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

### Step 1: Identify the Relevant Industry

EDP, S.A. (Energias de Portugal) is an integrated energy company involved in the generation, transmission, distribution, and supply of electricity and gas. The provided methodologies cover "Regulated Utilities," "Oil And Gas Exploration And Production," "Unregulated Power And Gas," and "Transportation Infrastructure."

EDP operates a mix of regulated networks (distribution in Portugal and other jurisdictions) and unregulated generation/supply activities. In S&P Global Ratings methodology, integrated utilities with significant regulated network assets are typically assessed under the **Regulated Utilities** sector criteria, especially when the regulated portion provides a stable cash flow base. The prompt provides specific guidance for "Regulated Utilities," including adjustments for leases and pension deficits. Given EDP's profile as a major utility with substantial regulated distribution assets, we apply the **Regulated Utilities** methodology.

### Step 2: Estimate Adjusted Debt

The baseline formula for Adjusted Debt is:
$$ \text{Adjusted Debt} = (\text{Reported Debt} + \text{Leases} + \text{Pension Deficit} + \text{Guarantees} + \text{Hybrid Debt} + \text{Other Debt-like Items}) - \text{Eligible Cash} $$

**1. Reported Debt:**
From the balance sheet data for 2022-01-01 (start of fiscal year 2022) and 2023-01-01 (end of fiscal year 2022), we identify interest-bearing debt. S&P typically uses average debt or year-end debt depending on the specific ratio calculation convention, but for a static annual report estimate, year-end figures are standard unless specified otherwise. However, leverage ratios often use average debt over the period or ending debt. Let's look at the components at year-end (2023-01-01, which corresponds to Dec 31, 2022):
*   Long-term Borrowings: 15,782,604,000 EUR
*   Current Borrowings And Current Portion Of Noncurrent Borrowings: 4,239,869,000 EUR
*   Other Noncurrent Financial Liabilities: 5,159,496,000 EUR (Note: In utility reports, "Other Financial Liabilities" often include derivatives or other debt-like instruments. We must check if these are debt. Usually, S&P includes all interest-bearing liabilities. Let's assume these are part of the debt structure or derivatives. However, standard "Debt" usually refers to borrowings. Let's look for "Net Debt" components.
*   Other Current Financial Liabilities: 3,600,893,000 EUR.

Let's refine the "Reported Debt" definition. Typically, this includes Short-term and Long-term Borrowings.
Total Borrowings (Year End 2022) = Long-term Borrowings + Current Borrowings
$$ \text{Total Borrowings} = 15,782,604,000 + 4,239,869,000 = 20,022,473,000 \text{ EUR} $$

Are "Other Financial Liabilities" debt? In many utility contexts, these include derivatives (hedging). S&P generally excludes derivatives from debt unless they are debt-like. Without explicit breakdown, we stick to explicit borrowings. However, we must add **Leases**.

**2. Leases:**
Under IFRS 16, lease liabilities are recognized. The data provides "Right-of-use Assets" but not explicitly "Lease Liabilities". However, we can infer lease liabilities or look for "Payments Of Lease Liabilities Classified As Financing Activities" to gauge scale, but for the balance sheet debt, we need the liability stock.
In the absence of an explicit "Lease Liabilities" line item, we often approximate or look for notes. However, looking at the data:
*   Right-of-use Assets (2023-01-01): 1,320,270,000 EUR.
*   Typically, Lease Liabilities are close to Right-of-Use Assets. Let's assume Lease Liabilities $\approx$ 1,320,270,000 EUR.
*   *Correction*: S&P methodology for Regulated Utilities often adds the full lease liability to debt.

**3. Pension Deficit:**
*   Noncurrent Provisions For Employee Benefits: 644,299,000 EUR
*   Current Provisions For Employee Benefits: 126,767,000 EUR
*   Total Provisions for Employee Benefits: $644,299,000 + 126,767,000 = 771,066,000$ EUR.
*   S&P adjusts for the underfunded status of defined benefit plans. If the provision represents the net deficit, we add it. If it's just a provision, we check against plan assets. The data doesn't provide plan assets explicitly, but "Provisions For Employee Benefits" on the liability side usually reflects the net deficit or obligation. We will add this amount as a debt-like item.

**4. Eligible Cash:**
*   Cash And Cash Equivalents (2023-01-01): 4,900,205,000 EUR.
*   S&P allows the deduction of unrestricted cash. We assume all cash is eligible unless stated otherwise.

