To estimate the S&P-adjusted debt-to-EBITDA ratio for ENGIE for the fiscal year ended December 31, 2022, we follow the workflow outlined.

### Step 1: Identify the Relevant Industry

ENGIE is a global energy and services group. Its activities span regulated utilities (electricity and gas distribution), unregulated power generation (renewables, nuclear, thermal), and energy services.
*   **Regulated Utilities:** ENGIE has significant regulated network activities.
*   **Unregulated Power and Gas:** ENGIE has significant generation and supply activities exposed to market prices.
*   **Oil and Gas:** ENGIE has some upstream activities but they are not the primary driver compared to utilities and power.

S&P typically classifies integrated energy utilities like ENGIE under **Regulated Utilities** or **Unregulated Power and Gas** depending on the specific subsidiary or the dominant risk profile. However, for a diversified group like ENGIE, the **Regulated Utilities** methodology often provides the baseline for the utility portion, while the **Unregulated Power and Gas** methodology applies to the merchant portion. Given the prompt provides specific methodologies for "Regulated Utilities", "Oil And Gas Exploration And Production", and "Unregulated Power And Gas", and ENGIE is a major utility with significant regulated assets, we must determine which adjustments apply.

Looking at the "Regulated Utilities" section, it mentions adjustments for purchased power contracts and securitized debt. The "Unregulated Power and Gas" section mentions adjustments for long-term PPAs. ENGIE's financial reporting distinguishes between "Current Operating Income" and non-recurring items. S&P generally calculates Adjusted EBITDA for utilities by starting with reported operating income or EBITDA and adding back non-recurring items, depreciation, and amortization, while adjusting for pension deficits and hybrid debt.

For a diversified utility like ENGIE, S&P often uses a blended approach or defaults to the **Regulated Utilities** framework for the core utility business and **Unregulated Power** for the rest. However, without specific segment breakdowns of debt and EBITDA, we will apply the general corporate baseline formulas modified by standard utility adjustments found in the provided text (specifically focusing on debt-like items and EBITDA normalization).

Key characteristics from the text for ENGIE (2022):
*   It is a large, diversified entity.
*   It has "Deeply Subordinated Perpetual Notes" classified as Equity. S&P typically treats a portion of these as debt (hybrid debt).
*   It has significant derivative positions (commodity hedges).

### Step 2: Estimate Adjusted Debt

**Formula:** `Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

1.  **Reported Debt:**
    *   Long-term Borrowings (2022-01-01 balance sheet date, representing FY2022 end): 30,458,000,000 EUR
    *   Current Borrowings And Current Portion Of Noncurrent Borrowings: 10,590,000,000 EUR
    *   Total Reported Interest-Bearing Debt = 30,458 + 10,590 = 41,048,000,000 EUR

2.  **Leases:**
    *   The provided facts do not explicitly list "Lease Liabilities". In the absence of specific lease liability data in the balance sheet lines provided (often embedded in "Other Noncurrent Financial Liabilities" or "Other Current Nonfinancial Liabilities" or not broken out), we cannot add a specific lease adjustment. However, standard S&P methodology adds operating leases. Without explicit data, we assume reported debt includes finance leases or the impact is negligible relative to the total, or we proceed with available data. *Note: In many utility reports, lease liabilities are small relative to total debt. We will proceed with the explicit debt figures.*

3.  **Pension Deficit:**
    *   The facts list "Other Comprehensive Income Before Tax Gains Losses On Remeasurements Of Defined Benefit Plans" as 2,718,000,000 EUR (gain) for 2022. This indicates a reduction in the deficit or a surplus.
    *   We do not have the explicit "Net Pension Liability" on the balance sheet. It is likely embedded in "Noncurrent Provisions" (23,394,000,000 EUR) or "Other Noncurrent Nonfinancial Liabilities".
    *   S&P adjusts for the *underfunded* status. If there is a surplus or full funding, the adjustment is zero or negative. Given the large gain in remeasurement, it is likely the plan is well-funded or in surplus. Without a specific "Net Pension Liability" figure, we cannot add a positive pension deficit. We will assume **0** adjustment for pension deficit to be conservative, or that it is netted within provisions. *Standard practice if data is missing: omit or assume neutral.*

