Step 1 — Relevant industry  
Fortum Oyj is primarily a power and heat utility/generation company. Based on the provided methodologies, the closest fit is Unregulated Power and Gas, since Fortum has substantial power generation/energy market exposure and is not presented here as a predominantly regulated network utility. No sector-specific debt/EBITDA formula override is needed from the provided text, so I apply the baseline S&P-style adjusted debt and EBITDA approach.

Step 2 — Estimate Adjusted_Debt  

Use year-end 2022 balance sheet values at 2023-01-01.

Reported debt is approximated from financial liabilities:
- Other noncurrent financial liabilities: EUR 3,658m
- Other current financial liabilities: EUR 4,127m

Reported debt = 3,658m + 4,127m = EUR 7,785m

Other debt-like adjustments:
- Pension deficit: Noncurrent recognised liabilities defined benefit plan = EUR 13m
- Leases: not separately disclosed; assumed included in financial liabilities or not available
- Guarantees/hybrid debt portion/other debt-like items: not available, assumed 0
- Eligible cash: Liquid funds / cash and cash equivalents = EUR 3,919m

Adjusted_Debt = reported debt + pension deficit − eligible cash  
Adjusted_Debt = 7,785m + 13m − 3,919m  
Adjusted_Debt = EUR 3,879m

Step 3 — Estimate Adjusted_EBITDA  

The annual report facts provide:
- Operating Profit Before Depreciations EBITDA 2022 = EUR 1,842m
- Comparable EBITDA 2022 = EUR 2,436m

For S&P-adjusted EBITDA, nonrecurring and comparability items are generally normalized. Fortum’s comparable EBITDA excludes items affecting comparability, so it is the better proxy for Adjusted_EBITDA.

Adjusted_EBITDA ≈ Comparable EBITDA = EUR 2,436m

Step 4 — Calculate Adjusted_Debt / Adjusted_EBITDA  

Adjusted_Debt / Adjusted_EBITDA = 3,879m / 2,436m  
= 1.5924

Rounded to two decimals = 1.59

<answer>1.59</answer>