I'll work through this step-by-step, identifying EDP's industry and applying the appropriate S&P methodology.

## Step 1: Identify the Relevant Industry for EDP, S.A.

EDP (Energias de Portugal, S.A.) is described as being involved in "generation, transmission, distribution and supply of electricity and supply of gas." This is a **regulated utility** with both electricity and gas operations. The company operates in multiple jurisdictions (Portugal, Spain, Brazil, and North America) with regulated network activities and some unregulated generation.

Given the description and the nature of operations, EDP fits primarily into the **Regulated Utilities** sector, with some unregulated power activities. However, looking at the financial data and the company's structure, I'll apply the **Regulated Utilities** methodology as the primary framework, with consideration for the unregulated portions.

Looking more carefully at EDP's profile: it's a major European utility with significant regulated network businesses (distribution and transmission) and also generation/supply activities. The methodology notes that if a company derives about two-thirds or more of operating cash flows from regulated operations, we use the low volatility table. Given EDP's mix, I'll use the **medial or standard volatility table** approach as appropriate.

Actually, re-reading: EDP has both regulated and unregulated activities. The company is described as having generation, transmission, distribution and supply. Given the significant regulated network assets and the nature of European utilities, I'll primarily apply the **Regulated Utilities** methodology but with awareness of unregulated elements.

## Step 2: Estimate Adjusted_Debt

### Baseline Formula:
Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash

### Components from financial data:

**Reported Debt:**
- Long-term borrowings (2023-01-01): 15,782,604,000 EUR
- Current borrowings and current portion of non-current borrowings (2023-01-01): 4,239,869,000 EUR
- **Total reported debt = 15,782,604,000 + 4,239,869,000 = 20,022,473,000 EUR**

Wait - I need to check the year-end. The fiscal year ended December 31, 2022, so I should use 2022-01-01 balance sheet figures (which represent end of 2021/start of 2022) or 2023-01-01 figures (which represent end of 2022). Since the fiscal year ended December 31, 2022, the 2023-01-01 figures are the year-end 2022 figures.

Let me recalculate:
- Long-term borrowings (2023-01-01, i.e., end of 2022): 15,782,604,000 EUR
- Current borrowings and current portion of non-current borrowings (2023-01-01): 4,239,869,000 EUR

**Total reported debt = 20,022,473,000 EUR**

**Leases (Right-of-use assets indicate lease liabilities):**
- Right-of-use assets (2023-01-01): 1,320,270,000 EUR
- Right-of-use assets (2022-01-01): 1,007,029,000 EUR

For lease liabilities, I need to estimate. Typically, lease liabilities approximate right-of-use assets. Let me use the right-of-use assets as a proxy for lease liabilities, or look for more specific data. The methodology mentions adding leases. I'll use **1,320,270,000 EUR** as an estimate for lease liabilities.

Actually, looking more carefully at the data, I don't see explicit lease liabilities. However, right-of-use assets are 1,320,270,000 EUR at year-end 2022. Per IFRS 16, lease liabilities should be similar. I'll use **1,320,270,000 EUR**.

**Pension Deficit:**
Looking at the data:
- Noncurrent provisions for employee benefits (2023-01-01): 644,299,000 EUR
- Current provisions for employee benefits (2023-01-01): 126,767,000 EUR

These include pension obligations. However, I need to look for net pension deficit. The methodology mentions "pension_deficit" which typically means the funded status of pension plans (liabilities minus plan assets).

From the equity section, I see defined benefit plan remeasurements in OCI. Let me look for more specific pension data.

Looking at OCI items:
- "Other Comprehensive Income Before Tax Gains Losses On Remeasurements Of Defined Benefit Plans" (2022): 277,479,000 + 8,065,000 = 285,544,000 EUR (before tax)
- After tax: 191,176,000 + 5,540,000 = 196,716,000 EUR

This suggests there are defined benefit plans. The actual pension deficit would require more detailed information. For regulated utilities, S&P typically includes pension deficits when underfunded.

Given limited explicit pension deficit data, I'll estimate based on provisions. The noncurrent provisions for employee benefits of 644,299,000 EUR likely include pension obligations. Without specific plan asset data, I'll use a conservative approach.

Actually, for S&P purposes, if I cannot identify a clear pension deficit, I may need to estimate or exclude if immaterial. Let me check if there are any pension assets.

Looking through the data, I don't see explicit pension plan assets. The "Other Noncurrent Financial Assets" or similar might include some, but it's not clear. Given the complexity, I'll estimate the **pension deficit as approximately 500,000,000 EUR** based on typical utility pension underfunding, though this is uncertain.

Wait - let me reconsider. The methodology says to include pension deficit. If I cannot clearly identify it, I should look more carefully or potentially exclude if not material. Let me look at the provisions more carefully.

Actually, re-reading S&P methodology: they typically include the net pension liability (underfunded status) as debt-like. For many European utilities, pensions are often unfunded or partially funded. Given the data limitations, I'll estimate based on the employee benefit provisions.

Let me use: **Noncurrent provisions for employee benefits: 644,299,000 EUR** as a proxy for pension-related obligations, though this likely overstates as it includes other post-employment benefits.

**Hybrid Debt Portion:**
Looking for hybrid instruments. I don't see explicit hybrid debt in the data. EDP has institutional partnerships in North America:
- Institutional Partnerships in North America (2023-01-01): 2,212,162,000 EUR
- (2022-01-01): 2,259,741,000 EUR

These institutional partnerships might have debt-like characteristics. In utility accounting, these are often non-controlling interests in consolidated subsidiaries that are structured as partnerships. S&P may treat these as debt-like depending on the structure.

For EDP, the "Institutional Partnerships in North America" represent non-controlling interests in renewable energy projects with institutional investors. These often have fixed return characteristics and are debt-like. S&P typically treats these as **debt-like items**.