**5. Other Adjustments:**
*   "Institutional Partnerships In North America": 2,212,162,000 EUR. This is listed under Noncurrent Liabilities (or equity-like). In EDP's case, these are often treated as minority interests or specific financial structures. S&P may treat certain non-controlling interests with mandatory redemption features as debt. However, without specific detail on redeemability, we might exclude them or treat them as equity. Given the complexity, and typical S&P treatment of EDP, these partnerships (like in EDPR) are often equity-like but with some debt characteristics. For a standard estimate, we might exclude them from core debt unless they are clearly debt. Let's stick to the core borrowings + leases + pension.

**Calculation of Adjusted Debt (Year-End 2022):**
*   Reported Borrowings: 20,022,473,000 EUR
*   Leases (approximated from ROU or implied): ~1,320,270,000 EUR (Using ROU as proxy for Lease Liability is a common simplification if liability isn't explicit, though liability is usually slightly different. Let's check if "Other Noncurrent Financial Liabilities" contains leases. Often, leases are separate. Let's assume the Lease Liability is roughly equal to ROU assets for this estimation: 1,320,270,000 EUR).
*   Pension Deficit: 771,066,000 EUR
*   Less Eligible Cash: (4,900,205,000) EUR

$$ \text{Adjusted Debt} = 20,022,473,000 + 1,320,270,000 + 771,066,000 - 4,900,205,000 $$
$$ \text{Adjusted Debt} = 22,113,809,000 - 4,900,205,000 = 17,213,604,000 \text{ EUR} $$

*Note: S&P often uses average debt and average cash for the period in ratio calculations. Let's calculate averages.*

**Average Adjusted Debt:**
*   **Start of Year (2022-01-01):**
    *   Long-term Borrowings: 15,299,588,000
    *   Current Borrowings: 1,518,348,000
    *   Total Borrowings: 16,817,936,000
    *   Leases (ROU 2022-01-01): 1,007,029,000 (Proxy for Liability)
    *   Pension Provisions: $940,266,000 + 179,534,000 = 1,119,800,000$
    *   Cash: 3,222,409,000
    *   Adj Debt Start = $16,817,936,000 + 1,007,029,000 + 1,119,800,000 - 3,222,409,000 = 15,722,356,000$ EUR

*   **End of Year (2023-01-01):**
    *   Adj Debt End = 17,213,604,000 EUR (calculated above)

*   **Average Adjusted Debt** = $(15,722,356,000 + 17,213,604,000) / 2 = 16,467,980,000$ EUR

### Step 3: Estimate Adjusted EBITDA

The baseline formula is:
$$ \text{Adjusted EBITDA} = \text{EBITDA} + \text{Adjustments} $$

**1. Calculate Reported EBITDA:**
We can reconstruct EBITDA from the P&L data for 2022.
*   Profit Before Financial Income/Expenses, Tax, etc. (EBIT): 2,529,993,000 EUR
*   Add: Depreciation, Amortisation, and Impairment: 1,979,007,000 EUR
*   **EBITDA** = $2,529,993,000 + 1,979,007,000 = 4,509,000,000$ EUR

Alternatively, using the "Profit Loss Before Provisions Amortisation And Impairment..." line:
*   Profit Before Provisions, Amortisation, Impairment, Financial, Tax: 4,523,539,000 EUR
*   Less: Provisions Expenses: 14,539,000 EUR (This line is usually added back to get to EBITDA if it was deducted, but the label says "Before Provisions...". Wait, the label is "Profit Loss Before Provisions Amortisation And Impairment...". This implies Provisions are *not* deducted yet. So this figure is effectively EBITDA + Other Income/Expense adjustments?
    Let's check the reconciliation:
    EBITDA = Revenue - Operating Expenses (excluding D&A).
    Revenue: 20,650,764,000
    Cost of Energy Sales: 14,529,713,000
    Gross Margin: 6,121,051,000
    Other Income: 927,450,000
    Services Expense: (1,103,668,000)
    Employee Benefits: (770,800,000)
    Other Expense: (829,724,000)
    Impairment Loss (IFRS9): (60,199,000) -> This is usually below EBITDA or included? IFRS 9 impairments on trade receivables are often operating.
    
    Let's sum the operating items to get EBITDA:
    $6,121,051,000 + 927,450,000 - 1,103,668,000 - 770,800,000 - 829,724,000 - 60,199,000 = 4,284,110,000$ EUR.
    
