Step 1 — Relevant industry  
Ferrovial S.A. is primarily an infrastructure operator/developer with major toll road and airport assets, so the most relevant provided methodology is Transportation Infrastructure. The methodology emphasizes FFO/debt, but the requested metric is Adjusted Debt / Adjusted EBITDA, so I apply the baseline S&P-style debt and EBITDA adjustments using the available annual-report facts.

Step 2 — Estimate Adjusted Debt  

Reported debt-like borrowings at 2022 year-end / 2023-01-01:
- Noncurrent debt securities and bank borrowings of infrastructure projects: €7,893m
- Current debt securities and bank borrowings of infrastructure projects: €74m
- Noncurrent debt securities and bank borrowings excluding infrastructure projects: €2,883m
- Current debt securities and bank borrowings excluding infrastructure projects: €803m

Reported borrowings = 7,893 + 74 + 2,883 + 803 = €11,653m

Lease liabilities:
- Noncurrent lease liabilities: €120m
- Current lease liabilities: €64m

Total lease liabilities = 120 + 64 = €184m

Hybrid / perpetual subordinated bonds:
- Other equity securities at 2023-01-01: €508m
- S&P commonly gives hybrids partial equity credit; using 50% debt treatment:
Hybrid debt portion = 50% × 508 = €254m

Pension deficit:
- Noncurrent provisions for employee benefits: €2m  
Pension adjustment = €2m

Other debt-like items:
- Other noncurrent financial liabilities: €838m  
Included as debt-like due to financial-liability classification.

Eligible cash:
- Cash and cash equivalents: €5,130m  
For an estimate, I deduct reported cash and equivalents. Restricted cash is not included in cash and equivalents here except current restricted project cash embedded in infrastructure cash subtotals may exist, but no separate consolidated restricted-cash line is provided within cash. Therefore eligible cash = €5,130m.

Adjusted Debt = reported borrowings + leases + hybrid debt portion + pension deficit + other debt-like items - eligible cash  
= 11,653 + 184 + 254 + 2 + 838 - 5,130  
= €7,801m

Step 3 — Estimate Adjusted EBITDA  

Reported operating profit before impairments and disposals:
- Profit from operations before impairment and disposals of noncurrent assets: €429m

Add depreciation and amortization:
- Amortisation / depreciation and amortization adjustment: €299m

EBITDA before further adjustments = 429 + 299 = €728m

Add lease adjustment:
- Cash outflow for leases: €72m  
Because lease debt is capitalized in adjusted debt, lease-related expense is added back to EBITDA as an approximation.

Remove equity-accounted associates’ earnings and add cash distributions:
- Share of profit of associates: €165m
- Dividends received classified as operating activities: €284m  
S&P commonly focuses on cash dividends from equity affiliates rather than equity-accounted income in EBITDA/FFO-style analysis.

Net associate adjustment = -165 + 284 = +€119m

Include discontinued operations EBITDA proxy:
- Gross profit from discontinued operations: €155m  
The available facts do not provide discontinued D&A or EBITDA; using gross profit from discontinued operations as an approximate contribution.

Adjusted EBITDA = 728 + 72 + 119 + 155  
= €1,074m

Step 4 — Adjusted Debt / Adjusted EBITDA  

Adjusted Debt / Adjusted EBITDA = 7,801 / 1,074 = 7.2635

Rounded to two decimals = 7.26

<answer>7.26</answer>