**Institutional Partnerships in North America (2023-01-01): 2,212,162,000 EUR**

**Other Debt-Like Items:**
- Other noncurrent financial liabilities (2023-01-01): 5,159,496,000 EUR
- Other current financial liabilities (2023-01-01): 3,600,893,000 EUR

These may include derivatives, put options, or other debt-like obligations. However, some of these may be normal operating items.

Also: "Collateral Deposits Associated To Financial Debt" - these are assets, not liabilities.

Let me look at what might be debt-like in other liabilities:
- Trade payables and other liabilities from commercial activities - non-current: 1,412,454,000 EUR
- These are typically operating, not debt-like

For S&P adjustments, I need to be careful. Let me focus on clearly debt-like items.

**Guarantees:**
Not explicitly identified in the data. I'll assume **0** for guarantees unless clearly indicated.

**Eligible Cash:**
- Cash and cash equivalents (2023-01-01): 4,900,205,000 EUR

S&P typically deducts "eligible cash" which is cash and liquid investments that are truly available, not restricted. For utilities, they may deduct a portion or all cash depending on working capital needs.

Standard S&P practice: deduct cash and cash equivalents that exceed operating needs. For simplicity, I'll use **2,450,000,000 EUR** as eligible cash (roughly half, assuming some is needed for operations), or potentially the full amount if we assume it's available.

Actually, for regulated utilities with seasonal working capital needs, S&P may make specific adjustments. The methodology mentions netting inventory against short-term borrowings for seasonal working capital, but doesn't specify a general cash deduction rule.

Standard S&P corporate methodology: eligible cash is typically cash and marketable securities minus restricted cash. I'll use **4,900,205,000 EUR** as the starting point, but may need to adjust.

However, looking at the formula: "eligible_cash" - this implies we need to determine what S&P considers eligible. For utilities, if there's no specific restriction mentioned, we might use a portion.

Let me use a conservative approach: **eligible cash = 4,900,205,000 - some operating requirement**. Actually, for simplicity and given the data, I'll use **2,000,000,000 EUR** as eligible cash, assuming about 2.9B is needed for operations. This is somewhat arbitrary though.

Actually, re-reading the methodology more carefully: for regulated utilities, "Where substantial seasonal working capital requirements...distort leverage measures, we adjust inventory and debt balances by netting the value of inventory against outstanding short-term borrowings."

This doesn't directly address cash treatment. Let me use standard approach: eligible cash is typically 75% of reported cash for utilities, or we can use full cash if we assume it's available.

I'll use **eligible cash = 4,900,205,000 EUR** (full amount) as a starting point, but this may overstate.

Let me reconsider: S&P typically uses "surplus cash" which is cash minus minimum operating cash. Minimum operating cash is often estimated as a percentage of revenue or operating costs. For a utility with 20.6B EUR revenue, 2-3% might be needed, so roughly 400-600M EUR. Or some use 1-2% of revenue.

Actually, let me look at this differently. In practice, S&P often deducts 75% of cash for investment-grade utilities, or uses full cash if it's clearly excess.

Given the complexity, let me proceed with **eligible cash = 3,675,153,750 EUR** (75% of reported cash) as a reasonable estimate.

### Recalculating Adjusted Debt:

Let me be more systematic:

**Reported Debt:**
- Long-term borrowings: 15,782,604,000
- Current borrowings: 4,239,869,000
- **Total: 20,022,473,000 EUR**

**Add: Leases**
- Estimated lease liabilities ≈ Right-of-use assets: 1,320,270,000 EUR

**Add: Pension Deficit**
- Estimated from employee benefit provisions: I'll use 500,000,000 EUR as a rough estimate for net pension underfunding (this is uncertain; the 644M noncurrent provision likely includes more than just pensions)

Actually, let me reconsider. The "Noncurrent Provisions For Employee Benefits" of 644,299,000 likely includes pension obligations, post-employment benefits, etc. Without plan asset data, I cannot compute true pension deficit. For conservatism, I'll use **400,000,000 EUR** as estimated pension deficit.

**Add: Hybrid Debt / Debt-Like Items**
- Institutional Partnerships in North America: 2,212,162,000 EUR (these are typically treated as debt-like by S&P for utilities)

**Add: Guarantees**
- Not identifiable: 0

**Add: Other Debt-Like Items**
- Need to evaluate "Other Noncurrent Financial Liabilities" (5,159,496,000) and "Other Current Financial Liabilities" (3,600,893,000). These may include derivatives, but also normal items. Without more detail, I'll exclude or include partially.

Actually, looking at EDP's structure, the "Other Noncurrent Financial Liabilities" might include put options to non-controlling interests, derivative liabilities, etc. Some of these are debt-like. However, without specific identification, I'll be conservative and include a portion.

Let me focus on clearly identifiable items and use a simplified approach:

**Adjusted Debt = Reported Debt + Leases + Pension Deficit + Institutional Partnerships - Eligible Cash**

= 20,022,473,000 + 1,320,270,000 + 400,000,000 + 2,212,162,000 - 3,675,153,750

= 24,279,751,250 EUR

Wait, I need to reconsider the institutional partnerships. These are reported as liabilities already? Let me check where they sit.

Looking at the balance sheet: "Institutional Partnerships In North America" is listed under noncurrent liabilities, separate from borrowings. So yes, this is already in total liabilities but not in "borrowings." The question is whether S&P treats this as debt or equity-like.

For S&P purposes, institutional partnerships with fixed returns are typically treated as **debt-like** (hybrid or non-standard debt). So I should include this in adjusted debt.

But wait - is this already included in "reported debt"? Looking at the balance sheet structure:
- Long-term borrowings: 15,782,604,000
- Institutional Partnerships: 2,212,162,000 (separate line item)
- Other noncurrent financial liabilities: 5,159,496,000

So "reported debt" in my calculation should include all interest-bearing obligations. Let me redefine:

**Reported Debt = Long-term borrowings + Current borrowings + Institutional Partnerships (if debt-like) + other financial liabilities that are debt-like**

Actually, for "reported_debt" in the formula, S&P typically uses total debt as reported by the company or as adjusted. The baseline formula then adds other items.

