Step-by-step reasoning:

**1. Industry identification**

- The entity is “A2A ENERGIA S.P.A.”, a subsidiary of A2A S.p.A., an Italian multi-utility.
- The provided data shows energy-related revenues, EBITDA, property, plant and equipment, materials costs, etc.
- Multi-utilities in Italy are typically regulated. Based on the description, A2A Energia falls under **Regulated Utilities** (or at least predominantly regulated) because A2A’s group reporting structure and the nature of revenues indicate a blend of regulated and unregulated activities; however, for financial ratio purposes, the S&P methodology for regulated utilities applies unless it’s clearly oil & gas or purely unregulated.
- The description includes line items like "Gross Operating Income EBITDA", "Revenue from contracts with customers", and typical utility balance sheet items, not upstream oil & gas or transportation infrastructure.
- Thus, we will use the **Regulated Utilities** methodology. That does not apply special adjustments for debt or EBITDA beyond baseline S&P guidelines unless there are specific sector adjustments (which are generally baseline for ratio calculation). No obvious securitization, purchased power contracts, or seasonal working capital adjustments are flagged here from the data.

Hence, we proceed with **baseline formulas** for Adjusted Debt and Adjusted EBITDA.

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**2. Adjusted_Debt estimation**

Baseline:
`Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items – eligible_cash`

From balance sheet (2023-01-01 = end of 2022 fiscal year):

- **Reported debt**: We sum "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities", as they typically represent financial debt in IFRS reports for Italian utilities (bank loans, bonds, etc.):
  - Noncurrent financial liabilities: EUR 5,867,000,000
  - Current financial liabilities: EUR 1,022,000,000
  - Total reported debt = 5,867M + 1,022M = EUR 6,889,000,000

- **Leases**: Already included in the above totals under IFRS 16 unless broken out. No separate lease liability given, so we assume already captured.

- **Pension deficit**: "Noncurrent Provisions For Employee Benefits" = EUR 248,000,000. Usually counted as debt-like. We add it fully if no surplus indicated (no detail on funded status, so add deficit = provision).

- **Guarantees**: None explicitly given → 0.

- **Hybrid debt portion**: None specified → 0.

- **Other debt-like items**: "Other Longterm Provisions" could include asset retirement obligations, which S&P sometimes treats as debt. EUR 729,000,000. We will add.

- **Eligible cash**: "Cash And Cash Equivalents" = EUR 2,584,000,000.

Putting it together:
Adjusted_Debt = 6,889M + 248M + 729M – 2,584M
= 7,866M – 2,584M = **5,282M EUR**

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**3. Adjusted_EBITDA estimation**

Baseline:
`Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses – nonrecurring_gains ± pension_adjustments ± JV_proportional_EBITDA ± other`

From P&L (2022-01-01 to 2023-01-01):

- **EBITDA**: "Gross Operating Income EBITDA" = EUR 1,505,000,000.  

- **Lease adjustments**: Already included per IFRS 16 in EBITDA, no separate adjustment needed unless breaking out, but data doesn't give details → assume 0.

- **Nonrecurring items**: "Result From Nonrecurring Transactions" = EUR 157,000,000. If it is a gain, subtract; if loss, add. Typically "Result" in Italian reports positive = gain. S&P methodology: subtract nonrecurring gains. So: –157M.

- **Pension adjustments**: "Employee Benefits Expense" is already in EBITDA. For defined benefit plans, difference between service cost (in EBITDA) and total benefit expense (including interest cost and expected return) may require adjustment, but data insufficient. We assume no adjustment.

- **JV proportional EBITDA**: "Share of profit of associates" is EUR 2M. This is below operating profit; EBITDA from equity method JVs not directly given, likely negligible, so no adjustment.

- **Other normalization**: We note "Depreciation Amortization Provisions And Writedowns" = 818M already excluded from EBITDA; "Gross Operating Income EBITDA" looks to be standard EBITDA, so we take it as reported.

Adjusted_EBITDA = 1,505M – 157M = **1,348M EUR**

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**4. Ratio calculation**

Ratio = Adjusted_Debt / Adjusted_EBITDA  
= 5,282 / 1,348 ≈ 3.9175

Rounded to two decimals: **3.92**

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<answer>3.92</answer>