**Step 1: Identify the relevant industry**

The entity is "REDEIA CORPORACION SA" (Red Eléctrica Corporación, S.A.). The name and the nature of its assets (Property, Plant, and Equipment of ~9.6 billion EUR, significant regulated utility characteristics) indicate it is a Spanish electricity transmission system operator. This falls squarely under the **Regulated Utilities** sector described in the provided text. Specifically, it is an electricity network utility, which typically has a "Strong" regulatory advantage due to the natural monopoly nature of transmission and the regulatory framework in Spain.

**Step 2: Estimate Adjusted Debt**

According to the S&P methodology for Regulated Utilities, we start with reported debt and adjust for eligible cash and other debt-like items. The baseline formula is:
`Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

*   **Reported Debt:** We sum Current and Noncurrent Financial Liabilities.
    *   Noncurrent Financial Liabilities (2023-01-01, representing year-end 2022): 5,543,755,000 EUR
    *   Current Financial Liabilities (2023-01-01): 1,705,277,000 EUR
    *   Total Reported Debt = 5,543,755,000 + 1,705,277,000 = 7,249,032,000 EUR

*   **Leases:** The data does not explicitly separate lease liabilities from financial liabilities. In the absence of specific lease data, and given that utility PP&E often includes owned assets, we assume reported financial liabilities capture the primary debt obligations. No specific adjustment for leases is made due to lack of data, or they are included in financial liabilities.

*   **Pension Deficit:** There is no explicit pension deficit liability reported in the balance sheet items provided (only "Other Longterm Provisions" and "Current Provisions", which are generic). We assume no significant unfunded pension deficit adjustment is required based on the provided facts.

*   **Guarantees/Hybrids/Other:** No specific data on guarantees or hybrid debt is provided. We assume these are zero or included in the reported figures if material.

*   **Eligible Cash:** S&P typically deducts unrestricted cash and cash equivalents.
    *   Cash And Cash Equivalents (2023-01-01): 794,824,000 EUR
    *   There are also "Current Financial Assets At Amortised Cost" of 752,505,000 EUR. These are often short-term investments. S&P may deduct highly liquid short-term investments if they are considered part of the liquidity buffer. However, the standard baseline usually focuses on Cash and Cash Equivalents. Let's look at the "Other Current Financial Assets". Given the utility nature, these might be restricted or operational. To be conservative and stick to the strict "Cash and Cash Equivalents" line item which is clearly defined:
    *   Eligible Cash = 794,824,000 EUR.

*   **Regulated Utility Adjustments:** The text mentions adjusting for "securitized debt" (deconsolidate) and "seasonal working capital" (net inventory against short-term debt).
    *   Securitization: No mention of securitized debt.
    *   Seasonal Working Capital: Red Eléctrica is a transmission company, not a gas distributor with high seasonal inventory. Inventories are low (41 million EUR). This adjustment is likely not applicable or negligible.

*   **Calculation of Adjusted Debt:**
    Adjusted Debt = Total Reported Debt - Eligible Cash
    Adjusted Debt = 7,249,032,000 - 794,824,000 = 6,454,208,000 EUR

**Step 3: Estimate Adjusted EBITDA**

The baseline formula is:
`Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± other_normalization_adjustments`

First, we calculate Reported EBITDA for the fiscal year 2022 (period 2022-01-01 to 2023-01-01).
EBITDA can be derived from Operating Profit (Profit Loss From Operating Activities) + Depreciation and Amortization.

*   **Profit Loss From Operating Activities:** 961,554,000 EUR
*   **Depreciation And Amortisation Expense:** 544,992,000 EUR
*   **Reported EBITDA** = 961,554,000 + 544,992,000 = 1,506,546,000 EUR