Let me use a cleaner approach:
- Start with total borrowings: 20,022,473,000
- Add institutional partnerships (debt-like): 2,212,162,000
- This gives "reported debt" as commonly understood: 22,234,635,000

Then add:
- Leases: 1,320,270,000
- Pension deficit: 400,000,000

Less:
- Eligible cash: 3,675,153,750

Adjusted Debt = 22,234,635,000 + 1,320,270,000 + 400,000,000 - 3,675,153,750 = 20,279,751,250 EUR

Hmm, but I need to check if institutional partnerships are already considered in S&P's "reported debt" baseline. Typically, S&P includes these in "total adjusted debt" but they might start with a different base.

Let me try yet another approach, using more standard S&P methodology:

**Total Debt (as typically reported by company):**
- Long-term borrowings: 15,782,604,000
- Current borrowings: 4,239,869,000
- **Total: 20,022,473,000**

**S&P Adjustments:**
+ Capitalized leases (not already in debt): Need to check if IFRS 16 already included. Under IFRS 16, lease liabilities are typically included in borrowings. Looking at the data, right-of-use assets are 1,320,270,000, but are lease liabilities included in borrowings?

In many IFRS 16 implementations, lease liabilities are included in "borrowings." However, the data shows separate line items. Let me check if there's explicit lease liability.

Looking at the balance sheet, I don't see explicit "lease liabilities." Under IFRS 16, these might be included in:
- Long-term borrowings, or
- Other noncurrent financial liabilities, or
- Trade payables and other liabilities

Given the structure, lease liabilities might be in "Other Noncurrent Financial Liabilities" (5,159,496,000) and/or "Other Current Financial Liabilities" (3,600,893,000).

For S&P purposes, if lease liabilities are not clearly separated, I need to estimate. The right-of-use assets are 1,320,270,000, which should approximately equal lease liabilities under IFRS 16.

Let me assume lease liabilities are **included in other financial liabilities** rather than in borrowings. So:

**Adjusted Debt = Total Borrowings + Other Financial Liabilities (debt-like portion) + Pension Deficit - Eligible Cash**

This is getting complex. Let me simplify with a practical approach used by S&P analysts:

**Adjusted Debt = Total Debt + Lease Liabilities (if not in debt) + Pension Deficit + Hybrid Debt - Cash**

Where Total Debt = Long-term + Short-term borrowings = 20,022,473,000

If lease liabilities are in "Other Financial Liabilities":
- Other noncurrent financial liabilities: 5,159,496,000
- Other current financial liabilities: 3,600,893,000

These total 8,760,389,000, which seems high for just derivatives and leases. It likely includes various items.

Given the uncertainty, let me use a different approach: look at what S&P typically reports for EDP.

Actually, I should work with what I have. Let me make reasonable estimates:

**Reported Debt for S&P purposes:**
- Long-term borrowings: 15,782,604,000
- Current borrowings: 4,239,869,000
- **Subtotal: 20,022,473,000**

**Add: Lease liabilities** (if not already in above): Estimated at 1,320,270,000 based on right-of-use assets. However, under IFRS 16, these are typically in borrowings. Let me check if the borrowings figure seems to include leases.

Looking at 2022 vs 2021: Right-of-use assets grew from 1,007,029,000 to 1,320,270,000. Borrowings grew from 15,299,588,000 + 1,518,348,000 = 16,817,936,000 to 20,022,473,000. The increase in borrowings (3,204,537,000) is much larger than the increase in right-of-use assets (313,241,000), suggesting borrowings include more than just leases.

Actually, let me look at this more carefully. The long-term borrowings increased from 15,299,588,000 to 15,782,604,000 (increase of 483,016,000), and current borrowings increased from 1,518,348,000 to 4,239,869,000 (increase of 2,721,521,000). Total increase: 3,204,537,000.

Right-of-use assets increased by 313,241,000. So leases alone don't explain the increase.

For S&P analysis, I'll assume lease liabilities are **partially included** in reported debt. To be conservative, I'll add the full right-of-use assets as proxy for lease liabilities not already captured, or use a portion.

Actually, standard S&P practice for IFRS 16: since lease liabilities are typically included in "borrowings" on the balance sheet, we might not need to add separately. However, S&P may reclassify operating leases if not properly included.

Given the uncertainty, let me use: **Reported Debt = 20,022,473,000** and add **Leases = 0** (assuming included), or add a portion if not fully captured.

Let me try a cleaner approach based on typical S&P utility methodology:

**Adjusted Debt = Total Financial Debt + Pension Deficit + Hybrid/Non-standard Debt - Cash**

Where:
- Total Financial Debt = Borrowings + Other Financial Liabilities that are debt-like

Let me include:
- Borrowings: 20,022,473,000
- Institutional Partnerships (debt-like): 2,212,162,000
- Other noncurrent financial liabilities (portion): Let's say 50% debt-like = 2,579,748,000
- Other current financial liabilities (portion): Let's say 25% debt-like = 900,223,250

This gets too speculative. Let me use a simpler, more defensible approach:

**Adjusted Debt = Long-term borrowings + Current borrowings + Institutional Partnerships + Pension deficit - Eligible Cash**

= 15,782,604,000 + 4,239,869,000 + 2,212,162,000 + 400,000,000 - 3,675,153,750
= 18,959,481,250 EUR

Hmm, but this excludes leases if they're in borrowings. Let me verify by looking at EDP's actual S&P ratings.

Actually, I realize I should look at this from a different angle. The data provided is from EDP's annual report, and I need to work with what's available. Let me use a standardized approach:

**S&P Adjusted Debt = Total Debt + Lease Adjustments + Pension Deficit - Cash**

Where Total Debt is clearly interest-bearing obligations.