4.  **Hybrid Debt Portion:**
    *   The equity section lists "Deeply Subordinated Perpetual Notes Member" with a value of **3,767,000,000 EUR** (as of 2022-01-01, which is the start of the year, but the balance sheet date for FY2022 is 2023-01-01? No, the facts say "2022-01-01" for the start and "2023-01-01" for the end. Wait, the labels are "2022-01-01 - 2023-01-01" for flows and "2023-01-01" for balance sheet positions.
    *   Let's check the Balance Sheet date. The header says "fiscal year ended December 31, 2022". The balance sheet items are labeled "2023-01-01" (which is effectively Dec 31, 2022) and "2022-01-01" (Dec 31, 2021).
    *   So, we use the **2023-01-01** column for the year-end 2022 position.
    *   Deeply Subordinated Perpetual Notes (2023-01-01): **3,393,000,000 EUR**.
    *   S&P typically treats 50% of such instruments as debt for regulated utilities, or up to 100% depending on terms. For standard hybrids, 50% is a common baseline adjustment unless specified otherwise. Let's assume **50%** equity credit, meaning **50%** is treated as debt.
    *   Hybrid Debt Adjustment = 50% * 3,393,000,000 = **1,696,500,000 EUR**.

5.  **Other Debt-Like Items:**
    *   Derivatives: ENGIE has significant derivative liabilities.
        *   Noncurrent Derivative Financial Liabilities: 39,417,000,000 EUR
        *   Current Derivative Financial Liabilities: 11,859,000,000 EUR
        *   Total Derivative Liabilities: ~51.3 Billion EUR.
        *   However, S&P does *not* treat mark-to-market derivative liabilities as debt. They are part of working capital or non-core adjustments. They affect EBITDA volatility but are not added to Debt.
    *   Provisions: "Noncurrent Provisions" (24,663,000,000 EUR) and "Current Provisions" (2,365,000,000 EUR). These include nuclear decommissioning and restructuring. S&P typically does *not* add provisions to debt unless they are imminent and certain cash outflows not covered by operating cash flow. For utilities, nuclear provisions are often excluded from debt but monitored. We will exclude them from Adjusted Debt.

6.  **Eligible Cash:**
    *   Cash And Cash Equivalents (2023-01-01): **15,570,000,000 EUR**.
    *   S&P allows the deduction of unrestricted cash. We assume all cash is eligible.

**Calculation of Adjusted Debt:**
*   Reported Debt: 41,048,000,000 EUR (Using 2023-01-01 values: Long-term 28,083 + Current 12,508 = 40,591? Let's re-read carefully.)
    *   "Longterm Borrowings" 2023-01-01: 28,083,000,000 EUR
    *   "Current Borrowings..." 2023-01-01: 12,508,000,000 EUR
    *   Total Reported Debt = 28,083 + 12,508 = **40,591,000,000 EUR**.
*   Hybrid Debt (50% of 3,393): **1,696,500,000 EUR**.
*   Less Eligible Cash: **15,570,000,000 EUR**.

Adjusted Debt = 40,591 + 1,696.5 - 15,570 = **26,717.5 million EUR** (or 26,717,500,000 EUR).

*(Self-Correction/Refinement: Some analysts might use gross debt. S&P Net Debt is standard. Let's stick with Net Debt.)*

### Step 3: Estimate Adjusted EBITDA

**Formula:** `Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± other_normalization_adjustments`

First, we need to reconstruct EBITDA from the Income Statement data provided for the period 2022-01-01 to 2023-01-01.

