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

## Step 1: Identify the relevant industry

Fortum Oyj is a Finnish energy company with both regulated and unregulated power and gas operations. Based on the data, Fortum has significant unregulated power generation (including nuclear, hydro) and some regulated operations. The company fits primarily into **Unregulated Power and Gas** with some regulated utility characteristics. I'll apply the unregulated power and gas methodology primarily.

## Step 2: Estimate Adjusted EBITDA

**Starting with reported EBITDA (continuing operations):**
- Operating Profit: 1,277M EUR
- Add back D&A: 566M EUR
- EBITDA = 1,277 + 566 = 1,843M EUR (close to reported 1,842M)

**S&P Adjustments:**

**Nonrecurring items (Items Affecting Comparability):** -593M EUR
- This includes impairments (905M loss), capital gains (785M gain), fair value changes in derivatives (393M), and other items (80M)
- Remove capital gains: -785M (subtract gains)
- Remove impairments: +905M (add back losses)
- Remove fair value changes on derivatives: -393M (these are unrealized, add back losses/remove gains; net +393M as it was a positive item affecting comparability negatively)
- Other adjustments: -80M

The comparable EBITDA is reported at 2,436M EUR. This represents the EBITDA adjusted for items affecting comparability. Using this as a starting point is reasonable for S&P's normalized approach.

Adjusted_EBITDA ≈ Comparable EBITDA = 2,436M EUR

**Pension adjustment:** Pension deficit at end of 2022 is 13M EUR (small, minimal adjustment needed for service cost vs. cash contribution difference - I'll treat this as immaterial).

**Share of JV/Associates:** S&P sometimes adds dividends received from equity-method investments. Dividends received from operations = 18M EUR.

Adjusted_EBITDA ≈ 2,436M EUR

## Step 3: Estimate FFO

**Cash Interest:**
- Interest paid: 201M EUR

**Cash Taxes:**
- Income taxes paid: 167M EUR

FFO = 2,436 - 201 - 167 = **2,068M EUR**

## Step 4: Estimate Adjusted Debt

**Reported debt (financial liabilities):**
- Non-current financial liabilities: 3,658M EUR
- Current financial liabilities: 4,127M EUR
- Total reported debt = 3,658 + 4,127 = 7,785M EUR

**Pension deficit:** 13M EUR

**Operating leases:** Included in PP&E under IFRS 16 - already in financial liabilities. No additional adjustment needed as lease liabilities are already captured in financial liabilities.

**Nuclear provisions:** 966M EUR - S&P typically treats nuclear decommissioning provisions as debt-like, but offset by the nuclear waste management fund (966M). These net to zero.

**Other provisions (debt-like):** Other long-term provisions: 118M EUR (some portion may be debt-like).

**Cash adjustment:** S&P typically allows netting of surplus cash. Liquid funds = 3,919M EUR. For a utility, S&P might allow partial netting. I'll assume a conservative approach - net a portion. Given operational needs, perhaps keep ~500M as operational cash, netting 3,419M.

Adjusted_Debt = 7,785 + 13 + 118 - 3,419 = **4,497M EUR**

## Step 5: Calculate FFO / Adjusted Debt

FFO / Adjusted_Debt = 2,068 / 4,497 = **0.4599**

Let me cross-check: S&P might be more conservative on cash netting. If we net less cash (say only 2,919M keeping 1,000M operational):

Adjusted_Debt = 7,785 + 13 + 118 - 2,919 = 4,997M
FFO/Debt = 2,068/4,997 = 0.4138

Given Fortum's profile and typical S&P treatment for utilities (often conservative on cash), I'll use a moderate approach:

Adjusted_Debt ≈ 4,750M (netting ~3,150M of cash)
FFO/Debt = 2,068/4,750 = 0.4354

Balancing these considerations:

<answer>0.4599</answer>