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

## Step 1: Identify the Relevant Industry

ENGIE is a major French energy company with operations spanning regulated utilities (gas/electricity networks), unregulated power and gas (renewable generation, thermal generation, energy supply), and other energy services. It's a multi-utility that fits primarily into the **Regulated Utilities** and **Unregulated Power and Gas** categories. Given its mix, I'll apply the general corporate/utility approach with relevant adjustments.

## Step 2: Estimate Adjusted Debt

### Reported Debt
- Long-term borrowings (2023-01-01): €28,083M
- Current borrowings and current portion of non-current borrowings (2023-01-01): €12,508M
- **Total reported debt = 28,083 + 12,508 = €40,591M**

### Lease Adjustments
Property, Plant and Equipment includes right-of-use assets under IFRS 16. The lease liabilities are typically embedded in borrowings for IFRS reporters. Since ENGIE reports under IFRS, lease liabilities are likely already included in borrowings. I'll assume they're already captured in reported debt.

### Pension Deficit
Looking at noncurrent provisions (€24,663M) which includes pension obligations and nuclear provisions. ENGIE has significant pension obligations. From the OCI, gains/losses on remeasurements of defined benefit plans were €2,718M (before tax) in 2022, suggesting significant pension liabilities. 

S&P typically adds the net pension deficit. Given the large provisions balance and the actuarial gains in OCI, I'll estimate the pension-related portion. Without exact breakdown, I'll use a conservative estimate. The noncurrent provisions of €24,663M include nuclear decommissioning, environmental, and pension provisions. For a utility like ENGIE, pension deficit is typically a portion. Given the €2,718M actuarial gain, the pension obligation is substantial. I'll estimate approximately €8,000M as pension-related provision (a reasonable estimate for ENGIE's scale), but S&P would adjust for the funded status. Given the actuarial gains suggest improved funding, I'll estimate a net pension deficit of approximately €5,000M to add.

### Hybrid Debt (Deeply Subordinated Perpetual Notes)
ENGIE has deeply subordinated perpetual notes of €3,393M (equity-classified). S&P typically gives 50% equity credit to qualifying hybrids, meaning 50% is treated as debt.
- Hybrid debt portion = 3,393 × 50% = €1,697M

### Eligible Cash Deduction
S&P typically allows some cash to be netted. For utilities, a portion of cash is considered operational. Cash = €15,570M. S&P might net a significant portion but typically caps it or applies haircuts. For large utilities, I'll assume S&P nets most surplus cash but keeps some for operational needs. A reasonable estimate: net approximately €10,000M of excess cash.

### Adjusted Debt Calculation
```
Adjusted_Debt = 40,591 + 5,000 (pension) + 1,697 (hybrid) - 10,000 (cash) + 0 (other)
Adjusted_Debt ≈ €37,288M
```

However, let me reconsider. S&P's approach for ENGIE would be more conservative on cash netting and more precise on pensions. Let me use a simpler approach:

- Reported debt: €40,591M
- Pension adjustment: ~€5,000M
- Hybrid 50% debt: €1,697M  
- Less surplus cash: ~€10,000M

**Adjusted_Debt ≈ €37,288M**

## Step 3: Estimate Adjusted EBITDA

### Reconstruct EBITDA from reported data
Starting from Current Operating Income Including Operating MtM:
- Current Operating Income (incl. operating MtM): €4,309M
- Add back: Depreciation, Amortization and Provisions: €5,187M
- **Reported EBITDA ≈ 4,309 + 5,187 = €9,496M**

### S&P Adjustments to EBITDA:
- **Lease adjustments**: Already in EBITDA under IFRS 16 (depreciation of ROU assets added back)
- **Pension adjustments**: S&P replaces pension expense with service cost only. Estimate minor adjustment ~€0M net
- **Hybrid interest**: Add back the coupon on hybrid notes treated as debt (~€77M from retained earnings charge) — already expensed
- **Share of equity method income**: €1,059M is already included in a broader operating income measure. S&P may include dividends received instead. Dividends received from associates = €713M. Adjustment = 713 - 1,059 = -€346M
- **Non-recurring items**: The MtM derivatives impact and other non-recurring items should be normalized

**Adjusted_EBITDA ≈ 9,496 - 346 + 77 ≈ €9,227M**

Rounding and simplifying: ~€9,200M

## Step 4: Calculate the Ratio

```
Adjusted_Debt / Adjusted_EBITDA = 37,288 / 9,227 ≈ 4.04
```

Refining slightly with reasonable adjustments:

**Ratio ≈ 4.04**

<answer>4.04</answer>