From the balance sheet, the clearest debt items are:
- Long-term borrowings: 15,782,604,000
- Current borrowings: 4,239,869,000

Total: 20,022,473,000

For leases: IFRS 16 requires capitalization. If EDP's "borrowings" include lease liabilities, then no further adjustment needed. If not, add right-of-use assets as proxy.

Given that right-of-use assets (1,320,270,000) are material and borrowings increased significantly, I'll assume leases are **included in borrowings** and make no separate lease adjustment.

For institutional partnerships: These are separate from borrowings and represent non-controlling interests with fixed-return characteristics. S&P typically treats as **debt-like**. Add: 2,212,162,000

For pension deficit: Estimate 400,000,000

For eligible cash: Use 75% of reported cash = 3,675,153,750

**Adjusted Debt = 20,022,473,000 + 2,212,162,000 + 400,000,000 - 3,675,153,750 = 18,959,481,250 EUR**

Or if we use full cash as eligible:
= 20,022,473,000 + 2,212,162,000 + 400,000,000 - 4,900,205,000 = 17,734,430,000 EUR

Let me use **eligible cash = 2,000,000,000** (conservative estimate for minimum operating cash needed):
= 20,022,473,000 + 2,212,162,000 + 400,000,000 - 2,000,000,000 = 20,634,635,000 EUR

This range is too wide. Let me look for more guidance.

Actually, re-reading S&P methodology: "eligible_cash" - S&P Global Ratings typically considers cash that is truly available to pay down debt. For utilities, they may not deduct full cash due to regulatory requirements or operational needs.

Looking at EDP's cash flow: Operating cash flow was 3,777,785,000. With capital spending of ~3.5B, the cash balance of 4.9B seems reasonable for a company this size.

I'll use **eligible cash = 2,450,000,000** (half of reported cash, as rough estimate for excess cash):
Adjusted Debt = 20,022,473,000 + 2,212,162,000 + 400,000,000 - 2,450,000,000 = 20,184,635,000 EUR

Let me settle on a more systematic approach and check sensitivity later.

## Step 3: Estimate Adjusted_EBITDA

### Baseline Formula:
Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

### Reconstructing EBITDA from the income statement:

From the data:
- "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" (2022): 4,523,539,000 EUR

This is essentially EBIT before depreciation/amortization/impairment, provisions, and before financial items and taxes. This looks like **EBITDA before certain items**, or more precisely, operating profit before depreciation and amortization.

Actually, let me trace through the income statement:

1. "Net Of Revenue And Cost Of Energy Sales And Other" = 6,121,051,000 (2022)
   This is Gross Profit

2. Add: Other Income = 927,450,000
   Less: Services Expense = 1,103,668,000
   Less: Employee Benefits Expense = 770,800,000
   Less: Other Expense By Nature = 829,724,000
   Less: Impairment Loss... = 60,199,000

   Subtotal: 6,121,051,000 + 927,450,000 - 1,103,668,000 - 770,800,000 - 829,724,000 - 60,199,000 = 4,284,110,000

But we also have:
"Other Income Supplies Ans Services Personnel Costs And Employee Benefits Other Expenses And Impairment Losses On Trade Receivables And Debtors" = -1,836,941,000

This seems to be a summary of operating expenses.

And "Joint Ventures And Associates" = 239,429,000 (equity method income)

Then: "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" = 4,523,539,000

This appears to be: Gross Profit + Other Income - Operating Expenses + JVs = 4,523,539,000

Let me verify: 6,121,051,000 + 927,450,000 - (1,103,668,000 + 770,800,000 + 829,724,000 + 60,199,000) + 239,429,000
= 6,121,051,000 + 927,450,000 - 2,764,391,000 + 239,429,000 = 4,523,539,000 ✓

This is **EBITDA before provisions** (since provisions are separate). Actually, this includes D&A? No, the label says "Before Provisions Amortisation And Impairment" - wait, let me re-read.

"Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE"

This is: Before (Provisions, Amortisation, Impairment, Financial Income, Financial Expenses, Income Tax, CESE)

So this is **EBITDA before provisions and before amortization/impairment** - which doesn't make sense as EBITDA already excludes amortization.

Actually, re-reading: This is Profit/Loss Before [Provisions, Amortisation, Impairment, Financial Income, Financial Expenses, Income Tax, CESE]. So this is essentially **EBITDA before provisions**, or more precisely, operating profit before depreciation, amortization, impairment, provisions, and financial items.

Then:
- Less: Provisions Expenses = 14,539,000
- Less: Depreciation Amortisation And Impairment = 1,979,007,000
- = Profit Loss Before Financial Income... = 2,529,993,000

Let me verify: 4,523,539,000 - 14,539,000 - 1,979,007,000 = 2,530, - wait: 4,523,539,000 - 14,539,000 = 4,509,000,000; 4,509,000,000 - 1,979,007,000 = 2,529,993,000 ✓

So "Profit Loss Before Provisions Amortisation And Impairment..." = 4,523,539,000 is essentially **EBITDA + equity income from JVs - provisions**? No, it's before provisions too.

Actually, this is closer to **Gross Operating Profit** or **EBITDA before provisions and before JVs? No, JVs are included.

Let me think of this as: This is the starting point for EBITDA calculation. It includes operating income before D&A, impairment, provisions, and financial items. It also includes equity income from JVs.

For **EBITDA**, I need to add back D&A and impairment to EBIT, or use this figure with adjustments.

Standard EBITDA = EBIT + D&A + Impairment (if not already in EBIT)

From the data:
- EBIT (Profit before financial items and tax) = 2,529,993,000
- Add: Depreciation, Amortisation, Impairment = 1,979,007,000
- **EBITDA = 4,509,000,000** (approximately)

But wait, this EBIT includes equity income from JVs of 239,429,000. For S&P purposes, equity income is typically excluded from EBITDA or treated separately.

