Let’s go through this step-by-step.

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**Step 1 – Industry identification**

VINCI is a global infrastructure, construction, and concessions group. It operates airports, toll roads, and other transport infrastructure under concession arrangements. Per the S&P methodology given, this fits the **Transportation Infrastructure** sector. The relevant adjustments and volatility tables apply accordingly.

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**Step 2 – Adjusted Debt**

From the balance sheet (as of 2023-01-01, representing end of FY2022):

- **Noncurrent bonds**: 20,425 million EUR
- **Other noncurrent borrowings**: 3,205 million EUR
- **Short-term borrowings**: 6,368 million EUR
- **Noncurrent lease liabilities**: 1,580 million EUR
- **Current lease liabilities**: 522 million EUR

**Reported debt (gross)** = 20,425 + 3,205 + 6,368 = **29,998 million EUR**  
**Leases** = 1,580 + 522 = **2,102 million EUR**

**Pension deficit**:  
From balance sheet:  
- Noncurrent provisions for employee benefits: 1,149 million EUR  
These likely represent the pension obligation. No pension asset listed; assume full deficit if not funded.

**Other adjustments**: No guarantees, hybrid debt, or other debt-like items explicitly available in the data.

**Eligible cash**: Cash and cash equivalents = 12,578 million EUR (from 2023-01-01 balance sheet). No explicit mention of restricted cash deduction.

**Adjusted Debt** = 29,998 + 2,102 + 1,149 – 12,578  
= **20,671 million EUR**

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**Step 3 – Adjusted EBITDA**

From income statement (FY2022):

- **Profit from operating activities (EBIT)** = 6,489 million EUR  
Need to add back D&A and adjust for non-recurring items, leases, JV income, etc.

**Depreciation & Amortization** = 3,613 million EUR (from cash flow statement)

**Reported EBITDA** = 6,489 + 3,613 = **10,102 million EUR**

**Adjustments**:

- **Lease depreciation** already included in D&A; operating lease payments are partly D&A and interest. For adjusted EBITDA, we add back lease depreciation (already included above), so unless we’re capitalizing an operating lease adjustment, EBITDA stays as is under IFRS 16.
- **Non-recurring items**:  
  - Other non-recurring operating income (gain) = 8 million EUR → subtract.  
  - Other non-recurring operating expense was 26 million loss in 2021 but 8 million gain in 2022, so net subtraction = 8.
- **Pension adjustments**:  
  Service cost is already in EBIT. Interest cost on pension is in net finance costs and not in EBIT. No adjustment to EBITDA.
- **JV proportional EBITDA**:  
  Profit from equity-accounted investees = 22 million EUR (income). This is post-tax post-interest. Not material and we lack breakdown; without detail, do not add proportionally.
- **Share-based payment** expense already in EBIT, so already in EBITDA indirectly (if non-cash adjustment needed, we’d add back). For conservatism, no double-count.

**Adjusted EBITDA** ≈ 10,102 – 8 = **10,094 million EUR**

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**Step 4 – Ratio**

Adjusted Debt / Adjusted EBITDA = 20,671 / 10,094 = **2.05** (rounded to two decimals).

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<answer>2.05</answer>