To estimate the S&P-adjusted debt-to-EBITDA ratio for Electricité de France (EDF) for the fiscal year ended December 31, 2022, we follow the workflow outlined.

### Step 1: Identify the Relevant Industry

EDF is a major French electric utility company. Its activities include nuclear, renewable, and thermal power generation, as well as electricity transmission and distribution. It operates under significant regulatory frameworks, particularly in France (regulated distribution and historical nuclear generation). Therefore, it falls under the **Regulated Utilities** sector methodology provided in the prompt.

Key characteristics from the methodology for Regulated Utilities:
*   **Accounting Characteristics:** The methodology notes that for integrated electric utilities, purchased power contracts with debt-like obligations should be adjusted. It also mentions netting seasonal working capital against short-term borrowings if applicable. However, without specific data on purchased power contract liabilities or detailed seasonal working capital breakdowns beyond the balance sheet totals, we will rely on the reported financial debt and standard adjustments.
*   **Volatility:** EDF has a mix of regulated and unregulated activities. Given its size and the proportion of regulated assets (nuclear, distribution), it likely falls into the "medial" or "standard" volatility bucket depending on the specific assessment of its unregulated merchant exposure. However, the calculation of the ratio itself relies on the definition of Adjusted Debt and Adjusted EBITDA.

### Step 2: Estimate Adjusted Debt

The baseline formula is:
`Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

**1. Reported Debt:**
We need to identify interest-bearing debt from the balance sheet items provided.
*   `Other Noncurrent Financial Liabilities` (2022-01-01): 56,543,000,000 EUR
*   `Other Current Financial Liabilities` (2022-01-01): 45,014,000,000 EUR
*   Note: The balance sheet date provided for the end of the fiscal year 2022 is `2023-01-01` (which represents the closing balance for the year ended Dec 31, 2022). Let's use the closing balances.
    *   `Other Noncurrent Financial Liabilities` (2023-01-01): 71,058,000,000 EUR
    *   `Other Current Financial Liabilities` (2023-01-01): 71,844,000,000 EUR
    *   Total Reported Financial Debt = 71,058 + 71,844 = 142,902,000,000 EUR.

*   *Check for other debt items:* `Special French Public Electricity Distribution Concession Liabilities` (49,459,000,000 EUR) are often treated as regulatory liabilities or provisions rather than financial debt in some contexts, but S&P often treats concession obligations as debt-like if they represent a firm obligation to return assets or cash. However, standard "Financial Liabilities" usually capture the borrowings. Let's look at `Provisions`. `Noncurrent Provisions` include nuclear decommissioning. These are typically not added to debt unless underfunded (pension/asset retirement). The prompt mentions `pension_deficit`.
*   `Noncurrent Provisions For Employee Benefits`: 16,231,000,000 EUR. This is a provision, not necessarily a deficit. We need to check if there is a net pension deficit. The prompt does not provide a specific "Net Pension Deficit" figure separate from the provisions. Usually, the provision *is* the liability. If the plan is underfunded, the deficit is the liability minus plan assets. Without plan asset data, we cannot calculate a precise "deficit" adjustment to add on top of debt, but typically S&P adds the underfunded portion. In the absence of specific "underfunding" data, we might treat the reported financial debt as the primary component. However, looking at standard S&P adjustments for utilities, they often add the full amount of underfunded pension liabilities. Let's assume the reported financial debt is the core.
*   `Hybrid Debt`: The item `Proceeds From Issue Of Subordinated Liabilities And Convertible Instruments` suggests hybrids exist. `Payments To Holders Of Perpetual Subordinated Bonds` also appears. Perpetual subordinated bonds are often treated as 50% equity / 50% debt or fully debt depending on terms. In the Cash Flow from Financing, we see `Proceeds From Issue Of Subordinated Liabilities...` (994M) and `Payments...` (606M). These are likely included in `Other Noncurrent Financial Liabilities` or `Equity`. If they are in Equity, we need to add the debt portion. If they are in Financial Liabilities, they are already in Debt. Given the label "Financial Liabilities", it is highly probable that interest-bearing subordinated debt is included there. Perpetuals classified as equity would be in Equity. The line `Issuance And Redemption Of Perpetual Subordinated Bonds And Convertible Instruments` appears in the Equity reconciliation, suggesting some are classified as equity. Let's estimate the hybrid portion. The change in equity related to this is -1,025M (redemption/net). The outstanding amount isn't explicitly broken out in the liability section vs equity section clearly without a note. However, a common simplification for "Reported Debt" in these datasets is the sum of Current and Non-Current Financial Liabilities.
    *   Total Financial Debt = 142,902,000,000 EUR.

