I'll work through this step-by-step.

## Step 1: Identify the Relevant Industry

Ørsted A/S is a major renewable energy company (offshore wind, onshore wind, solar) based in Denmark. It operates primarily in unregulated power generation (wind farms, solar) with some elements of regulated activities. The most fitting methodology is **Unregulated Power and Gas**.

## Step 2: Estimate Adjusted Debt

**Reported Debt:**
- Long-term Borrowings (2023-01-01): 60,451,000,000 DKK
- Short-term Borrowings (2023-01-01): 2,830,000,000 DKK
- Total reported debt = 60,451 + 2,830 = 63,281,000,000 DKK

**Lease Liabilities:**
- Noncurrent Lease Liabilities: 7,697,000,000 DKK
- Current Lease Liabilities: 569,000,000 DKK
- Total leases = 8,266,000,000 DKK

**Hybrid Capital:**
S&P typically treats hybrid capital instruments with partial equity/debt content. Ørsted has hybrid capital of 19,793,000,000 DKK. S&P generally assigns 50% debt content to hybrid instruments.
- Hybrid debt portion = 19,793 × 50% = 9,896,500,000 DKK

**Tax Equity Liabilities:**
- Non-Current Tax Equity Liabilities: 14,490,000,000 DKK
- Current Tax Equity Liabilities: 1,903,000,000 DKK
- Total = 16,393,000,000 DKK (these are debt-like obligations)

**Pension deficit:** No explicit pension data provided, assume 0.

**Eligible Cash:**
- Cash: 16,178,000,000 DKK
- S&P typically allows some cash deduction. Using reported cash conservatively, but S&P may not deduct all. I'll assume a portion is operational. Let's use the full cash amount as a reasonable approximation.

**Adjusted_Debt** = 63,281 + 8,266 + 9,897 + 16,393 - 16,178 = **81,659,000,000 DKK** (approximately)

## Step 3: Estimate Adjusted EBITDA

**Reported EBITDA:** 32,057,000,000 DKK (given as "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense")

**Adjustments:**

**Lease adjustments:** S&P adds back lease depreciation (already in EBITDA) but we need to consider the interest portion of lease payments. The lease payment from cash flow = 582,000,000 DKK. This is already excluded from operating EBITDA under IFRS 16. S&P would add back lease depreciation (already included) but the EBITDA already reflects IFRS 16 treatment. No major additional adjustment needed since EBITDA already excludes lease interest.

**Hybrid capital coupon:** S&P adds back the interest portion of hybrid that's treated as debt. Coupon payments = 529,000,000 DKK. Since 50% is treated as debt, add back 50% × 529 = 264,500,000 DKK as an interest expense equivalent (but this affects interest coverage, not EBITDA directly).

**Non-recurring gains/losses:** 
- Gains on disposals of investments: 331,000,000 (remove gain)
- Other Income includes asset divestment gains (farm-downs): 14,119,000,000 includes significant divestment gains. The "Adjustments for Losses Gains on Disposal of Noncurrent Assets" = -10,885,000,000 suggests ~10,885M in divestment gains.
- Other Expense: 4,963,000,000

For S&P, farm-down gains at Ørsted are somewhat recurring (business model), but S&P often normalizes large asset disposal gains. However, removing all would be too aggressive. Let me adjust conservatively by removing the net non-recurring portion.

Given complexity, I'll use the reported EBITDA with modest adjustments:

**Adjusted_EBITDA** = 32,057 + 582 (lease payment add-back for S&P consistency) - 10,885 (divestment gains, non-recurring) + 4,963 (other expenses if non-recurring, but likely operational)

Actually, keeping it simpler: EBITDA = 32,057, add lease interest (~200M estimated), subtract major divestment gains (~10,885M):

Adjusted_EBITDA ≈ 32,057 + 582 - 10,885 = ~21,754,000,000 DKK

## Step 4: Calculate Ratio

**Adjusted_Debt / Adjusted_EBITDA** = 81,659 / 21,754 ≈ **3.75**

<answer>3.75</answer>