**Reconstructing EBITDA:**
*   **Profit Loss From Operating Activities (Operating Income):** 1,127,000,000 EUR.
*   **Add: Depreciation Amortization And Provisions:** 5,187,000,000 EUR.
    *   *Note:* The line item is "Depreciation Amortization And Provisions". In cash flow statements, "Provisions" often refers to changes in provisions (non-cash). The Cash Flow statement shows "Net Depreciation Amortization Impairment And Provisions" as -8,057,000,000 EUR (negative because it's an add-back to net income? Or is it the expense?).
    *   Let's look at the P&L components.
    *   "Current Operating Income Including Operating Mtm": 4,309,000,000 EUR.
    *   "Impairment Loss...": 2,774,000,000 EUR.
    *   "Other Non Recurring Items": -1,328,000,000 EUR.
    *   "Expense Of Restructuring Activities": 230,000,000 EUR.
    *   "Profit Loss From Operating Activities": 1,127,000,000 EUR.
    
    Let's verify the composition of Operating Income:
    Current Operating Income (4,309) + Share of Associates (1,059) = Current Operating Income Including Share (5,367).
    Then adjust for non-current/non-recurring:
    Impairment (2,774) is likely an expense (loss).
    Restructuring (230) is an expense.
    Other Non-Recurring (-1,328) is a net expense (negative income).
    Other Income/Expense from Subsidiaries (91).
    
    Let's check: 5,367 (Current Op Inc incl Assoc) - Impairment (2,774) - Restructuring (230) + Other Non-Recurring (-1,328) + Other Income/Exp (91) = ?
    5,367 - 2,774 - 230 - 1,328 + 91 = 1,126. This matches "Profit Loss From Operating Activities" (1,127) closely (rounding diff).
    
    So, **Reported Operating Income (EBIT)** = 1,127,000,000 EUR.
    
    To get **EBITDA**, we add back Depreciation and Amortization.
    The item "Depreciation Amortization And Provisions" is 5,187,000,000 EUR.
    Does this include Impairment? Usually, "Depreciation and Amortization" is separate from "Impairment". The Cash Flow statement lists "Net Depreciation Amortization Impairment And Provisions" as 8,057,000,000 EUR.
    Let's check: D&A (5,187) + Impairment (2,774) + Change in Provisions?
    5,187 + 2,774 = 7,961. The CF item is 8,057. The difference (96) might be other non-cash provisions.
    
    Standard EBITDA = Operating Income + Depreciation + Amortization.
    S&P Adjusted EBITDA usually starts with EBITDA and adds back non-recurring items.
    
    **Base EBITDA:**
    Operating Income: 1,127
    Add: Depreciation & Amortization: 5,187 (Assuming this is the D&A portion).
    Base EBITDA = 1,127 + 5,187 = **6,314,000,000 EUR**.

    **Adjustments for Non-Recurring Items:**
    S&P adds back losses and subtracts gains from non-recurring items to normalize EBITDA.
    
    1.  **Impairment Loss:** 2,774,000,000 EUR. This is a non-cash, non-recurring expense. **Add back.**
    2.  **Restructuring Expenses:** 230,000,000 EUR. Non-recurring expense. **Add back.**
    3.  **Other Non-Recurring Items:** -1,328,000,000 EUR. This is a net expense/loss. **Add back.**
    4.  **Other Income/Expense from Subsidiaries/JV:** 91,000,000 EUR. This is likely recurring or operational. We will leave it in Operating Income unless specified as non-recurring. The label doesn't say non-recurring.
    5.  **Gains/Losses on Derivatives:** The "Current Operating Income Including Operating Mtm" includes Mark-to-Market (Mtm) gains/losses. S&P often adjusts for volatile MTM gains/losses on derivatives for utilities to reflect core operating performance.
        *   The Cash Flow statement shows "Adjustments For Gains Losses On Change In Fair Value Of Derivatives" as -3,661,000,000 EUR.
        *   A negative adjustment in the Cash Flow from Operations (indirect method) means it was a **Gain** included in Net Income/Operating Income that needs to be subtracted to get to Cash Flow. Or, if it's an add-back, it's a loss.
        *   Let's look at the sign convention. "Cash Flows From Used In Operations Before Changes In Working Capital" is 12,415.
        *   Start with Profit from Continuing Ops: -1,793.
        *   Add: Tax: -83 (benefit?).
        *   Add: Finance Costs Net: 3,003.
        *   Add: Deprec/Impairment: 8,057.
        *   Add: Share of Associates: -1,059 (equity income is non-cash operating? No, it's investment).
        *   Adjust for Derivatives: -3,661.
        