Alternatively, we can reconstruct from Revenue and Expenses:
*   Revenue: 2,015,036,000
*   Other Work Performed And Capitalised: 62,903,000
*   Miscellaneous Other Operating Income: 77,673,000
*   Total Operating Income/Revenue proxy: ~2,155,612,000
*   Less:
    *   Aprovisionamientos (Supplies): 37,061,000
    *   Employee Benefits Expense: 210,614,000
    *   Miscellaneous Other Operating Expense: 467,088,000
    *   Depreciation/Amortization: 544,992,000
    *   Impairment/Disposals: 488,000
    *   Grant Imputation (Income): -15,780,000 (This is income, so it reduces the expense side or adds to income. In the P&L structure provided, "Imputacion De Subvenciones" is usually income. Let's check the operating profit calculation:
        Op Profit = Rev + Other Work + Other Inc + Grants - Supplies - Emp - Other Exp - Dep - Impairment
        Op Profit = 2,015,036 + 62,903 + 77,673 + 15,780 - 37,061 - 210,614 - 467,088 - 544,992 - 0.488
        Op Profit = 2,171,392 - 1,259,755 = 911,637?
        The reported "Profit Loss From Operating Activities" is 961,554,000. The difference might be due to "Participacion En Beneficios..." (Equity income) which is often below operating profit or included depending on the format. The item "Participacion En Beneficios De Sociedades Valoradas Por El Metodo De La Participacion" is 50,405,000.
        911,637 + 50,405 = 962,042. Close to 961,554 (difference of ~0.5m, likely rounding or the impairment/net disposal result sign).
        
        Let's stick to the standard definition: EBITDA = Operating Profit + D&A.
        Reported Operating Profit: 961,554,000 EUR
        D&A: 544,992,000 EUR
        EBITDA = 1,506,546,000 EUR.

*   **Adjustments:**
    *   **Leases:** No specific lease expense add-back provided.
    *   **Non-recurring items:** The item "Deterioro YResultado Por Enajenaciones Del Inmovilizado" (Impairment and result from disposals) is 488,000 EUR. This is a small expense/loss. S&P often adds back impairments if they are non-cash or non-recurring. Given the small size relative to EBITDA, it has minimal impact. Let's add it back as a non-recurring loss/adjustment to be precise.
    *   **Equity Income:** The "Participacion En Beneficios..." (50,405,000 EUR) is included in the Operating Profit figure provided (based on the reconciliation above). S&P typically excludes equity income from EBITDA for utility core operations unless it's a joint venture where proportional consolidation is preferred. However, for a holding/corporate entity like Red Eléctrica, if these are regulated subsidiaries, they might be consolidated. If they are equity-method investments, S&P might prefer to add back the equity income and subtract the associated debt/cash, or simply leave it if it's recurring. Given the "Regulated Utilities" context, if these are core regulated assets, they should ideally be consolidated. If they are not consolidated, S&P often adjusts EBITDA to include the proportional EBITDA of JVs. However, without JV-specific EBITDA data, we cannot make a proportional adjustment. We will use the reported EBITDA which includes the equity pick-up, as it represents the economic earnings available to the group.
    *   **Grants:** The grant imputation (15,780,000) is a non-cash income related to assets. It is already in the Operating Profit. S&P generally leaves this in for regulated utilities as it reflects the regulatory recovery mechanism.

    So, Adjusted EBITDA ≈ Reported EBITDA + Non-recurring losses (Impairment)
    Adjusted EBITDA = 1,506,546,000 + 488,000 = 1,507,034,000 EUR.

    Let's refine the "Eligible Cash" deduction. Sometimes S&P deducts cash in excess of working capital needs. For utilities, cash balances can be high. However, without a specific "excess cash" calculation, we deduct the full Cash and Cash Equivalents as per the baseline "eligible cash" definition in the prompt's formula structure, assuming it's all available to pay down debt.

    Let's re-verify the Debt.
    Noncurrent Financial Liabilities: 5,543,755,000
    Current Financial Liabilities: 1,705,277,000
    Total Debt: 7,249,032,000
    
    Cash: 794,824,000
    
    Net Debt (Adjusted Debt): 6,454,208,000

    Adjusted EBITDA: 1,507,034,000

**Step 4: Calculate the Ratio**

Ratio = Adjusted Debt / Adjusted EBITDA
Ratio = 6,454,208,000 / 1,507,034,000

Calculation:
6,454,208,000 / 1,507,034,000 ≈ 4.2827

Rounding to two decimal places: 4.28

<answer>4.28</answer>