    Let's check the provided "Profit Loss Before Provisions Amortisation And Impairment Financial Income...": 4,523,539,000 EUR.
    The difference between my sum (4,284M) and this line (4,523M) is approx 239M.
    Looking at "Joint Ventures And Associates": 239,429,000 EUR.
    The line "Profit Loss Before Provisions..." likely *includes* the share of JVs.
    Standard EBITDA usually excludes income from associates (equity method) because it's not cash flow from operations in the same way, or it's added back. S&P typically adds back the proportionate EBITDA of joint ventures if they are not consolidated, or includes them if consolidated. EDP consolidates its main subsidiaries. The "Joint Ventures And Associates" line is likely equity income.
    
    Let's use the standard EBITDA derived from EBIT + D&A.
    EBIT (Profit Before Financials and Tax) = 2,529,993,000 EUR.
    D&A = 1,979,007,000 EUR.
    EBITDA = 4,509,000,000 EUR.
    
    Does this include JV income?
    EBIT (2,529M) is derived after JV income (239M) is included in the "Profit Before Financials".
    So, Operating EBITDA before JV = $4,509,000,000 - 239,429,000 = 4,269,571,000$ EUR.
    
    S&P Methodology for Regulated Utilities:
    "We add back the proportionate EBITDA of joint ventures and associates if they are not consolidated."
    If they are equity-accounted (not consolidated), we add their EBITDA. If they are consolidated, their EBITDA is already in.
    The line "Joint Ventures And Associates" suggests equity accounting.
    We need to estimate the EBITDA of these JVs. We only have the net income share (239M). Without the JV's D&A and Interest/Tax, we can't perfectly reconstruct their EBITDA. However, a common approximation or adjustment is to add back the equity income and replace it with proportionate EBITDA, or simply add back the equity income if we assume it's a proxy for cash flow (unlikely).
    
    Actually, looking at the Cash Flow statement:
    "Cash Flows From Used In Operations": 4,200,324,000 EUR.
    This is close to our calculated EBITDA of 4,509M.
    
    Let's look for specific S&P adjustments for EDP.
    S&P often makes "Other normalization adjustments".
    
    Let's stick to the reconstructed EBITDA: **4,509,000,000 EUR**.
    
    **Adjustments:**
    1.  **Leases:** Under IFRS 16, EBITDA is already increased because lease depreciation and interest are separated from operating expenses. The "EBITDA" calculated from EBIT + D&A includes the lease depreciation (in D&A) but excludes lease interest (in Finance Costs). S&P adds back the interest portion of lease payments to EBITDA? No, S&P defines EBITDA as earnings before interest, tax, depreciation, and amortization. Since lease interest is an interest expense, it is already excluded from EBITDA (added back if starting from Net Income). Since lease depreciation is in D&A, it is added back. So, reported EBITDA under IFRS 16 is generally consistent with S&P's definition of EBITDA *before* debt service. However, S&P might adjust for the "rent" equivalent if comparing to pre-IFRS 16, but for Debt/EBITDA, the standard IFRS 16 EBITDA is usually the starting point.
    2.  **Non-recurring items:**
        *   "Impairment Loss... IFRS9": 60,199,000 EUR. This is likely recurring (bad debts).
        *   "Gains Losses On Disposal...": -4,377,000 EUR. Small, likely ignored or added back.
        *   "Extraordinary Contribution To The Energy Sector CESE": 51,534,000 EUR. This is a tax/levy. It is deducted after EBIT. It is not an EBITDA adjustment.
    3.  **Joint Ventures:**
        If we assume the JV income (239M) is not cash EBITDA, we might subtract it. But if we are adding proportionate EBITDA, we need that data. Lacking specific JV EBITDA, we often use the reported EBITDA as a base.
        
    Let's check the "Cash Flows From Used In Operations" (4,200M) vs EBITDA (4,509M). The difference is working capital and other adjustments.
    
    S&P Adjusted EBITDA for EDP is typically higher than reported EBITDA due to add-backs of certain non-cash or non-recurring items, or inclusion of proportionate JV EBITDA.
    
    Let's assume **Adjusted EBITDA** is approximately **4,509,000,000 EUR** (Reported) + **Proportionate JV EBITDA**.
    If we assume the JV EBITDA is roughly 2x the Net Income (assuming some depreciation/interest/tax), say 400-500M.
    However, without explicit data, we might stick to the reported EBITDA or use the "Profit Before Provisions..." line which is 4,523M.
    
    Let's use **4,523,539,000 EUR** as the base EBITDA proxy (as it includes JV income and is before D&A/Impairment/Provisions).
    
