Step 1 — Relevant industry

Fortum Oyj is primarily a power and heat utility/generation group. Based on the provided methodologies, the closest fit is Unregulated Power And Gas, rather than a pure regulated utility, because Fortum has substantial merchant/market-exposed power generation activities. The provided sector guidance does not prescribe a special FFO/debt formula different from the general S&P-style corporate formula, so I apply the baseline approach with available data.

Step 2 — Estimate Adjusted EBITDA

Reported/reconstructed EBITDA is provided:

- Operating Profit Before Depreciations EBITDA, 2022 = EUR 1,842 million

The data also provides Fortum’s comparable EBITDA:

- Comparable EBITDA, 2022 = EUR 2,436 million

This reconciles to reported EBITDA by excluding items affecting comparability:

- Items Affecting Comparability = EUR -593 million
- Comparable EBITDA ≈ Reported EBITDA - Items Affecting Comparability
- EUR 1,842m - (-EUR 593m) = EUR 2,435m, approximately EUR 2,436m due to rounding

For S&P-adjusted EBITDA, nonrecurring/non-comparable losses are typically added back and nonrecurring gains deducted. Therefore, using comparable EBITDA is a reasonable estimate:

Adjusted_EBITDA = EUR 2,436 million

Step 3 — Estimate FFO

Baseline formula:

FFO = Adjusted_EBITDA - cash_interest - cash_taxes

From the cash flow statement:

- Interest Paid Classified As Operating Activities, 2022 = EUR 201 million
- Income Taxes Paid/Refund Classified As Operating Activities, 2022 = EUR 167 million

Thus:

FFO = EUR 2,436m - EUR 201m - EUR 167m  
FFO = EUR 2,068 million

Step 4 — Estimate Adjusted Debt

Reported financial liabilities at year-end 2022 are approximated from balance sheet financial liabilities:

- Other Noncurrent Financial Liabilities, 2023-01-01 = EUR 3,658 million
- Other Current Financial Liabilities, 2023-01-01 = EUR 4,127 million

Reported debt estimate:

Reported_Debt = EUR 3,658m + EUR 4,127m = EUR 7,785 million

Pension deficit:

- Noncurrent Recognised Liabilities Defined Benefit Plan, 2023-01-01 = EUR 13 million

Cash:

- Liquid Funds / Cash and Cash Equivalents, 2023-01-01 = EUR 3,919 million

The dataset does not provide lease liabilities, guarantees, hybrid equity/debt split, or other S&P debt-like adjustments separately. Nuclear provisions are substantial, but they are operational/decommissioning provisions rather than straightforward financial debt in the baseline formula, so I do not include them absent explicit S&P adjustment data.

Adjusted_Debt = Reported_Debt + Pension_Deficit - Eligible_Cash  
Adjusted_Debt = EUR 7,785m + EUR 13m - EUR 3,919m  
Adjusted_Debt = EUR 3,879 million

Step 5 — Calculate FFO / Adjusted Debt

FFO / Adjusted_Debt = EUR 2,068m / EUR 3,879m  
FFO / Adjusted_Debt = 0.533127...  

Rounded to four decimals:

<answer>0.5331</answer>