        Let's trace:
        Operating Income (1,127) + Share of Associates (1,059) = 2,186? No.
        
        Let's use the provided "Current Operating Income Including Operating Mtm" (4,309). This figure *includes* the MTM effects.
        S&P methodology for Unregulated Power/Gas and Regulated Utilities often excludes unrealized MTM gains/losses on derivatives from Adjusted EBITDA because they are volatile and non-cash.
        
        How much is the MTM impact?
        The adjustment in CF is -3,661. This suggests a **Gain** of 3,661 was included in earnings, which is subtracted in the CF reconciliation.
        Therefore, to normalize EBITDA, we should **subtract** this gain.
        
        However, we must be careful. Is the 3,661 gain already in the 4,309 Current Operating Income? Yes, "Including Operating Mtm".
        So, Core Operating Income (excluding MTM) would be lower.
        
        Let's calculate **Adjusted EBITDA** step-by-step:
        
        1.  **Start with Reported Operating Income:** 1,127
        2.  **Add Back D&A:** 5,187
        3.  **Add Back Impairment:** 2,774
        4.  **Add Back Restructuring:** 230
        5.  **Add Back Other Non-Recurring (Loss):** 1,328 (Since it was -1,328 in income, we add 1,328 back).
        6.  **Adjust for Derivative MTM:**
            *   The CF adjustment is -3,661. This implies a gain of 3,661 reduced the cash flow relative to income (or was added to income but not cash).
            *   We subtract non-recurring/unrealized gains.
            *   Adjustment: **-3,661**.
        
        Let's sum these:
        1,127 + 5,187 + 2,774 + 230 + 1,328 - 3,661 = **6,985,000,000 EUR**.

    **Alternative Check using "Current Operating Income":**
    Current Operating Income (incl MTM) = 4,309.
    Add D&A (assuming D&A is part of the costs deducted to get to Current Op Inc? Yes, Current Operating Income is usually after D&A).
    So, Current EBITDA (incl MTM) = 4,309 + 5,187 = 9,496.
    Now adjust for Non-Recurring and MTM:
    - Subtract MTM Gain: -3,661.
    - Add back Impairment? Impairment is usually *below* Current Operating Income. The text says "Current Operating Income... 4,309" and then lists Impairment, Restructuring, etc. separately to arrive at "Profit Loss From Operating Activities" (1,127).
    So, Impairment (2,774), Restructuring (230), Other Non-Rec (-1,328) are *not* in the 4,309.
    
    So, starting from Current EBITDA (9,496):
    - Subtract MTM Gain: -3,661.
    - Add back Impairment: +2,774.
    - Add back Restructuring: +230.
    - Add back Other Non-Rec Loss: +1,328.
    
    Total Adjusted EBITDA = 9,496 - 3,661 + 2,774 + 230 + 1,328 = **10,167,000,000 EUR**.

    Let's double check the MTM sign.
    "Adjustments For Gains Losses On Change In Fair Value Of Derivatives" in CF is -3,661.
    In the indirect CF method, you start with Net Income and add/subtract non-cash items.
    If there is a **Gain** on derivatives, it increases Net Income. To get to Cash Flow, you must **subtract** the gain.
    So, a negative adjustment (-3,661) confirms a **Gain** of 3,661.
    Since S&P excludes volatile MTM gains from Adjusted EBITDA, we **subtract** 3,661.

    Let's re-verify the "Other Non Recurring Items" of -1,328.
    This is an expense/loss. It reduced Operating Income. We add it back.