    Are there other adjustments?
    "Other Adjustments To Reconcile Profit Loss" in Cash Flow: -1,384,104,000. This is large. It likely includes changes in working capital and other non-cash items.
    
    Let's look at a standard S&P calculation for EDP in 2022.
    EDP's reported Net Debt/EBITDA is often around 3.5x - 4.0x.
    
    Let's refine the numbers.
    **Adjusted Debt**: ~16.47 Billion (Average)
    **Adjusted EBITDA**: ~4.51 Billion
    
    Ratio = $16.47 / 4.51 \approx 3.65$

    Let's double check the Debt calculation.
    Did we miss "Other Noncurrent Financial Liabilities" (5.15B) and "Other Current Financial Liabilities" (3.6B)?
    If these are derivatives, they are not debt. If they are other borrowings, they are.
    In EDP's balance sheet, "Other Financial Liabilities" often includes derivatives and hedging instruments. S&P excludes derivatives from debt.
    However, "Institutional Partnerships" (2.2B) might be treated as debt-like by S&P if they have mandatory redemption. EDP's partnerships in renewables (like EDPR) are often treated as minority interest (equity) by S&P, but sometimes with a hair-cut or partial debt treatment.
    
    If we include the "Other Financial Liabilities" as debt:
    Debt would increase by ~8.7 Billion.
    Adj Debt = 16.47 + 8.7 = 25.17 Billion.
    Ratio = 25.17 / 4.51 = 5.58.
    
    However, standard "Borrowings" are the primary debt.
    Let's check EDP's actual reported leverage.
    EDP's 2022 Annual Report reports "Net Debt" of approx 15-16 Billion EUR.
    EBITDA approx 4.5-5 Billion EUR.
    Net Debt / EBITDA is approx 3.5x.
    
    S&P Adjusted Debt is usually *higher* than reported Net Debt because of:
    1.  Adding back leases (already included in IFRS 16 debt, so no change if reported debt includes lease liabilities. EDP's reported borrowings *exclude* lease liabilities? No, under IFRS 16, lease liabilities are often in "Borrowings" or separate. If separate, we added them.
    2.  Adding pension deficits.
    3.  Not deducting all cash (S&P may restrict cash deduction).
    
    If Reported Net Debt is ~15B, and we added Pension (0.7B) and Leases (1.3B), and deducted Cash (which is already done in Net Debt), the Adjusted Debt might be around 17B.
    
    Let's re-calculate Average Adjusted Debt more carefully.
    
    **Start 2022:**
    Borrowings: 16,818 M
    Leases: 1,007 M
    Pension: 1,120 M
    Cash: (3,222 M)
    Net: 15,723 M
    
    **End 2022:**
    Borrowings: 20,022 M
    Leases: 1,320 M
    Pension: 771 M
    Cash: (4,900 M)
    Net: 17,213 M
    
    **Average Adj Debt**: 16,468 M EUR.
    
    **Adjusted EBITDA**:
    Reported EBITDA: 4,509 M.
    Add: Proportionate JV EBITDA?
    If we assume JV EBITDA is ~300M (estimate).
    Adj EBITDA ~ 4,800 M.
    
    Ratio: $16,468 / 4,800 = 3.43$.
    
    If we do *not* add JV EBITDA (conservative):
    Ratio: $16,468 / 4,509 = 3.65$.
    
    Let's check if "Other Financial Liabilities" should be included.
    In many utility ratings, "Total Debt" includes all interest-bearing liabilities. Derivatives are not interest-bearing in the same way.
    
    Let's assume the standard S&P adjustment for EDP results in a leverage ratio in the mid-3s.
    
    One more check: **Hybrid Debt**.
    EDP has issued hybrid bonds. These are often treated as 50% debt / 50% equity by S&P.
    The data does not explicitly list "Hybrid Bonds". They might be in "Other Noncurrent Financial Liabilities" or "Equity".
    If they are in Equity, we add 50% to Debt.
    If they are in Liabilities, we might keep them.
    
    Given the lack of specific Hybrid data, we proceed with the calculated figures.
    
    **Final Calculation:**
    Adjusted Debt (Average) = 16,467,980,000 EUR
    Adjusted EBITDA (Annual) = 4,509,000,000 EUR
    
    Ratio = $16,467,980,000 / 4,509,000,000 = 3.652...$
    
    Rounding to two decimal places: 3.65.

<answer>3.65</answer>