Step 1: Identify the relevant industry for "NATURGY ENERGY GROUP SA"

Naturgy Energy Group SA is a Spanish energy utility involved in natural gas and electricity. The provided facts show it reports items like "Beneficio Bruto De Explotacion Ebitda", significant Property, Plant, and Equipment, Intangible Assets, and financial items consistent with a utility. Given the S&P industry methodologies provided, "Regulated Utilities" is the most appropriate fit, as Naturgy operates in a regulated energy sector (gas and electricity networks/supply) in Spain and other regions. Since no specific sub-methodology changes are mandated for debt/EBITDA formulas (the industry section mainly discusses competitive advantages and volatility tables, not formula adjustments), we use the baseline formulas, but we will check for typical S&P adjustments for utilities.

Step 2: Estimate "Adjusted_Debt"

Baseline Formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash

**Reported Debt:**
From the balance sheet 2023-01-01 (FY2022 end):
- Long-term Borrowings: 12,689,000,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 2,110,000,000 EUR
Total reported financial debt = 12,689,000,000 + 2,110,000,000 = 14,799,000,000 EUR

**Leases:**
- Noncurrent Lease Liabilities: 1,309,000,000 EUR
- Current Lease Liabilities: 177,000,000 EUR
Total leases = 1,309,000,000 + 177,000,000 = 1,486,000,000 EUR

**Pension deficit:** Not explicitly provided. We see "Noncurrent Provisions" (includes pensions etc.) and other items, but no specific pension deficit breakdown. We assume 0 unless specified, as it's usually part of debt adjustments but data is not available. "Other Noncurrent Financial Liabilities" is 1,000,000 EUR, negligible.
**Guarantees:** Not provided. Assume 0.
**Hybrid debt portion:** Not provided. Assume 0.
**Other debt-like items:** No obvious items like unfunded derivatives losses, but "Noncurrent Financial Liabilities" other than borrowings and leases could be considered. "Other Noncurrent Financial Liabilities" = 1,000,000, "Other Current Financial Liabilities" = 15,000,000. Negligible.
Total Adjusted Gross Debt = 14,799,000,000 + 1,486,000,000 = 16,285,000,000 EUR

**Eligible Cash:**
- Cash and Cash Equivalents: 3,985,000,000 EUR
S&P typically deducts only surplus cash, but for simplicity, we can deduct all cash and cash equivalents unless restricted. Not specified. So:
Adjusted_Debt = 16,285,000,000 - 3,985,000,000 = 12,300,000,000 EUR

Step 3: Estimate "Adjusted_EBITDA"

Baseline Formula: Adjusted_EBITDA = EBITDA (reported) + adjustment_leases (if any) + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

**Reported EBITDA:**
"Beneficio Bruto De Explotacion Ebitda" 2022: 4,954,000,000 EUR

**Lease adjustment:** IFRS 16 requires lease depreciation and interest to be added back to EBITDA. Usually, reported EBITDA already adds back depreciation, so no further adjustment is needed if leases are already included in depreciation. However, S&P sometimes adds back lease expense to EBITDA if it's not already included. Given "Amortizacion Y Perdidas Por Deterioro De Activos" includes depreciation and impairment, and we have Right-of-use assets, the EBITDA likely already excludes lease depreciation. We'll assume no further lease adjustment needed unless specified. For safety, we note the "Rightofuse Assets" 2023-01-01: 1,162,000,000. No explicit lease depreciation breakdown. We proceed with reported EBITDA.

**Non-recurring items:**
From the P&L:
- Gains on Disposals of PPE: 8,000,000 (gain) -> subtract from EBITDA
- Revenue From Government Grants: 50,000,000 (likely recurring, leave)
- Other Gains Losses: -111,000,000 (loss) -> add to EBITDA
- Increase Decrease in Allowance Account for Credit Losses: -228,000,000 (loss) -> is it non-recurring? Possibly, but it's part of operating profit; we can retain it or adjust. S&P often normalizes.
- Profit Loss from Discontinued Operations: -23,000,000 -> typically excluded from continuing EBITDA, but "EBITDA" reported might include/disclude; here it's separate in P&L, so EBITDA likely from continuing operations. No adjustment.
- "Other Income": 183,000,000 EUR, possibly recurring.
- "Finance Income/Costs" and other items are below EBITDA.
We adjust:
Adjusted_EBITDA = 4,954,000,000 + 111,000,000 (add back Other Gains Losses loss) - 8,000,000 (subtract Gains on Disposals) = 5,057,000,000 EUR

**Pension adjustments:** Not detailed, omit.
**Joint venture EBITDA:** "Share of Other Comprehensive Income of Associates..." is not operating EBITDA, but equity earnings. "Investments In Associates Accounted For Using Equity Method" exist. S&P often adds proportional EBITDA of JVs if material. "Share of profit/loss of associates" is below operating profit, so JV EBITDA is not in reported EBITDA. Without data, we omit.
**Other normalization:** Allowance for credit losses (-228,000,000) could be considered operational and not added back. We'll leave it as is in EBITDA since it's an operating cost.

Adjusted_EBITDA = 5,057,000,000 EUR (approx).

Step 4: Calculate ratio

Adjusted_Debt / Adjusted_EBITDA = 12,300,000,000 / 5,057,000,000 = 2.432... 

Rounding: 2.43

<answer>2.43</answer>