    Let's re-verify Impairment.
    Impairment is an expense. It reduced Operating Income. We add it back.

    Let's re-verify Restructuring.
    Expense. Add back.

    So, Adjusted EBITDA = **10,167,000,000 EUR**.

    *Wait, is there any other adjustment?*
    "Share Of Profit Loss Of Associates": 1,059. This is included in "Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities" (5,367).
    The "Current Operating Income Including Operating Mtm" is 4,309.
    The difference is 1,058 (matches 1,059 assoc share).
    So the 4,309 figure *excludes* the share of associates.
    Does S&P include Share of Associates in EBITDA?
    S&P typically uses "EBITDA" which is Earnings Before Interest, Taxes, Depreciation, and Amortization. Share of associates is usually below the EBIT line or treated separately. However, for utilities, S&P often looks at "Group EBITDA" or adds back the share of associates if it's a core part of operations, or treats it as investment income.
    Standard EBITDA definition excludes equity income.
    My calculation started with "Current Operating Income" (4,309) which excludes equity income. Then I added D&A. Then I adjusted for items below that line (Impairment, etc.).
    So my resulting 10,167 excludes the Share of Associates.
    Should we add it?
    S&P "Adjusted EBITDA" often includes the pro-rata EBITDA of joint ventures if they are integrated, or just the dividend/equity income if not.
    Given the complexity, and that the Share of Associates (1,059) is a significant positive number, excluding it might understate the cash generation capacity attributable to the group's operations if those JVs are core.
    However, the standard formula `EBITDA + ...` usually starts from Consolidated EBITDA. Consolidated EBITDA does *not* include Equity Income.
    S&P may add "Equity Income" back if it's considered recurring, or adjust for it.
    Let's look at the "Volatility" and "Profitability" sections. They focus on EBITDA margin.
    If we exclude the 1,059, we are conservative.
    However, many utility analysts add back "Share of Net Income of Associates" to EBITDA for leverage ratios if the associates are in the same industry.
    Let's check the magnitude. 1,059 is ~10% of the EBITDA.
    Let's stick to the strict definition: Adjusted EBITDA derived from Operating Income.
    
    Recalculating with precision:
    1.  **Operating Income (Reported):** 1,127
    2.  **Add: D&A:** 5,187
    3.  **Add: Impairment:** 2,774
    4.  **Add: Restructuring:** 230
    5.  **Add: Other Non-Rec (Loss):** 1,328
    6.  **Less: MTM Gain:** 3,661
    7.  **Add: Share of Associates?**
        *   If we consider "Adjusted EBITDA" to represent the total operating cash flow proxy, we might include it.
        *   However, S&P often deducts dividends received from associates from FFO, or adds equity income.
        *   Let's look at the Cash Flow from Operations: 8,586.
        *   Our Adjusted EBITDA is 10,167.
        *   The difference is due to Working Capital, Taxes, Interest, and other non-cash items.
        *   If we include Share of Associates (1,059), Adjusted EBITDA becomes 11,226.
        
    Let's look at standard S&P treatment for ENGIE specifically (general knowledge check): S&P typically includes the share of profit from associates in the "Adjusted EBITDA" for utilities if it's recurring, or treats it as a separate line. Given the prompt asks to estimate based on *provided facts* and *methodology*, and the methodology doesn't explicitly mandate adding equity income to EBITDA (it focuses on EBITDA margin and ROC), we should be careful.
    However, the "Current Operating Income Including ... Share In Net Income" is a key management metric.
    Let's calculate the ratio with and without.
    Without: 10,167.
    With: 11,226.
    
    Let's look at the "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method" in Cash Flow: 1,059. This is added back to Net Income? No, it's an adjustment.
    
    Let's assume the standard S&P "Adjusted EBITDA" for a utility includes the recurring share of associates.
    Adjusted EBITDA = 10,167 + 1,059 = **11,226,000,000 EUR**.

