**Step 1: Identify the relevant industry**
Based on the annual report facts, Ferrovial SA is a major infrastructure and construction company with significant investments in infrastructure projects (toll roads, airports, etc.). Under S&P methodologies, this fits the "Transportation Infrastructure" sector.

**Step 2: Estimate Adjusted_Debt**
Following the baseline formula for Adjusted Debt: 
Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items - eligible_cash

*Reported Debt*: We sum the noncurrent and current debt securities and bank borrowings.
- Noncurrent Debt Securities And Bank Borrowings Of Infrastructure Projects: 7,362,000,000 EUR
- Noncurrent Debt Securities And Bank Borrowings Excluding Infrastructure Projects: 2,151,000,000 EUR
- Current Debt Securities And Bank Borrowings Of Infrastructure Projects: 47,000,000 EUR
- Current Debt Securities And Bank Borrowings Excluding Infrastructure Projects: 1,049,000,000 EUR
Total Reported Debt = 7,362,000,000 + 2,151,000,000 + 47,000,000 + 1,049,000,000 = 10,609,000,000 EUR

*Leases*: We add noncurrent and current lease liabilities.
- Noncurrent Lease Liabilities: 115,000,000 EUR
- Current Lease Liabilities: 58,000,000 EUR
Total Leases = 173,000,000 EUR

*Hybrid Debt*: "Other Equity Securities" includes hybrid instruments such as perpetual subordinated bonds. 
- Other Equity Securities Member: 507,000,000 EUR. We add this full amount.

*Eligible Cash*: For transportation infrastructure, restricted cash related to infrastructure projects cannot be used to repay corporate debt. We only deduct unrestricted cash.
- Cash And Cash Equivalents Excluding Infrastructure Projects: 5,329,000,000 EUR

*Other items*: No pension deficit or debt-like items are evident in the data.
Adjusted_Debt = 10,609,000,000 + 173,000,000 + 507,000,000 - 5,329,000,000 = 5,960,000,000 EUR

**Step 3: Estimate Adjusted_EBITDA**
Following the baseline formula:
Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

*EBITDA*: We use the reported "Profit Loss From Operating Activities" and add back "Amortisation Expense" (since depreciation is often grouped within amortization/impairment for IFRS firms lacking a separate D&A line, and impairment is treated as non-recurring).
- Profit Loss From Operating Activities: 423,000,000 EUR
- Amortisation Expense: 299,000,000 EUR
Base EBITDA = 722,000,000 EUR

*Adjustment for Leases*: To match the debt adjustment, we add back the estimated lease interest and depreciation equivalent. Assuming a typical 8% interest rate on the average lease liability (approx 120M), interest is ~10M. Depreciation on ROU assets is the lease expense minus interest. Rent/Lease expense is generally estimated from cash outflows (72M) plus non-cash accretion. Adding back full rent expense (~82M) or lease depreciation + interest is standard. Let's use the full cash lease outflow + interest to simplify, which is close to the lease depreciation + interest (~82M). Alternatively, more accurately, lease depreciation equals the change in ROU assets + impairment, but we just add back an estimated ~82M. Let's calculate it properly: ROU Assets = 176M. Depreciation ~ 176M / 10 = ~18M. Interest ~ 10M. Total ~ 28M. Let's add back 82M rent proxy if we consider cash rent, but adding depreciation + interest is ~28M. To be conservative and standard, we add 82M (cash rent + accrual) or 28M (non-cash). Given we added 173M to debt, adding ~82M to EBITDA is the standard S&P 6x rent equivalent proxy. We'll use 82,000,000 EUR.

*Non-recurring items*: 
- Impairment And Gains Or Losses On Disposal Of Non Current Assets: -6,000,000 EUR (A loss, so we add it back to normalize).
Non-recurring addition = 6,000,000 EUR

*Joint Venture Proportional EBITDA*: For infrastructure, S&P allows adding proportional EBITDA from unconsolidated JVs/Associates. 
- Investments In Associates: 1,838,000,000 EUR
- Share Of Profit Loss Of Associates: 165,000,000 EUR
Assuming an approximate EBITDA-to-Equity Income multiple of 3x (standard for infrastructure assets), we estimate proportional EBITDA:
Proportional EBITDA = 165,000,000 * 3 = 495,000,000 EUR

*Other*: We add back "Financial Result On Financing Of Infrastructure Projects" (-243,000,000) if we treat it as part of the project's operational EBITDA under a full proportionate consolidation, but strictly EBITDA is above interest. We will not add it back. 

Adjusted_EBITDA = 722,000,000 (Base EBITDA) + 82,000,000 (Lease adj) + 6,000,000 (Impairment/Loss) + 495,000,000 (JV EBITDA) = 1,305,000,000 EUR

**Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA**
Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = 5,960,000,000 / 1,305,000,000 = 4.566...

Rounding to two decimal places: 4.57

<answer>4.57</answer>