Step 1 — Relevant industry  
REDEIA Corporacion SA is primarily an electricity transmission/network infrastructure group, operating regulated electricity transmission assets. The relevant methodology is therefore **Regulated Utilities**. The key ratio requested is S&P-adjusted **FFO to debt**.

Step 2 — Estimate Adjusted EBITDA  
Reported operating profit for 2022:

- Profit from operating activities = EUR 961,554,000  
- Depreciation and amortisation expense = EUR 544,992,000  

Reconstructed EBITDA:

\[
EBITDA = 961{,}554{,}000 + 544{,}992{,}000 = 1{,}506{,}546{,}000
\]

No lease, pension deficit, guarantee, hybrid, or clear nonrecurring adjustment data is provided, so no additional adjustments are applied.

\[
Adjusted\ EBITDA \approx 1{,}506{,}546{,}000
\]

Step 3 — Estimate FFO  
Use the baseline formula:

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

Cash interest:

- Interest paid classified as operating activities = EUR 123,524,000  
- Interest paid classified as financing activities = EUR 0  

\[
cash\ interest = 123{,}524{,}000
\]

Cash taxes:

- Income taxes paid/refund classified as operating activities = EUR 363,996,000  

\[
cash\ taxes = 363{,}996{,}000
\]

Therefore:

\[
FFO = 1{,}506{,}546{,}000 - 123{,}524{,}000 - 363{,}996{,}000
\]

\[
FFO = 1{,}019{,}026{,}000
\]

Step 4 — Estimate Adjusted Debt  
Reported debt is estimated using current and noncurrent borrowings:

- Long-term borrowings = EUR 5,491,124,000  
- Current borrowings and current portion of noncurrent borrowings = EUR 721,845,000  

\[
reported\ debt = 5{,}491{,}124{,}000 + 721{,}845{,}000 = 6{,}212{,}969{,}000
\]

Eligible cash:

- Cash and cash equivalents = EUR 794,824,000  

No other debt-like adjustment data is provided, so:

\[
Adjusted\ Debt = 6{,}212{,}969{,}000 - 794{,}824{,}000
\]

\[
Adjusted\ Debt = 5{,}418{,}145{,}000
\]

Step 5 — Calculate FFO / Adjusted Debt  

\[
FFO / Adjusted\ Debt = \frac{1{,}019{,}026{,}000}{5{,}418{,}145{,}000}
\]

\[
FFO / Adjusted\ Debt = 0.1880793
\]

Rounded to four decimal places:

<answer>0.1881</answer>