Let me recalculate more carefully:

**Operating Profit before JVs:**
From the income statement build-up:
- Gross profit: 6,121,051,000
- Other income: 927,450,000
- Operating expenses: -1,836,941,000 (this is the net of services, personnel, other expenses, impairment)
- = Operating profit before JVs: 5,211,560,000? 

Wait, let me use the detailed build:
- Gross profit: 6,121,051,000
- Other income: 927,450,000
- Less: Services: -1,103,668,000
- Less: Employee benefits: -770,800,000
- Less: Other expenses: -829,724,000
- Less: Impairment: -60,199,000
- = 4,284,110,000

Then add JVs: 239,429,000
= 4,523,539,000 (matches the reported figure)

So this 4,523,539,000 is **operating profit before provisions, D&A, financial items, and taxes**. It includes JVs on equity method.

For S&P EBITDA, we typically want:
- Operating profit before D&A, interest, and taxes
- Excluding equity income (or including proportional EBITDA from JVs instead)

**Reported EBITDA = 4,523,539,000 + 14,539,000 (provisions) + 1,979,007,000 (D&A) - 239,429,000 (equity income, to be replaced with proportional EBITDA)**

Wait, provisions of 14,539,000 are expenses, so to get to EBITDA from the 4,523,539,000 figure:
- 4,523,539,000 already excludes D&A and impairment (per label)
- But does it include provisions? The label says "Before Provisions" - so provisions are not yet deducted

Actually, re-reading: "Profit Loss Before Provisions Amortisation And Impairment" - this means the profit figure is BEFORE these items are deducted. So this profit figure does NOT yet reflect provisions, amortization, or impairment.

Then the next line shows "Provisions Expenses" of 14,539,000 and "Depreciation Amortisation And Impairment" of 1,979,007,000, which are deducted to get to the next profit level.

So 4,523,539,000 is essentially **EBITDA before provisions + equity JVs**. Or more precisely, it's operating cash generation before non-cash charges.

For clean EBITDA, I should:
- Start from this 4,523,539,000
- Adjust for items to make it comparable

Actually, let me think of this differently. The standard calculation:

**EBITDA = Revenue - Cash Operating Expenses (excluding D&A, impairment, provisions if non-cash)**

Or: EBITDA = EBIT + D&A + Impairment

From data:
- EBIT = 2,529,993,000 (before financial income, financial expenses, tax, CESE)
- Add: D&A and Impairment = 1,979,007,000
- **EBITDA = 4,509,000,000**

But this EBIT includes equity income from JVs. For S&P, we typically exclude equity income and instead use proportional consolidation or add proportional EBITDA.

**Adjusted EBIT excluding JVs** = 2,529,993,000 - 239,429,000 = 2,290,564,000
**Add: D&A and Impairment** = 1,979,007,000
**Add: Provisions** = 14,539,000 (if non-recurring or to be normalized)
**EBITDA excluding JVs** = 4,284,110,000

Then for JVs: We have equity income of 239,429,000. S&P typically adds proportional EBITDA from JVs, not just equity income. The proportional EBITDA would be higher than equity income (which is after their D&A, interest, and tax).

From cash flow statement: "Adjustments For Joint Ventures And Associates" = -208,684,000 (2022). This is the adjustment from equity income to cash flow from JVs.

This suggests equity income of 239,429,000 had cash distributions of 239,429,000 - 208,684,000 = 30,745,000? Or the adjustment is different.

Actually, looking at cash flow: "Adjustments For Joint Ventures And Associates" = -208,684,000 in 2022. This is added back or subtracted in operating cash flow reconciliation.

From the indirect method:
- Profit before tax: 1,619,773,000
- Adjustments for D&A: 1,979,007,000
- Adjustments for provisions: 14,539,000
- Adjustments for JVs: -208,684,000
- etc.

The -208,684,000 adjustment to JVs suggests that equity income of 239,429,000 is being adjusted by -208,684,000 to reflect cash flows or other items. This -208,684,000 might represent dividends received or other cash flow adjustments.

Actually, looking more carefully: "Adjustments For Joint Ventures And Associates" in cash flow is -208,684,000. In 2021, it was -108,106,000. This equals the negative of equity income, suggesting it's removing the equity income and replacing with cash received.

Wait: 2021 equity income was 108,106,000 and adjustment was -108,106,000. 2022 equity income was 239,429,000 and adjustment is -208,684,000. Not exactly equal in 2022.

Hmm, 208,684,000 vs 239,429,000. The difference might be other items.

For S&P EBITDA, the standard approach is:
- Start with reported EBITDA
- Exclude equity income
- Add proportional EBITDA from JVs if material

Given data limitations, I'll estimate proportional EBITDA from JVs as roughly **2-3x equity income**, or use equity income plus estimated D&A.

If JVs are typical infrastructure or energy projects, their EBITDA might be 400-600M EUR. Let me estimate **proportional EBITDA from JVs = 450,000,000 EUR**.

But this is highly uncertain. Let me use a simpler approach: use reported EBITDA with equity income, or exclude equity income and use standalone EBITDA.

**S&P Adjusted EBITDA = Standalone EBITDA + Proportional JV EBITDA**

Standalone EBITDA = 4,284,110,000 (from above, excluding JVs)
Proportional JV EBITDA ≈ 450,000,000 (estimated)
**Total Adjusted EBITDA = 4,734,110,000 EUR**

Or if we use reported EBITDA including equity income:
Reported EBITDA = EBIT + D&A = 2,529,993,000 + 1,979,007,000 = 4,509,000,000

But this includes equity income, which is not typical EBITDA. Let me adjust:
- EBIT excluding equity income = 2,529,993,000 - 239,429,000 = 2,290,564,000
- Add D&A = 1,979,007,000
- Standalone EBITDA = 4,269,571,000

Hmm, this differs from 4,284,110,000 above. Let me recheck.

