I'll work through this step-by-step following the S&P methodology.

## Step 1: Identify the Relevant Industry

Acciona SA is a Spanish infrastructure and renewable energy conglomerate. It has significant operations in:
- Renewable energy (unregulated power generation - wind, solar)
- Infrastructure/construction
- Water services

Given its mix, it spans **Unregulated Power and Gas** (for its energy business) and **Transportation Infrastructure** and general corporate. I'll apply the general corporate baseline approach with relevant adjustments.

## Step 2: Estimate Adjusted Debt

**Reported Debt Components (as of 2023-01-01, i.e., end of FY2022):**

- Non-current bonds/securities ("Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes"): 3,101M EUR
- Non-current loans: 2,624M EUR
- Current bonds/securities ("Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes"): 1,139M EUR
- Current loans: 553M EUR

**Total Reported Debt** = 3,101 + 2,624 + 1,139 + 553 = **7,417M EUR**

**Lease Liabilities (S&P treats as debt):**
- Non-current lease liabilities: 439M EUR
- Current lease liabilities: 72M EUR
- **Total Leases** = 511M EUR

**Cash adjustments:**
S&P typically nets out surplus cash. Cash and cash equivalents = 2,360M EUR. For a company like Acciona with significant project finance and operating needs, S&P typically allows some cash netting but not all. I'll assume a conservative approach - S&P might consider a portion as operating cash needs. A typical assumption is to keep some minimum operating cash. However, for infrastructure/energy companies, S&P often nets most readily available cash. I'll assume approximately 75% is eligible for netting.

Eligible cash ≈ 2,360M × 0.75 ≈ 1,770M EUR (but let me be more conservative and use a simpler approach - S&P often subtracts surplus cash beyond operating needs). For simplicity, and given S&P's typical approach for large diversified companies, I'll net a portion. However, many S&P analyses for Acciona show they net relatively limited cash. Let me use a more standard approach of netting ~50% of cash.

Actually, for S&P's standard approach, they typically subtract "readily available" or "surplus" cash. For a company of Acciona's size and complexity, a reasonable assumption is to subtract a modest portion. Let me use the full cash amount as a simplification since S&P's methodology doesn't specify exactly how much to keep for operating needs without more detail.

Let me be more precise: S&P often keeps operating cash needs at roughly 3-5% of revenue. Revenue = 11,195M, so operating cash ≈ 336-560M. Surplus cash = 2,360 - ~450 = ~1,910M.

**Adjusted Debt** = 7,417 + 511 - 1,910 = **6,018M EUR**

## Step 3: Estimate Adjusted EBITDA

**EBITDA Calculation:**
- Operating Profit (EBIT) = 1,334M EUR (Profit Loss From Operating Activities for FY2022)
- D&A and provisions ("Dotacion Amortizacion YVariacion De Provisiones") = 762M EUR
- Impairment losses = 15M EUR (net reversal, negative = reversal)

**Reported EBITDA** = 1,334 + 762 + 15 = **2,111M EUR**

Wait - the impairment line shows -15M (reversal), meaning it reduced operating profit. Since it's already reflected in operating profit, I need to add it back:

**EBITDA** = 1,334 + 762 + 15 = 2,111M EUR

**Lease adjustments:** S&P adds back the lease depreciation component (included in D&A already) and adds the imputed interest. Lease payments from financing activities = 120M. This is already reflected. S&P's EBITDA adjustment adds lease depreciation back (which is already in D&A above) and includes operating lease interest. The lease interest portion (~511M × ~3.5% ≈ 18M) - this is minor and likely already included.

**Other adjustments:**
- Equity method results are already included in operating profit (159M operational + (-194M) financial = net impact)
- No significant pension adjustments visible

**Adjusted EBITDA** ≈ **2,111M EUR**

## Step 4: Calculate the Ratio

**Adjusted Debt / Adjusted EBITDA** = 6,018 / 2,111 = **2.85**

<answer>2.85</answer>