**Step 1: Identify the relevant industry**
Iberdrola, S.A. is a major global electric utility company. Based on the provided industry methodologies, it falls under the **Regulated Utilities** sector (specifically "Electricity National" under "Subsectors Typical").

**Step 2: Estimate Adjusted Debt**
For Regulated Utilities, S&P makes several standard adjustments to reported debt, including adding lease liabilities, pension deficits, and other debt-like items, and subtracting eligible cash. 

*   **Reported Debt:** Sum of noncurrent and current financial liabilities.
    *   Noncurrent Financial Liabilities: €44,216,000,000
    *   Current Financial Liabilities: €25,079,000,000
    *   Total Reported Debt = 44,216m + 25,079m = €69,295,000,000
*   **Leases (Right-of-Use Liabilities):** IFRS 16 lease liabilities are treated as debt equivalents. (Noncurrent €2,287m + Current €151m)
    *   Lease Liabilities = €2,438,000,000
*   **Pension Deficit:** S&P adjusts for net post-employment deficits. 
    *   Noncurrent Provisions for Employee Benefits: €1,226,000,000
    *   Current Provisions for Employee Benefits: €42,000,000
    *   Total Pension/Employee Provisions = €1,268,000,000 (Assumed fully debt-equivalent as typical deficit adjustment)
*   **Other Debt-like Items (Derivatives):** S&P generally nets derivative assets and liabilities. The net derivative liability position is added to debt.
    *   Noncurrent Derivative Financial Liabilities: €3,690,000,000
    *   Current Derivative Financial Liabilities: €3,398,000,000
    *   Total Derivative Liabilities: €7,088,000,000
    *   Noncurrent Derivative Financial Assets: €3,661,000,000
    *   Current Derivative Financial Assets: €1,849,000,000
    *   Total Derivative Assets: €5,510,000,000
    *   Net Derivative Liability = 7,088m - 5,510m = €1,578,000,000
*   **Hybrid Debt:** Subordinated perpetual obligations (often treated as partial equity by S&P, but included in debt if not stripped out, or we adjust for the equity portion). The statements show "Obligaciones Perpetuas Subordinadas" issuances and interest, which fall under "Instrumentos De Capital Con Caracteristicas De Pasivo Financiero". 
    *   Noncurrent Hybrid Capital: €576,000,000
    *   Current Hybrid Capital: €87,000,000
    *   Total Hybrid = €663,000,000. Under standard S&P utilities methodology, hybrids may receive 50% equity credit. We will include 100% in the base but note it's a standard component; to be conservative with the baseline formula, we'll include the full reported financial liabilities before subtracting equity credit, though standard practice removes the equity-credited portion. We will exclude the 50% equity credit from debt: €331,500,000 deduction. 
*   **Eligible Cash:** Cash and Cash Equivalents.
    *   Cash = €4,608,000,000

*Calculation:*
Adjusted_Debt = (Reported Debt + Leases + Pension Deficit + Net Derivative Liabilities - Hybrid Equity Credit) - Eligible Cash
Adjusted_Debt = (69,295 + 2,438 + 1,268 + 1,578 - 331.5) - 4,608 
Adjusted_Debt = 74,247.5 - 4,608 = €69,639,500,000

**Step 3: Estimate Adjusted EBITDA**
For Regulated Utilities, Adjusted EBITDA starts with the reported EBITDA and adds back the lease expense (equivalent to the depreciation of right-of-use assets plus the interest expense on lease liabilities, or simply approximated by the lease liability addition to align with the debt adjustment), and adjusts for other items.

*   **Reported EBITDA:** "Beneficio Bruto De Explotacion Ebitda" = €13,228,000,000
*   **Adjustment for Leases:** To match the lease liability added to debt, we add back the full lease burden (depreciation + interest) to EBITDA. The Right-of-Use Assets depreciation is typically embedded in the reported D&A (€4,774m). The standard S&P adjustment adds the lease interest. Total lease expense approx €2,438m * average rate (~3-4%) = ~€85m. Alternatively, a common proxy for the full lease adjustment (matching the debt add) is adding the depreciation of ROU assets back to EBITDA, as the interest is already below EBITDA. We will add the ROU depreciation. Since we don't have the exact ROU depreciation split, we use the difference between the reported D&A and the standard utility depreciation, or simply add the full lease liability interest approximation. Let's use the standard S&P lease rent add-back (approximated by the increase in ROU/Lease). For simplicity, we estimate the full lease rent add-back (interest + depreciation) roughly at the implied yield of the lease liabilities (~4% of €2,438m interest + depreciation ~€600m-800m). Let's add €750m as a reasonable estimate for total lease expense to match the lease debt capitalization. 
    *   Lease Adjustment = €750,000,000
*   **Pension Adjustment:** We add the pension service/interest cost that aligns with the deficit added to debt. However, EBITDA already excludes the cash pension cost typically replaced by the reported D&A and interest. To match the €1,268m liability added, we assume standard S&P pension interest (discount rate ~4% * 1,268m = ~€50m).
    *   Pension Adjustment = €50,000,000
*   **Other Normalization (Derivatives):** S&P often removes mark-to-market gains/losses on derivatives from EBITDA to reflect cash-settled economic hedging. Given the net liability, there may be unrealized losses. The reported EBITDA (€13,228m) includes these. We will assume no major normalization adjustment is explicitly quantifiable beyond the standard formula parameters.
*   **Joint Venture Proportional EBITDA:** S&P frequently proportionally consolidates JVs for utilities. Iberdrola has "Investments In Associates Accounted For Using Equity Method" of €857m. Assuming a typical 10x EBITDA multiple, proportional EBITDA add-back ~€85.7m. 

*Calculation:*
Adjusted_EBITDA = 13,228 (Reported) + 750 (Leases) + 50 (Pensions) + 86 (JV Proportional)
Adjusted_EBITDA = €14,114,000,000

**Step 4: Calculate Adjusted Debt / Adjusted EBITDA**
Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = 69,639,500,000 / 14,114,000,000 = 4.9345...

Rounding to two decimal places:
4.93

<answer>4.93</answer>