I'll work through this step-by-step following the S&P methodology.

## Step 1: Identify the Relevant Industry

Bouygues is a diversified French conglomerate with operations in construction (Bouygues Construction), real estate (Bouygues Immobilier), roads (Colas), media (TF1), and telecoms (Bouygues Telecom). It doesn't fit neatly into any single specialized industry category provided. The telecoms segment has some regulated/infrastructure characteristics, but Bouygues is primarily a general corporate/conglomerate. I'll apply the general corporate baseline formulas.

## Step 2: Estimate Adjusted EBITDA

First, reconstruct EBITDA from the income statement:

**Operating Profit (EBIT):** 1,872M EUR (Profit Loss From Operating Activities)

**D&A:** 2,228M EUR (Depreciation And Amortisation Expense) + 446M EUR (Depreciation Right-of-use Assets) = 2,674M EUR

Wait - let me check if ROU depreciation is already included in the D&A figure. Looking at the data, "Depreciation And Amortisation Expense" = 2,228M and "Depreciation Rightofuse Assets" = 446M are listed separately, suggesting they may be separate.

**Reported EBITDA (before lease adjustments):**
EBITDA = Operating Profit + D&A (excluding ROU) + Impairment/Provision charges
= 1,872 + 2,228 + 172 = 4,272M EUR

But let me reconsider. The impairment line includes provisions which may be recurring. Let me use:
EBITDA = Operating Profit + D&A = 1,872 + 2,228 = 4,100M EUR

Now for S&P adjustments:

**Lease adjustment:** S&P adds back ROU depreciation and lease interest to EBITDA (treating leases as debt). The ROU depreciation (446M) and lease interest (62M) should be added back:
Lease adjustment to EBITDA = 446 + 62 = 508M EUR

**Non-recurring items:**
- Non-recurring operating income: 93M (add back as loss/remove gain)
- Non-recurring operating expense: 183M (add back)
- Net non-recurring = -183 + 93 = -90M (net expense)
- Adjustment: add back non-recurring losses and subtract non-recurring gains
- Add 183M, subtract 93M = net +90M

**Adjusted EBITDA** = 4,100 + 508 + 90 = 4,698M EUR

## Step 3: Estimate FFO

**Cash Interest:**
- Interest paid (financing activities): 260M EUR (this includes lease interest)
- S&P treats lease payments as part of debt service. The 260M includes both regular interest and lease interest.
- Cash interest for FFO = 260M EUR

**Cash Taxes:**
- Income taxes paid: 518M EUR

**FFO = Adjusted_EBITDA - cash_interest - cash_taxes**
FFO = 4,698 - 260 - 518 = 3,920M EUR

## Step 4: Estimate Adjusted Debt

**Reported Debt:**
- Long-term borrowings: 11,586M
- Current borrowings: 1,361M
- Current overdrafts: 418M
- Total reported debt = 13,365M EUR

**Lease liabilities:**
- Non-current lease liabilities: 2,107M
- Current lease liabilities: 498M
- Total leases = 2,605M EUR

**Pension deficit:** Not explicitly provided, but provisions (non-current: 2,250M) likely include pension obligations. Without specific pension data, I'll estimate a modest pension adjustment. Given the OCI remeasurement gain of 206M pre-tax, I'll approximate pension deficit as relatively small. I'll assume ~50% of non-current provisions relate to pensions isn't reasonable for a construction company. I'll skip specific pension adjustment without clear data.

**Cash deduction:**
- Cash and equivalents: 5,736M
- S&P typically deducts a portion. For a conglomerate like Bouygues, I'll assume modest operational cash needs. S&P might allow deducting surplus cash. I'll conservatively not deduct cash (or deduct minimally).

**Adjusted_Debt** = 13,365 + 2,605 = 15,970M EUR

## Step 5: Calculate FFO/Adjusted Debt

FFO / Adjusted_Debt = 3,920 / 15,970 = 0.2454

<answer>0.2454</answer>