I'll work through the S&P adjusted debt-to-EBITDA ratio for VINCI following the provided methodology.

## Step 1: Identify the Relevant Industry

VINCI is a French-based company that operates in:
- Construction (Concessions - tolled roads, airports, etc.)
- Engineering services
- Energy and water services
- Transportation infrastructure (concessions)

VINCI's primary business segments are Transportation Infrastructure (particularly concessions with toll roads and airports) and Construction. The company has significant regulated and unregulated infrastructure operations.

The most relevant S&P methodology is **Transportation Infrastructure** with some characteristics of **Regulated Utilities** (for its concession business). For debt calculation purposes, I'll primarily apply Transportation Infrastructure methodology with adjustments for lease obligations and service concessions.

## Step 2: Estimate Adjusted_Debt

Starting with the balance sheet data as of 2022-01-01 (end of fiscal year 2022):

**Reported Debt Components:**
- Noncurrent Bonds Issued: €22,212 million
- Noncurrent Other Borrowings: €2,757 million
- Short-term Borrowings: €5,769 million
- **Total Reported Debt: €30,738 million**

**Lease Liabilities (Debt-like):**
- Noncurrent Lease Liabilities: €1,574 million
- Current Lease Liabilities: €524 million
- **Total Lease Liabilities: €2,098 million**

**Pension Adjustments:**
- Noncurrent Provisions for Employee Benefits: €1,459 million
Per S&P guidelines, I'll include this as a debt adjustment: €1,459 million

**Service Concession Rights / Concession Debt:**
VINCI operates significant concessions. The Service Concession Rights on the balance sheet (€25,329 million at 2022) represent the financial asset side. For concession debt obligations, these should be considered. However, these are already reflected in debt positions or are operational. I'll focus on explicit financial obligations.

**Cash and Cash Equivalents (to be deducted):**
- Cash and Cash Equivalents: €11,065 million

**Adjusted_Debt Calculation:**
Adjusted_Debt = Reported Debt + Lease Liabilities + Pension Obligations - Cash
Adjusted_Debt = €30,738M + €2,098M + €1,459M - €11,065M
**Adjusted_Debt = €23,230 million**

## Step 3: Estimate Adjusted_EBITDA

**Starting with Operating Income:**
- Profit from Ordinary Operating Activities (EBIT): €6,824 million

**Add back Depreciation & Amortization:**
- Adjustments for Depreciation and Amortisation: €3,613 million

**Calculate EBITDA:**
EBITDA = €6,824M + €3,613M = €10,437 million

**Adjustments per S&P Guidelines:**

1. **Share-based Payments:** €356 million (add back)
2. **Gains/Losses on Disposal:** -€68 million (already reflected in operating income, but need to verify treatment)
3. **Fair Value Adjustments:** -€236 million (add back losses as these are non-cash)
4. **Undistributed Profits of JVs:** €42 million (add back)
5. **Non-recurring items:** €8 million non-recurring operating income (subtract gains)

**Adjusted_EBITDA Calculation:**
Adjusted_EBITDA = €10,437M + €356M + €236M + €42M - €8M
**Adjusted_EBITDA = €11,063 million**

Note: The depreciation on service concession rights is already captured in the depreciation figure. For a concessionaire, the EBITDA calculation focuses on operational profitability before financing charges.

## Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA

Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = €23,230M / €11,063M
Ratio = 2.099

Rounded to two decimal places: **2.10**

<answer>2.10</answer>