**Step 1: Identify the relevant industry**
NATURGY ENERGY GROUP SA is a major energy group involved in gas and electricity distribution, generation, and marketing. Based on the provided S&P methodologies, the company fits into the "Regulated Utilities" and "Unregulated Power And Gas" sectors. For financial metrics calculation, we apply the Regulated Utilities methodology adjustments where applicable, primarily concerning debt and lease adjustments.

**Step 2: Estimate Adjusted_Debt**
Following the baseline formula and standard S&P corporate methodology adjustments (which include capitalizing operating leases for utilities):
- **Reported Debt:** We sum the financial borrowings from the balance sheet as of 2022-01-01.
  - Long-term Borrowings: 13,786,000,000 EUR
  - Current Borrowings and Current Portion of Noncurrent Borrowings: 1,493,000,000 EUR
  - Total Reported Debt = 13,786,000,000 + 1,493,000,000 = 15,279,000,000 EUR
- **Leases (capitalized):** Standard S&P methodology adds the present value of lease liabilities. We use the reported lease liabilities as a proxy.
  - Noncurrent Lease Liabilities: 1,325,000,000 EUR
  - Current Lease Liabilities: 196,000,000 EUR
  - Total Leases = 1,325,000,000 + 196,000,000 = 1,521,000,000 EUR
- **Other Debt-Like Items / Guarantees / Pension Deficit / Hybrids:** None specifically identifiable or quantifiable from the facts provided to add.
- **Eligible Cash:** We deduct highly liquid cash equivalents. 
  - Cash And Cash Equivalents (2022-01-01): 3,965,000,000 EUR

*Calculation:*
Adjusted_Debt = (Reported Debt + Leases) - Eligible Cash
Adjusted_Debt = (15,279,000,000 + 1,521,000,000) - 3,965,000,000
Adjusted_Debt = 16,800,000,000 - 3,965,000,000 = 12,835,000,000 EUR

**Step 3: Estimate Adjusted_EBITDA**
Following the baseline formula:
- **Reported EBITDA:** The facts provide "Beneficio Bruto De Explotacion Ebitda" for 2022.
  - Reported EBITDA = 4,954,000,000 EUR
- **Adjustment for Leases:** To match the lease liability added to Adjusted Debt, we add the lease interest and depreciation expense back to EBITDA. A common S&P proxy for this is multiplying the lease liability by 8% (approximating the interest/depreciation split).
  - Lease Adjustment = 1,521,000,000 * 0.08 = 121,680,000 EUR
- **Nonrecurring / Other Normalization Adjustments:** The reported EBITDA already includes standard operating items. No further specific nonrecurring items or proportional JV EBITDA are identifiable from the income statement facts to adjust.

*Calculation:*
Adjusted_EBITDA = Reported EBITDA + Lease Adjustment
Adjusted_EBITDA = 4,954,000,000 + 121,680,000 = 5,075,680,000 EUR

**Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA ratio**
Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = 12,835,000,000 / 5,075,680,000
Ratio ≈ 2.52903...

Rounding to two decimal places, we get 2.53.

<answer>2.53</answer>