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

**Step 2: Estimate Adjusted EBITDA**
For regulated utilities, S&P generally focuses on the cash flow generation capacity. We use the reported EBITDA and make necessary adjustments.
- Reported EBITDA ("Beneficio Bruto De Explotacion Ebitda" 2022-01-01 - 2023-01-01): 13,228 million EUR
- Lease adjustment: S&P adds back a portion of lease expenses to EBITDA, typically 75% of the lease expense, or approximates it using the right-of-use assets. Here, we estimate the lease interest component. 
  - Right-of-use Assets (2023-01-01): 2,370 million EUR
  - Lease liabilities (Noncurrent: 2,287m + Current: 151m = 2,438 million EUR). 
  - Assuming an average interest rate of ~5% on the lease liabilities, the implied interest is ~122 million EUR. Adding this back to EBITDA gives us an adjusted EBITDA of 13,350 million EUR.
- Other adjustments (non-recurring, JVs, pensions): No specific non-recurring losses/gains or pension deficits requiring major adjustment are detailed in the data to normalize EBITDA upwards. We will use the adjusted figure.
**Adjusted EBITDA** ≈ 13,350 million EUR.

**Step 3: Estimate FFO (Funds From Operations)**
S&P defines FFO as Adjusted EBITDA minus cash interest and cash taxes.
- Cash Interest: 
  - From cash flow statement, "Intereses Pagados Excluidos Intereses Capitalizados De Deudas Con Entidades De Credito..." = -1,495 million EUR
  - "Intereses Pagados De Obligaciones Perpetuas Subordinadas" = -169 million EUR
  - "Intereses Pagados Excluidos Intereses Capitalizados De Pasivos Financieros Por Arrendamiento" = -61 million EUR
  - "Interest Paid Classified As Investing Activities" = -189 million EUR (usually capitalized, but represents cash outflow, often added to interest in S&P metrics if not in EBITDA, but here it's already deducted from operating cash flow, so we take total cash interest paid: 1495 + 169 + 61 + 189 = 1,914 million EUR).
- Cash Taxes: 
  - "Income Taxes Paid Classified As Operating Activities" = 1,055 million EUR
  - "Tax Expense Other Than Income Tax Expense" (often treated as an operating cost, but cash taxes paid for S&P FFO usually focuses on income taxes. We will use 1,055 million EUR).
- FFO = Adjusted EBITDA - Cash Interest - Cash Taxes
- FFO = 13,350 - 1,914 - 1,055 = 10,381 million EUR.

**Step 4: Estimate Adjusted Debt**
S&P Adjusted Debt = Reported Debt + Operating Leases + Pension Deficit + Hybrids (if treated as debt) - Eligible Cash.
- Reported Financial Debt: 
  - Noncurrent: "Deudas Con Entidades De Credito..." (31,179) + "Instrumentos De Capital..." (525) + "Noncurrent Derivative Financial Liabilities" (1,673) + "Noncurrent Lease Liabilities" (2,253) + "Other Noncurrent Financial Liabilities" (1,545) = 37,175 million EUR
  - Current: "Deudas Con Entidades De Credito..." (9,984) + "Instrumentos De Capital..." (100) + "Current Derivative Financial Liabilities" (2,111) + "Current Lease Liabilities" (158) + "Other Current Financial Liabilities" (2,980) = 15,333 million EUR
  - Total Reported Financial Debt = 52,508 million EUR.
- Lease Liabilities (already included in the debt sum above under IFRS 16): 2,253 + 158 = 2,411 million EUR.
- Pension Deficit: Noncurrent Provisions for Employee Benefits (1,592) + Current (27) = 1,619 million EUR. (Under S&P methodology, post-retirement deficits are added to debt).
- Hybrid Debt: Subordinated perpetual bonds are often treated as equity under IFRS but as debt by S&P unless they have extreme loss absorption. "Instrumentos De Capital Con Caracteristicas De Pasivo Financiero" (525 NC + 100 C = 625 million EUR) are included in our debt sum above. We will keep them in debt.
- Eligible Cash: Cash And Cash Equivalents (4,608 million EUR). S&P typically deducts cash that is not restricted.
- Adjusted Debt = 52,508 (Total Financial Debt including leases and derivatives) + 1,619 (Pension deficit) - 4,608 (Cash) = 49,519 million EUR.

**Step 5: Calculate FFO / Adjusted Debt ratio**
- FFO / Adjusted Debt = 10,381 / 49,519 = 0.20964...

Rounding to four decimal places:
<answer>0.2096</answer>