Step 1: Identify the relevant industry Bouygues is a diversified industrial group with major operations in construction, property development, telecommunications (Bouygues Telecom), and media (TF1). Based on the provided sector methodologies, Bouygues does not strictly fit into "Regulated Utilities," "Oil and Gas Exploration & Production," "Unregulated Power and Gas," or "Transportation Infrastructure" (though it has some minor infrastructure exposure). Therefore, we will apply the general corporate baseline formulas provided in the steps. Step 2: Estimate Adjusted_Debt Using the baseline formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash - reported_debt = Longterm Borrowings (5,805M) + Current Borrowings And Current Portion Of Noncurrent Borrowings (1,324M) + Current Overdrafts And Short Term Borrowings From Banks (351M) = 7,480M EUR - leases = Noncurrent Lease Liabilities (1,473M) + Current Lease Liabilities (362M) = 1,835M EUR - pension_deficit = 0 (No information provided regarding a pension deficit) - guarantees = 0 (No information provided) - hybrid_debt_portion = 0 (No information provided) - other_debt_like_items = 0 (No information provided) - eligible_cash = Cash And Cash Equivalents = 6,501M EUR Adjusted_Debt = 7,480 + 1,835 + 0 + 0 + 0 + 0 - 6,501 = 2,814M EUR Step 3: Estimate Adjusted_EBITDA Using the baseline formula: Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases (if any) + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments First, we reconstruct EBITDA from the reported Profit Loss From Operating Activities (1,872M) by adding back Depreciation And Amortisation Expense (2,228M) and Depreciation Rightofuse Assets (446M): EBITDA = 1,872 + 2,228 + 446 = 4,546M EUR - adjustment_leases = Depreciation Rightofuse Assets = 446M EUR (to add back the lease depreciation to match the lease liabilities added to debt) - nonrecurring_losses = Other Operating Expense Non Recurring = 183M EUR (adding back non-recurring losses) - nonrecurring_gains = Other Operating Income Non Recurring = 93M EUR (subtracting non-recurring gains) - pension_adjustments = 0 - joint_venture_proportional_EBITDA = 0 - other_normalization_adjustments = 0 Adjusted_EBITDA = 4,546 + 446 + 183 - 93 + 0 + 0 + 0 = 5,082M EUR Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA ratio Adjusted_Debt / Adjusted_EBITDA = 2,814 / 5,082 = 0.5537... Rounding to two decimal places, we get 0.55. 0.55