Step 1 — Relevant industry  
A2A S.p.A. is a multi-utility/energy group in Italy, with activities that include regulated utility operations as well as power/gas and energy services. Based on the provided methodologies, the closest fit is Regulated Utilities / Multi-utilities, potentially with some unregulated power and gas exposure. For this estimate, I apply the regulated utility debt and EBITDA adjustment framework using the available reported data.

Step 2 — Estimate Adjusted_Debt  

Use baseline:

Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items − eligible_cash

Available debt-like balance sheet items at year-end 2022 / Jan. 1, 2023:

- Other Noncurrent Financial Liabilities: €5,867 million  
- Other Current Financial Liabilities: €1,022 million  

Reported financial debt estimate:

5,867 + 1,022 = €6,889 million

Cash and cash equivalents:

- Cash And Cash Equivalents: €2,584 million

Eligible cash treatment: S&P typically does not always net all cash, but in the absence of detailed restrictions or surplus cash policy information, a common estimate is to net available cash. Therefore:

Adjusted_Debt before other debt-like items:

6,889 − 2,584 = €4,305 million

Pension deficit / employee benefits:

- Noncurrent Provisions For Employee Benefits: €248 million

S&P often treats unfunded post-employment obligations as debt-like. Add:

4,305 + 248 = €4,553 million

Other items:

- Leases: no balance sheet lease liability separately disclosed; lease payments were only €11 million, so no separate lease adjustment is estimated beyond financial liabilities.
- Guarantees: not provided.
- Hybrid debt portion: not provided.
- Other provisions: not added because insufficient evidence they are debt-like financial obligations.

Estimated Adjusted_Debt:

€4,553 million

Step 3 — Estimate Adjusted_EBITDA  

Reported EBITDA:

- Gross Operating Income EBITDA 2022: €1,505 million

Nonrecurring items:

- Result From Nonrecurring Transactions: €157 million

This appears to be a positive nonrecurring gain contributing below operating profit, likely related to disposal gains or other nonrecurring income. The cash flow statement also shows:

- Adjustments For Losses Gains On Disposal Of Noncurrent Assets: −€191 million

This indicates gains on disposal of noncurrent assets of about €191 million. However, since reported EBITDA is already presented as “Gross Operating Income EBITDA,” while the nonrecurring transaction result appears separately between operating profit and pretax profit, it may not be included in EBITDA. Therefore, to avoid double-counting, I do not subtract the €157 million from EBITDA.

Lease adjustment: not estimated due to lack of separate lease expense data.

Pension adjustment: not estimated due to lack of service/interest cost split.

JV proportional EBITDA: not estimated; equity-method investment is small.

Estimated Adjusted_EBITDA:

€1,505 million

Step 4 — Calculate Adjusted_Debt / Adjusted_EBITDA  

Adjusted_Debt / Adjusted_EBITDA = 4,553 / 1,505

= 3.0252

Rounded to two decimals:

<answer>3.03</answer>