Actually, 4,523,539,000 (before provisions, D&A) minus 239,429,000 (JVs) = 4,284,110,000. This is standalone operating profit before provisions and D&A.

Then standalone EBITDA = 4,284,110,000 + 14,539,000 (provisions) + 1,979,007,000? No, that double counts.

Let me be very careful:
- 4,523,539,000 = profit before provisions, D&A, impairment, financial items, tax
- This includes equity income of 239,429,000
- So standalone profit before provisions, D&A, etc. = 4,523,539,000 - 239,429,000 = 4,284,110,000

This 4,284,110,000 is after all operating expenses (cash and non-cash except provisions, D&A, impairment). So it's essentially **standalone EBITDA before provisions**.

Then: 4,284,110,000 - 14,539,000 (provisions) = 4,269,571,000? No, provisions are expenses, so if we haven't deducted them, we need to subtract to get to a cleaner measure.

Actually, I think 4,284,110,000 is already after provisions. Let me recheck the income statement build:

From earlier:
- Gross profit: 6,121,051,000
- Other income: 927,450,000
- Services: -1,103,668,000
- Employee benefits: -770,800,000
- Other expenses: -829,724,000
- Impairment: -60,199,000
- = 4,284,110,000

Then add JVs: 239,429,000 = 4,523,539,000

So 4,284,110,000 is after impairment of 60,199,000 but before provisions of 14,539,000? No, the impairment here is IFRS 9 impairment, not the same as "Provisions Expenses" of 14,539,000.

The "Impairment Loss Impairment Gain And Reversal Of Impairment Loss Determined In Accordance With IFRS9" of 60,199,000 is for trade receivables and debtors (financial assets).

The "Provisions Expenses" of 14,539,000 is likely for other provisions (legal, restructuring, etc.).

And "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" of 1,979,007,000 is for fixed assets and intangibles.

So the build is:
4,284,110,000 (operating profit before JVs, before provisions, before D&A/impairment of fixed assets)
+ 239,429,000 (JVs)
= 4,523,539,000

Then deduct:
- 14,539,000 (provisions)
- 1,979,007,000 (D&A and impairment of fixed assets/intangibles)
= 2,529,993,000 (EBIT before financials and tax)

So **standalone operating profit before provisions, D&A, and fixed asset impairment = 4,284,110,000**

For **standalone EBITDA**, I need to add back fixed asset D&A and impairment:
= 4,284,110,000 + 1,979,007,000 = 6,263,117,000? No, that can't be right because 4,284,110,000 already excludes fixed asset D&A.

Wait, let me re-read: 4,284,110,000 is "Profit Loss Before Provisions Amortisation And Impairment Financial Income..." minus JVs.

The label says "Before Provisions Amortisation And Impairment" - so 4,523,539,000 is BEFORE these items. Meaning these items have NOT been deducted yet.

So 4,284,110,000 (standalone) + 1,979,007,000 (D&A) + 14,539,000 (provisions)? No, D&A and provisions are deductions, not additions.

If 4,284,110,000 is BEFORE D&A and provisions, then:
- After D&A: 4,284,110,000 - 1,979,007,000 = 2,305,103,000? But reported EBIT is 2,529,993,000 including JVs.

Let me try: 4,523,539,000 - 14,539,000 - 1,979,007,000 = 2,529,993,000. Yes!

So 4,523,539,000 is before provisions (14,539,000) and before D&A/impairment (1,979,007,000).

Therefore, **EBITDA = EBIT + D&A + Impairment (fixed assets) + Provisions?**

Standard EBITDA = EBIT + D&A + Impairment (operating) ± other non-cash items

= 2,529,993,000 + 1,979,007,000 = 4,509,000,000

But this includes equity income. For clean EBITDA excluding equity income:
= (2,529,993,000 - 239,429,000) + 1,979,007,000 = 4,269,571,000

Or starting from 4,284,110,000 + 14,539,000 (provisions, if non-recurring) = ?

Actually, provisions of 14,539,000 are typically deducted to get to EBIT. So EBIT = 4,284,110,000 + 239,429,000 - 14,539,000 - 1,979,007,000 = 2,529,993,000.

For EBITDA, we add back D&A and impairment:
EBITDA = 2,529,993,000 + 1,979,007,000 = 4,509,000,000

This includes JVs. Excluding JVs:
Standalone EBITDA = 4,509,000,000 - 239,429,000 = 4,269,571,000? No, we need to add proportional EBITDA, not subtract equity income.

For S&P, if we exclude JVs entirely:
Standalone EBITDA = 4,269,571,000 (approx)

If we include proportional EBITDA from JVs (estimated 450M):
Adjusted EBITDA = 4,269,571,000 + 450,000,000 = 4,719,571,000

Let me also consider lease adjustments. Under IFRS 16, if lease expenses were deducted to get to EBITDA, we might need to add back lease expenses or not, depending on treatment. With IFRS 16, lease expenses are replaced by D&A of right-of-use assets and interest on lease liabilities. The operating lease expense is no longer in operating profit.

For S&P EBITDA, they typically use standard EBITDA which includes D&A of right-of-use assets in the D&A add-back. So no special lease adjustment needed for EBITDA.

However, S&P may adjust for lease expenses differently. The methodology mentions "adjustment_leases (if any)" in the EBITDA formula.

For regulated utilities, the methodology doesn't specifically mention lease adjustments for EBITDA. I'll assume **no lease adjustment** for EBITDA.

**Nonrecurring items:**
- Provisions expenses: 14,539,000 - likely nonrecurring or normalized
- Gains/Losses on disposal and scope effects: from cash flow, -4,377,000 in 2022 (negative means loss)

For S&P, we typically normalize by adding back nonrecurring losses and subtracting nonrecurring gains.

The 14,539,000 provisions might be nonrecurring. The -4,377,000 is a loss, so we add it back.

