**Step 1: Identify the relevant industry**
REN - Redes Energéticas Nacionais, SGPS, S.A. is a Portuguese energy utilities company, primarily operating electricity and gas networks. Based on the provided sector descriptions, it falls under the **Regulated Utilities** sector.

**Step 2: Estimate Adjusted EBITDA**
Formula: Adjusted_EBITDA = EBITDA (reported) + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± other_normalization_adjustments

First, we calculate reported EBITDA:
Profit Loss From Operating Activities = 239,721,000 EUR
Depreciation And Amortisation Expense = 249,276,000 EUR
Reported EBITDA = 239,721,000 + 249,276,000 = 488,997,000 EUR

Next, we make adjustments:
- **Lease adjustment:** S&P typically adds back rent/lease expenses to EBITDA and treats the estimated lease interest as part of cash interest. We estimate the lease interest from the cash flow statement. "Payments Of Lease Interests" = 26,000 EUR. We assume the lease expense roughly equals the lease payments (interest + principal) made. Total lease payments can be estimated as "Payments Of Lease Liabilities" (2,157,000) + "Payments Of Lease Interests" (26,000) = 2,183,000 EUR. Adding this back: Adjusted EBITDA = 488,997,000 + 2,183,000 = 491,180,000 EUR.
- **Nonrecurring items:** The "Energy Sector Extraordinary Contribution" (ESEC) of 28,019,000 EUR is treated as a nonrecurring/extraordinary loss by S&P in its utilities methodology (similar to a windfall tax), so we add it back to EBITDA. Adjusted EBITDA = 491,180,000 + 28,019,000 = 519,199,000 EUR.
- **Other adjustments:** There are no significant impairment reversals or other normalization adjustments indicated that would warrant a change. 

Adjusted EBITDA = 519,199,000 EUR.

**Step 3: Estimate FFO**
Formula: FFO = Adjusted_EBITDA - cash_interest - cash_taxes

- **Cash interest:** S&P defines cash interest as total interest paid, including lease interest. From the cash flow statement: "Interest Paid Classified As Financing Activities" = 40,545,000 EUR and "Payments Of Lease Interests" = 26,000 EUR. Total cash interest = 40,545,000 + 26,000 = 40,571,000 EUR. (Note: Since we removed the ESEC from the income statement to calculate Adjusted EBITDA, we must also remove its tax shield effect to accurately find cash taxes).
- **Cash taxes:** From the cash flow statement, "Income Taxes Paid Refund Classified As Operating Activities" = 77,970,000 EUR. The ESEC of 28,019,000 EUR provides a tax shield. The reported income tax was 54,263,000 EUR, and the pre-ESEC pre-tax profit was 194,053,000 + 28,019,000 = 222,072,000 EUR. The effective tax rate is 54,263,000 / 222,072,000 ≈ 24.435%. The tax shield on the ESEC is 28,019,000 * 24.435% ≈ 6,846,000 EUR. Since we add the ESEC back to EBITDA, we must add back its tax shield to cash taxes to avoid double counting. Adjusted Cash Taxes = 77,970,000 + 6,846,000 = 84,816,000 EUR.

FFO = 519,199,000 - 40,571,000 - 84,816,000 = 393,812,000 EUR.

**Step 4: Estimate Adjusted Debt**
Formula: Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items - eligible_cash

- **Reported debt:** "Longterm Borrowings" (1,695,362,000) + "Current Borrowings And Current Portion Of Noncurrent Borrowings" (638,944,000) = 2,334,306,000 EUR.
- **Leases:** S&P capitalizes operating leases as debt. The present value of lease liabilities is represented by the lease liabilities on the balance sheet. While specific lease liabilities are not itemized, we can estimate them from the lease payments. Assuming a 5% discount rate and an average lease life of 4 years, the liability approximates the annuity value: 2,183,000 * 3.54 ≈ 7,728,000 EUR. (This is a small fraction relative to total debt). We'll use 7,728,000 EUR.
- **Other debt-like items / hybrids:** None identified.
- **Pension deficit:** "Noncurrent Provisions For Employee Benefits" (64,939,000) is assessed as a liability. However, S&P usually looks for an *unfunded* deficit to add to debt. Given no clear asset side offset is mandated in the baseline without further pension notes, and typical utility methodology assesses the net deficit, we rely strictly on the reported debt + leases to avoid double counting provisions already captured in equity evaluation.
- **Eligible cash:** The "Asset Related To The Transitional Gas Price Stabilization Regime" of 1,000,000,000 EUR is a restricted asset linked directly to a corresponding liability ("Liability Related To The Transitional Gas Price Stabilization Regime"). S&P methodology typically nets out such ring-fenced restricted cash from Adjusted Debt to reflect the true economic encumbrance. Therefore, Eligible Cash = Cash and Cash Equivalents (365,292,000) + Restricted Cash (1,000,000,000) = 1,365,292,000 EUR.

Adjusted Debt = 2,334,306,000 + 7,728,000 - 1,365,292,000 = 976,742,000 EUR.

**Step 5: Calculate FFO / Adjusted Debt**
FFO / Adjusted Debt = 393,812,000 / 976,742,000 ≈ 0.403165...

Rounding to four decimal places: 0.4032.

<answer>0.4032</answer>