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

## Step 1: Identify the Relevant Industry

EDP, S.A. (Energias de Portugal) is a major utility company engaged in "generation, transmission, distribution and supply of electricity and supply of gas." EDP has both regulated utility operations (distribution/transmission networks) and unregulated operations (renewable generation through EDP Renováveis, thermal generation, and supply). This is a mixed utility - I'll apply a combination of regulated utilities and unregulated power and gas methodologies.

## Step 2: Estimate Adjusted Debt

### Components:

**Reported Debt (Financial Debt):**
- Long-term borrowings: €15,782,604,000
- Current borrowings: €4,239,869,000
- Total reported debt = €20,022,473,000

**Lease Obligations (Right-of-Use Assets as proxy for lease liabilities):**
Right-of-use assets at end 2022: €1,320,270,000
Lease liabilities are typically close to ROU assets. From the cash flow statement, lease payments = €133,696,000. I'll estimate lease liabilities approximately equal to ROU assets: ~€1,320,270,000.
However, these may already be included in borrowings under IFRS 16. Let me check - EDP reports ROU assets separately and lease payments in financing activities, suggesting lease liabilities might be separate from borrowings. I'll include them.

**Pension Deficit:**
- Non-current provisions for employee benefits: €644,299,000
- Current provisions for employee benefits: €126,767,000
- Total pension/employee benefit provisions: €771,066,000

**Institutional Partnerships in North America (debt-like):**
These are tax equity partnerships - S&P typically treats these as debt-like: €2,212,162,000

**Other Non-current Financial Liabilities:**
€5,159,496,000 - These likely include derivative liabilities and other items. Not all would be debt-like. I'll be conservative and not add these as they likely include hedge/derivative positions.

**Eligible Cash Deduction:**
Cash and cash equivalents: €4,900,205,000
S&P typically allows deduction of surplus cash. For utilities, a portion is typically retained. I'll deduct a conservative amount - keeping some operational cash (~€500M) and deducting the rest.
Eligible cash ≈ €4,400,000,000 (conservative estimate; alternatively S&P may deduct less)

Let me reconsider - S&P typically doesn't deduct all cash. For utilities they may deduct minimal cash. I'll use a more standard approach and not deduct cash beyond a small amount, but many analysts deduct most surplus cash. Let me use ~€4,900,205,000 but cap at a reasonable level. I'll deduct the full cash amount as S&P often does for investment-grade utilities.

**Adjusted Debt Calculation:**
= 20,022,473,000 (reported debt) + 1,320,270,000 (leases) + 771,066,000 (pension) + 2,212,162,000 (institutional partnerships) - 4,900,205,000 (cash)
= €19,425,766,000

## Step 3: Estimate Adjusted EBITDA

**Reported EBITDA (from income statement):**
"Profit Loss Before Provisions Amortisation And Impairment..." = €4,523,539,000

This already includes equity method income of €239,429,000. S&P may replace equity income with dividends received.

**Adjustments:**
- Add back: Lease depreciation component (included in D&A). Lease payments from cash flow = €133,696,000 (add this as lease adjustment to EBITDA for consistency with adding lease debt).
- Dividends received from JVs/associates: €81,394,000 (replace equity income)
- Remove equity method income: -€239,429,000
- Pension adjustment: Service cost vs. cash contributions - limited data, assume neutral.

**Adjusted EBITDA:**
= 4,523,539,000 + 133,696,000 - 239,429,000 + 81,394,000
= €4,499,200,000

## Step 4: Calculate Adjusted Debt / Adjusted EBITDA

Ratio = 19,425,766,000 / 4,499,200,000 = 4.32

<answer>4.32</answer>