Also, "Other Adjustments To Reconcile Profit Loss" = -1,384,104,000 in 2022. This is large and negative, suggesting significant other items.

Looking at cash flow reconciliation:
- Profit before tax: 1,619,773,000
- D&A: 1,979,007,000
- Provisions: 14,539,000
- JVs: -208,684,000
- Finance income/cost: 910,220,000
- Gains/losses on disposal: -4,377,000
- Working capital and other: various
- = Cash from operations: 4,200,324,000

For EBITDA, I want a measure closer to operating cash flow before working capital changes.

Let me try: **Cash from operations before working capital changes**
= 4,200,324,000 - 405,817,000 (receivables) - 766,260,000 (payables) + 142,137,000 (personnel) - 502,859,000 (regulatory) + 1,384,104,000 (other) - 258,849,000 (tax paid)

This gets messy. Let me use a cleaner approach.

**S&P Adjusted EBITDA = Reported EBITDA + Normalization adjustments**

Reported EBITDA (my calculation) = 4,509,000,000 (includes equity income)

Adjustments:
- Exclude equity income, add proportional JV EBITDA: +450,000,000 - 239,429,000 = +210,571,000
- Add back nonrecurring loss on disposal: +4,377,000
- Add back provisions (if nonrecurring): +14,539,000

Adjusted EBITDA ≈ 4,509,000,000 + 210,571,000 + 4,377,000 + 14,539,000 = 4,738,487,000

Or approximately **4,700,000,000 to 4,750,000,000 EUR**

Let me also consider the "Extraordinary Contribution To The Energy Sector CESE" of 51,534,000. This is a special tax/levy. For S&P, we might add this back as it's extraordinary.

Actually, CESE is deducted after EBIT in the income statement? Let me check.

Looking at the structure:
- Profit Before Income Tax And CESE: 1,619,773,000
- Income Tax Expense: 398,490,000
- CESE: 51,534,000
- = Profit Loss: 1,169,749,000? Let me check: 1,619,773,000 - 398,490,000 - 51,534,000 = 1,169,749,000. Yes, matches!

So CESE is after EBIT. For EBITDA, it's already excluded (EBITDA is before interest, tax, D&A). So no EBITDA adjustment needed for CESE.

Wait, let me recheck: EBIT was 2,529,993,000. Then financial income 843,000,000, financial costs 1,753,220,000. So profit before tax and CESE = 2,529,993,000 + 843,000,000 - 1,753,220,000 = 1,619,773,000. Yes.

So EBITDA is before all these items.

## Recalculating with Clearer Definitions

**EBITDA (standard) = EBIT + D&A + Impairment of fixed assets/intangibles**

= 2,529,993,000 + 1,979,007,000 = 4,509,000,000

This includes equity income from JVs of 239,429,000.

For **S&P Adjusted EBITDA**:
1. Exclude equity income: 4,509,000,000 - 239,429,000 = 4,269,571,000
2. Add proportional EBITDA from JVs: estimated 450,000,000
3. Add back nonrecurring items (provisions, losses): 14,539,000 + 4,377,000 = 18,916,000

Adjusted EBITDA = 4,269,571,000 + 450,000,000 + 18,916,000 = 4,738,487,000 EUR

Or approximately **4.74 billion EUR**

## Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA

Using my estimates:
- Adjusted Debt: ~20,184,635,000 EUR (with eligible cash of 2.45B)
- Or: 18,959,481,250 EUR (with eligible cash of 3.675B)
- Or: 17,734,430,000 EUR (with full cash deduction)

- Adjusted EBITDA: ~4,738,487,000 EUR

Ratios:
- With debt of 20,184,635,000: 20,184,635,000 / 4,738,487,000 = **4.26x**
- With debt of 18,959,481,250: 18,959,481,250 / 4,738,487,000 = **4.00x**
- With debt of 17,734,430,000: 17,734,430,000 / 4,738,487,000 = **3.74x**

Given the uncertainty in eligible cash, let me reconsider. For European utilities, S&P typically uses a more standardized approach.

Let me look at this from industry practice. EDP is a BBB-rated utility typically. Its debt/EBITDA is usually around 3.5-4.5x depending on calculation.

Given my calculations, and considering that:
- I may have overestimated pension deficit
- I may have underestimated or overestimated lease treatment
- Institutional partnerships are correctly included as debt-like

Let me refine with:
- **Adjusted Debt = 20,022,473,000 (borrowings) + 2,212,162,000 (institutional partnerships) + 400,000,000 (pension deficit) + 0 (leases assumed in borrowings) - 2,450,000,000 (eligible cash, 50% of reported) = 20,184,635,000**

Actually, let me try with lower eligible cash (more conservative, less debt reduction):
- Eligible cash = 1,000,000,000 (minimum for operations)
- Adjusted Debt = 23,634,635,000
- Ratio = 4.99x

Or with higher eligible cash:
- Eligible cash = 4,000,000,000
- Adjusted Debt = 18,634,635,000
- Ratio = 3.93x

The range is 3.9x to 5.0x. I need to narrow this.

Looking at EDP's actual credit profile: As a regulated utility with significant network assets, its leverage is typically managed to investment-grade levels. S&P likely uses medial or low volatility table.

Given the 2022 results with higher energy prices, EBITDA was elevated. For 2022 specifically, the ratio might be lower than historical average.

Let me check if my EBITDA is reasonable. Revenue was 20.65B, cost of energy sales was 14.53B, so gross margin was 6.12B. With EBITDA of ~4.7B, that's an EBITDA margin of ~23%, which seems reasonable for a utility in 2022 with high energy prices.

For debt, total liabilities were 44.98B, equity was 13.83B. Debt-to-assets is moderate.

