Step 1 — Relevant industry

Acciona SA is a diversified infrastructure and renewable energy group. Based on the provided methodologies, the closest fit is mainly Unregulated Power and Gas, given Acciona’s significant renewable generation activities, alongside infrastructure/construction activities that are not fully captured by the listed sector methodologies. For the financial ratio calculation, the general S&P corporate baseline formulas are appropriate, with lease liabilities treated as debt-like obligations and cash netted against debt.

Step 2 — Estimate Adjusted EBITDA

Reported/reconstructed EBITDA can be derived from operating profit plus depreciation/amortization/provisions.

Given:
- Profit from operating activities = €1,334 million
- Depreciation/amortization/provisions = “Dotacion Amortizacion Y Variacion De Provisiones” = €762 million

Reconstructed EBITDA:

\[
EBITDA = 1{,}334 + 762 = 2{,}096 \text{ million}
\]

Lease adjustment:
- Lease liabilities are already capitalized under IFRS 16.
- Since depreciation includes right-of-use asset depreciation but the data does not provide separate lease depreciation/interest split, no additional EBITDA lease add-back is made beyond reported IFRS-style EBITDA.

Nonrecurring items:
- Impairment loss/reversal = -€15 million, which appears to be a reversal/gain. To normalize EBITDA, subtract gains or add losses. The operating profit already includes this favorable €15 million effect, so adjust EBITDA downward by €15 million.
- Other gains/losses = €13 million gain, also favorable and potentially nonrecurring, so subtract €13 million.

Adjusted EBITDA estimate:

\[
Adjusted\ EBITDA = 2{,}096 - 15 - 13 = 2{,}068 \text{ million}
\]

Step 3 — Estimate FFO

Baseline:

\[
FFO = Adjusted\ EBITDA - cash\ interest - cash\ taxes
\]

Given:
- Interest paid classified as operating activities = €209 million
- Income taxes paid/refund classified as operating activities = €215 million

\[
FFO = 2{,}068 - 209 - 215 = 1{,}644 \text{ million}
\]

Step 4 — Estimate Adjusted Debt

Reported debt is estimated from bonds/negotiable securities, loans, and lease liabilities.

Debt components at 2023-01-01:
- Noncurrent bonds/other negotiable securities = €3,101 million
- Current bonds/other negotiable securities = €1,139 million
- Noncurrent loans = €2,624 million
- Current loans = €553 million
- Noncurrent lease liabilities = €439 million
- Current lease liabilities = €72 million

Gross reported debt including leases:

\[
Gross\ debt = 3{,}101 + 1{,}139 + 2{,}624 + 553 + 439 + 72 = 7{,}928 \text{ million}
\]

Eligible cash:
- Cash and cash equivalents = €2,360 million

Adjusted debt:

\[
Adjusted\ Debt = 7{,}928 - 2{,}360 = 5{,}568 \text{ million}
\]

Step 5 — Calculate FFO / Adjusted Debt

\[
FFO / Adjusted\ Debt = \frac{1{,}644}{5{,}568} = 0.2952586
\]

Rounded to four decimals:

<answer>0.2953</answer>