]

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

No separate pension deficit, guarantees, hybrids, or additional lease liability amount is available. Because leases appear likely included in IFRS financial liabilities, I do not add right-of-use assets separately.

\[
\text{Adjusted Debt} = 3{,}953{,}856{,}000 - 409{,}252{,}000
\]

\[
\text{Adjusted Debt} = 3{,}544{,}604{,}000
\]

Step 5 — Calculate FFO / Adjusted Debt

\[
\frac{\text{FFO}}{\text{Adjusted Debt}} =
\frac{2{,}781{,}479{,}000}{3{,}544{,}604{,}000}
\]

\[
= 0.7847
\]

<answer>0.7847</answer>