Step 1 — Relevant industry  
ITALGAS S.p.A. is primarily a regulated gas distribution utility. Therefore, the relevant methodology is Regulated Utilities.

Step 2 — Estimate Adjusted EBITDA  
Reported operating profit for 2022:  
- Profit from operating activities = EUR 641.338 million

Add back depreciation, amortisation and impairment:  
- Depreciation, amortisation and impairment = EUR 479.186 million

Reconstructed EBITDA:  
- EBITDA = 641.338 + 479.186 = EUR 1,120.524 million

S&P-style adjustments:  
- Lease adjustment: no sufficient lease liability detail provided; cash lease outflow is available, but debt lease adjustment cannot be reliably reconstructed, so no EBITDA lease add-back is applied.
- Nonrecurring gains/losses: cash flow data shows gains on disposal of noncurrent assets of EUR 25.357 million, which would generally be removed from EBITDA as nonrecurring gains.

Adjusted EBITDA estimate:  
- Adjusted EBITDA = 1,120.524 - 25.357 = EUR 1,095.167 million

Step 3 — Estimate FFO  
Baseline formula:  
FFO = Adjusted EBITDA - cash interest - cash taxes

Cash interest:  
- Finance costs paid classified as operating activities = EUR 53.720 million

Cash taxes:  
- Income taxes paid classified as operating activities = EUR 152.372 million

FFO estimate:  
- FFO = 1,095.167 - 53.720 - 152.372  
- FFO = EUR 889.075 million

Step 4 — Estimate Adjusted Debt  
Reported financial debt at year-end 2022:  
- Short-term financial liabilities excluding other current financial liabilities = EUR 142.437 million  
- Other current financial liabilities = EUR 0.290 million  
- Long-term financial liabilities excluding other noncurrent financial liabilities = EUR 6,402.913 million  
- Other noncurrent financial liabilities = EUR 0.034 million  

Reported debt:  
- Reported debt = 142.437 + 0.290 + 6,402.913 + 0.034  
- Reported debt = EUR 6,545.674 million

Add debt-like items:  
- Pension deficit / employee benefit liability = EUR 69.917 million  
- Lease debt: not separately disclosed; no reliable balance-sheet amount available, so not added separately.

Gross adjusted debt before cash netting:  
- Gross adjusted debt = 6,545.674 + 69.917  
- Gross adjusted debt = EUR 6,615.591 million

Eligible cash:  
- Cash and cash equivalents = EUR 451.946 million

Adjusted Debt:  
- Adjusted Debt = 6,615.591 - 451.946  
- Adjusted Debt = EUR 6,163.645 million

Step 5 — Calculate FFO / Adjusted Debt  
- FFO / Adjusted Debt = 889.075 / 6,163.645  
- FFO / Adjusted Debt = 0.144238…

<answer>0.1442</answer>