    Let's refine the Debt calculation.
    Adjusted Debt = 26,717.5 million.
    
    Ratio = 26,717.5 / 11,226 = **2.38**.

    Let's try without Share of Associates:
    Ratio = 26,717.5 / 10,167 = **2.63**.

    Which is more appropriate?
    S&P's "Corporate Methodology: Ratios And Adjustments" states that for joint ventures, if they are not consolidated, the investor's share of debt and EBITDA may be added proportionally. Here, the associates are equity-method, so their debt is *not* on ENGIE's balance sheet. Their EBITDA is *not* in ENGIE's EBITDA.
    To be consistent, if we don't add Associate Debt, we shouldn't add Associate EBITDA?
    Actually, S&P often adds "Proportionate Debt" and "Proportionate EBITDA" for JVs.
    We don't have the Debt of the associates. We only have the Share of Profit.
    Therefore, adding the Share of Profit (as a proxy for EBITDA contribution) without adding the associated Debt would artificially improve the ratio (lower leverage).
    Since we cannot calculate the Associate Debt from the facts, we should **exclude** the Share of Associates from Adjusted EBITDA to maintain consistency with the Debt figure (which only includes ENGIE's reported debt).
    
    So, we use **Adjusted EBITDA = 10,167,000,000 EUR**.

    **Recalculating Adjusted Debt:**
    Reported Debt (2023-01-01):
    Long-term: 28,083
    Current: 12,508
    Total: 40,591
    
    Hybrid Debt (50% of 3,393): 1,696.5
    
    Cash: 15,570
    
    Adjusted Debt = 40,591 + 1,696.5 - 15,570 = 26,717.5

    **Recalculating Adjusted EBITDA:**
    Op Income: 1,127
    + D&A: 5,187
    + Impairment: 2,774
    + Restructuring: 230
    + Other Non-Rec: 1,328
    - MTM Gain: 3,661
    
    Sum: 1,127 + 5,187 + 2,774 + 230 + 1,328 - 3,661 = 6,985?
    Wait.
    1,127 + 5,187 = 6,314.
    6,314 + 2,774 = 9,088.
    9,088 + 230 = 9,318.
    9,318 + 1,328 = 10,646.
    10,646 - 3,661 = **6,985**.

    Let's re-verify the "Current Operating Income" path.
    Current Op Inc (4,309) + D&A (5,187) = 9,496.
    Adjustments:
    - MTM Gain (3,661) -> 9,496 - 3,661 = 5,835.
    Add items *below* Current Op Inc:
    + Impairment (2,774) -> 5,835 + 2,774 = 8,609.
    + Restructuring (230) -> 8,609 + 230 = 8,839.
    + Other Non-Rec (1,328) -> 8,839 + 1,328 = 10,167.
    
    Why the difference?
    Path 1: 1,127 (Op Inc) + 5,187 (D&A) + 2,774 (Imp) + 230 (Rest) + 1,328 (Other) - 3,661 (MTM).
    1,127 + 5,187 = 6,314.
    6,314 + 2,774 = 9,088.
    9,088 + 230 = 9,318.
    9,318 + 1,328 = 10,646.
    10,646 - 3,661 = 6,985.
    
    Path 2: 4,309 (Curr Op) + 5,187 (D&A) - 3,661 (MTM) + 2,774 + 230 + 1,328.
    4,309 + 5,187 = 9,496.
    9,496 - 3,661 = 5,835.
    5,835 + 2,774 = 8,609.
    8,609 + 230 = 8,839.
    8,839 + 1,328 = 10,167.
    
    The difference is **3,182**.
    Where does this come from?
    Let's check the relationship between "Current Operating Income" (4,309) and "Profit Loss From Operating Activities" (1,127).
    4,309 (Current) + Share of Assoc (1,059) = 5,368.
    5,368 - Impairment (2,774) - Restructuring (230) + Other Non-Rec (-1,328) + Other Inc/Exp (91) = 1,127.
    5,368 - 2,774 - 230 - 1,328 + 91 = 1,127. Correct.
    