Let me use a more standard S&P approach for utilities:
- Total debt = Long-term + Short-term borrowings = 20,022,473,000
- Add institutional partnerships (hybrid/debt-like) = 2,212,162,000
- Add pension deficit = estimate 300,000,000 (more conservative)
- Less cash & equivalents = 4,900,205,000 (full, assuming available)

Adjusted debt = 20,022,473,000 + 2,212,162,000 + 300,000,000 - 4,900,205,000 = 17,634,430,000

Adjusted EBITDA = 4,738,487,000

Ratio = 17,634,430,000 / 4,738,487,000 = **3.72x**

Or with 75% cash eligible:
= 20,022,473,000 + 2,212,162,000 + 300,000,000 - 3,675,153,750 = 18,859,481,250
Ratio = 3.98x

Given the uncertainty, let me use **eligible cash = 2,450,000,000** (half):
= 20,022,473,000 + 2,212,162,000 + 300,000,000 - 2,450,000,000 = 20,084,635,000
Ratio = 4.24x

I think the most reasonable single estimate, considering S&P's typical treatment for utilities (where they often use substantial cash deduction if the cash is truly available), is around **3.8x to 4.2x**.

Let me settle on:
- Adjusted Debt = 19,500,000,000 (roughly: 20B debt + 2.2B institutional - 2.7B eligible cash)
- Adjusted EBITDA = 4,700,000,000
- Ratio = 4.15x

Or more precisely with my calculations:
- Adjusted Debt = 20,184,635,000 (with 2.45B eligible cash)
- Adjusted EBITDA = 4,738,487,000
- Ratio = 4.26x

Let me also consider if leases should be added. If right-of-use assets indicate leases not in borrowings:
- Add 1,320,270,000 to debt
- Adjusted Debt = 21,504,905,000
- Ratio = 4.54x

Given IFRS 16, leases are likely in borrowings. I'll assume no additional lease adjustment.

## Final Calculation

After careful consideration, I'll use:

**Adjusted Debt:**
- Total borrowings: 20,022,473,000
- Institutional partnerships (debt-like): 2,212,162,000
- Pension deficit (estimated): 400,000,000
- Less: Eligible cash (50% of reported): 2,450,102,500
- **Adjusted Debt = 20,184,532,500 EUR**

**Adjusted EBITDA:**
- Reported EBIT + D&A: 4,509,000,000
- Less: Equity income: -239,429,000
- Add: Proportional JV EBITDA (est.): +450,000,000
- Add: Nonrecurring items (provisions, losses): +18,916,000
- **Adjusted EBITDA = 4,738,487,000 EUR**

**Ratio = 20,184,532,500 / 4,738,487,000 = 4.26x**

However, I want to check sensitivity. If I use full cash as eligible:
- Adjusted Debt = 17,734,430,000
- Ratio = 3.74x

If I use no cash as eligible (all needed for operations):
- Adjusted Debt = 22,634,635,000
- Ratio = 4.78x

For a regulated utility with seasonal working capital, S&P likely uses partial cash deduction. I'll use **2,450,000,000** as reasonable.

Actually, let me reconsider the EBITDA one more time. Looking at the cash flow:
- Cash from operations before working capital: 4,200,324,000
- This is after tax paid of 258,849,000 and other items

If I add back tax: 4,200,324,000 + 258,849,000 = 4,459,173,000 (approx cash before tax)
Add back interest paid (part of financing): need to estimate

This is close to my EBITDA estimate, suggesting 4.7B is reasonable.

Given all analysis, I'll finalize with:

<answer>4.26</answer>

Wait, let me do one more check with slightly different assumptions to see if I get a cleaner number.

Alternative: Use EBITDA = 4,509,000,000 (simple EBIT + D&A, including equity income)
Adjusted Debt = 20,184,532,500
Ratio = 4.26

Or if we exclude equity income from EBITDA but don't add proportional JV EBITDA:
EBITDA = 4,509,000,000 - 239,429,000 = 4,269,571,000
Ratio = 4.73

The correct S&P approach is to use proportional EBITDA from JVs, not just equity income. So my 4.74B estimate is better.

Given typical S&P utility calculations and potential variations, let me round to a reasonable precision. The answer is likely around **4.0x to 4.5x**.

I'll use **4.26** as my best estimate, or perhaps round to **4.3** or **4.2** for significant figures.

Actually, rethinking: For S&P, they often use "Funds From Operations" (FFO) rather than EBITDA for utilities, but the question asks specifically for Debt/EBITDA.

Let me verify my debt calculation once more. Looking at EDP's 2022 annual report in reality (I should use only provided data), total debt might include more items.

From provided data, total liabilities at 2022 year-end (2023-01-01): 44,981,803,000
Equity: 13,834,608,000
Total: 58,816,411,000

Debt items in liabilities:
- Long-term borrowings: 15,782,604,000
- Current borrowings: 4,239,869,000
- Institutional partnerships: 2,212,162,000
- Other noncurrent financial liabilities: 5,159,496,000
- Other current financial liabilities: 3,600,893,000
- Trade payables (non-current): 1,412,454,000
- Trade payables (current): 8,404,970,000

Total financial and debt-like: 15,782,604 + 4,239,869 + 2,212,162 + 5,159,496 + 3,600,893 = 30,995,024,000

This is much higher than my 20B borrowings + 2.2B institutional = 22.2B.

The "Other Financial Liabilities" likely include derivatives, put options, and other items. Some are debt-like, some are not.

For S&P, derivative liabilities (negative fair value of hedges) are typically not counted as debt. Put options to non-controlling interests are debt-like.

Without more detail, I'll stick with my more conservative estimate.

Final answer: **4.26** or rounded to **4.3**

Actually, let me try to be more precise with one more calculation:

Adjusted Debt = 20,022,473,000 + 2,212,162,000 + 400,000,000 - 2,450,102,500 = 20,184,532,500

Adjusted EBITDA = 4,738,487,000

Ratio = 4.2596... ≈ **4.26**

<answer>4.26</answer>