To estimate the S&P-adjusted debt-to-EBITDA ratio for Terna S.p.A. for the year ended December 31, 2022, we follow the S&P Global Ratings Corporate Methodology guidelines, notably considering its classification as a Regulated Utility.

**Step 1: Estimate Adjusted Debt**
S&P defines Adjusted Debt as reported gross debt plus lease liabilities, pension obligations, and standard adjustments for hybrid capital, minus accessible cash and cash equivalents. 

*   **Reported Debt (Borrowings):** 
    *   Long-term borrowings: €8,416.7 million
    *   Current portion of long-term borrowings: €1,909.3 million
    *   Short-term borrowings: €444.1 million
    *   *Total Borrowings:* €10,770.1 million
*   **Pensions / Post-Employment Benefits:** 
    *   Noncurrent provisions for employee benefits: €48.4 million
*   **Hybrid Debt Adjustment:** 
    *   Terna has €989.0 million in perpetual hybrid bonds (recorded in equity). S&P typically attributes intermediate equity content to standard utility hybrid bonds, treating them as 50% debt and 50% equity.
    *   *Hybrid Debt Portion:* €989.0 million × 50% = €494.5 million
*   **Cash and Cash Equivalents:** 
    *   Cash and cash equivalents: €2,155.1 million (deducted directly from gross debt for regulated utilities, assuming 0% haircut on available cash). *(Note: Current Financial Assets are excluded from the deduction as they relate heavily to derivative financial instruments/cash flow hedges).*

*Adjusted Debt* = €10,770.1m + €48.4m + €494.5m - €2,155.1m = **€9,157.9 million**

**Step 2: Estimate Adjusted EBITDA**
S&P starts with reported operating profit (EBIT) and adds back depreciation and amortization, then removes non-recurring or non-operating items such as gains on asset disposals.

*   **Reported EBIT (Profit/Loss from Operating Activities):** €1,333.5 million
*   **Depreciation, Amortisation and Impairment:** €725.7 million
*   *Reported EBITDA:* €1,333.5m + €725.7m = €2,059.2 million
*   **Non-Recurring Gains:** 
    *   Adjustments for gain on disposals of property, plant, and equipment: -€6.9 million (removed from EBITDA).

*Adjusted EBITDA* = €2,059.2m - €6.9m = **€2,052.3 million**

**Step 3: Calculate the S&P-adjusted Debt-to-EBITDA Ratio**
*Adjusted Debt / Adjusted EBITDA* = €9,157.9 million / €2,052.3 million = 4.4622...

<answer>4.46</answer>