    So, "Current Operating Income" (4,309) does **not** include Impairment, Restructuring, or Other Non-Rec.
    It **does** include MTM.
    
    In Path 1, I started with 1,127 (which has Impairment, Restructuring, Other Non-Rec deducted).
    I added them back.
    I added D&A.
    I subtracted MTM.
    
    In Path 2, I started with 4,309 (which has MTM included, but NOT Impairment/Restructuring/Other Non-Rec).
    I added D&A.
    I subtracted MTM.
    I added Impairment, Restructuring, Other Non-Rec.
    
    Both paths should yield the same result.
    Path 1: 1,127 + 5,187 + 2,774 + 230 + 1,328 - 3,661 = 6,985.
    Path 2: 4,309 + 5,187 - 3,661 + 2,774 + 230 + 1,328 = 10,167.
    
    Why are they different?
    1,127 vs 4,309.
    4,309 - 1,127 = 3,182.
    The items bridging them are:
    + Share of Assoc (1,059)
    - Impairment (2,774)
    - Restructuring (230)
    - Other Non-Rec (1,328)
    + Other Inc (91)
    
    Sum of bridge: 1,059 - 2,774 - 230 - 1,328 + 91 = -3,182.
    So 4,309 - 3,182 = 1,127. Correct.
    
    In Path 1, I did NOT add Share of Associates.
    In Path 2, I did NOT add Share of Associates.
    
    Wait. In Path 1, I started with 1,127.
    1,127 + 2,774 (Imp) + 230 (Rest) + 1,328 (Other) = 5,459.
    5,459 - 1,059 (Assoc) - 91 (Other Inc) = 4,309?
    5,459 - 1,150 = 4,309. Yes.
    
    So, if I start with 1,127 and add back Imp, Rest, Other, I get 5,459.
    This 5,459 includes the deduction of Share of Associates (1,059) and Other Inc (91).
    Actually, Share of Associates is *added* to get to 5,367 from 4,309.
    So 1,127 is *after* deducting Share of Associates? No.
    4,309 (Current) + 1,059 (Assoc) = 5,368.
    5,368 - 2,774 - 230 - 1,328 + 91 = 1,127.
    
    So 1,127 *includes* the Share of Associates (positive) and Other Inc (positive).
    
    In Path 1:
    1,127 + 2,774 + 230 + 1,328 = 5,459.
    This 5,459 is essentially "Current Operating Income" (4,309) + Share of Associates (1,059) + Other Inc (91)?
    4,309 + 1,059 + 91 = 5,459. Yes.
    
    So Path 1 results in 5,459 before D&A and MTM.
    Then add D&A (5,187) -> 10,646.
    Then subtract MTM (3,661) -> 6,985.
    
    Path 2:
    Start with 4,309.
    Add D&A (5,187) -> 9,496.
    Subtract MTM (3,661) -> 5,835.
    Add Imp (2,774) -> 8,609.
    Add Rest (230) -> 8,839.
    Add Other (1,328) -> 10,167.
    
    The difference is **Share of Associates (1,059)** and **Other Inc (91)**.
    Path 2 *excludes* Share of Associates and Other Inc from the base (4,309).
    Path 1 *includes* them in the base (1,127) and keeps them in the result.
    
    Which is correct for Adjusted EBITDA?
    Share of Associates is equity income, not EBITDA. It should be **excluded**.
    Other Income (91) is likely non-operating or incidental.
    
    Therefore, **Path 2** is the correct construction for EBITDA, as it starts with "Current Operating Income" (which excludes equity income) and builds up.
    
    Adjusted EBITDA = **10,167,000,000 EUR**.

### Step 4: Calculate Ratio

Adjusted Debt = 26,717.5 million EUR
Adjusted EBITDA = 10,167 million EUR

Ratio = 26,717.5 / 10,167 ≈ 2.6278

Rounding to two decimal places: **2.63**

<answer>2.63</answer>