**2. Leases:**
IFRS 16 leases are typically included in financial liabilities or separate line items. `Other Noncurrent Liabilities` (4,968M) and `Other Current Liabilities` (33,504M) might contain leases, but `Other ... Financial Liabilities` is the specific bucket for debt. Often, lease liabilities are part of `Other Financial Liabilities` or disclosed separately. Without a specific "Lease Liability" line, we assume they are either included in Financial Liabilities or are immaterial relative to the massive debt base, or we lack the specific data to extract them. We will proceed with Reported Financial Debt.

**3. Pension Deficit:**
As noted, `Noncurrent Provisions For Employee Benefits` is 16,231M. This is a large number. If this represents the net liability (deficit), S&P adds this to debt. If it's just a provision for unfunded plans, it's added. Let's assume the provision represents the net underfunded status or the liability for unfunded plans. We will add this to debt as a conservative adjustment typical for utilities with significant legacy obligations.
*   Pension Adjustment: +16,231,000,000 EUR.

**4. Eligible Cash:**
*   `Cash And Cash Equivalents` (2023-01-01): 10,948,000,000 EUR.
*   S&P typically deducts unrestricted cash. We assume all cash is eligible unless stated otherwise.

**5. Other Debt-like Items:**
*   `Special French Public Electricity Distribution Concession Liabilities`: 49,459,000,000 EUR. These are obligations to return concession assets. S&P often treats these as debt-like because they are mandatory future outflows tied to the regulatory asset base. We will include this as "other_debt_like_items".

**Calculation of Adjusted Debt:**
*   Reported Financial Debt: 142,902,000,000
*   Pension Deficit (Provisions for Employee Benefits): 16,231,000,000
*   Concession Liabilities (Debt-like): 49,459,000,000
*   Less Eligible Cash: -10,948,000,000
*   **Adjusted Debt** = 142,902 + 16,231 + 49,459 - 10,948 = **197,644,000,000 EUR**.

*(Self-Correction/Refinement: Sometimes "Provisions for Employee Benefits" are not fully added if they are funded. However, in the absence of asset data, and given the magnitude, excluding them would understate leverage. Including Concession Liabilities is standard for French utilities like EDF.)*

### Step 3: Estimate Adjusted EBITDA

The baseline formula is:
`Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± other_normalization_adjustments`

**1. Reported EBITDA:**
The prompt provides `Operating Profit Before Depreciation And Amortisation` (EBITDA) for the period 2022-01-01 to 2023-01-01.
*   `Operating Profit Before Depreciation And Amortisation`: -4,986,000,000 EUR.

**2. Adjustments:**
*   **Non-recurring items:**
    *   `Impairment Loss Reversal ... Recognised In Profit Or Loss`: 1,762,000,000 EUR. This is a gain (reversal of loss). It increased EBITDA. Since it's a reversal of a previous impairment, it might be considered non-recurring. S&P typically removes non-recurring gains. So we subtract this.
    *   `Net Changes In Fair Value On Energy And Commodity Derivatives Excluding Trading Activities`: -849,000,000 EUR. This is a loss. For utilities, mark-to-market on hedging derivatives is often volatile. S&P may normalize this. If it's a loss, we add it back if it's considered non-recurring or volatile. However, "Excluding Trading Activities" suggests these are economic hedges. Volatility in hedges is often normalized. Let's assume we add back the loss (normalization).
    *   `Other Operating Income And Expenses Included In Ebe`: 367,000,000 EUR. This is included in EBITDA. If these are non-recurring, we adjust. Without detail, we leave them.
    *   `Other Income And Expenses Excluded From Ebe`: 687,000,000 EUR. These are excluded from EBITDA, so they don't affect the starting EBITDA figure.

*   **Joint Ventures:**
    *   `Share Of Profit Loss Of Associates And Joint Ventures`: 759,000,000 EUR. This is below EBITDA (usually in Operating Profit or Net Income). S&P often adds back the share of profit from JVs and replaces it with proportional EBITDA if material. However, we don't have the EBITDA of the JVs. We only have the share of profit. A common approximation if JV EBITDA is unavailable is to leave it out or add the share of profit back if it was deducted. But `Operating Profit Before Depreciation And Amortisation` usually *excludes* share of associates (which is typically below the operating line or in a separate line). Looking at the structure: `Profit Loss From Operating Activities` is -19,363M. `Operating Profit Before D&A` is -4,986M. The difference is Depreciation (-11,079M) and Impairment/Other. The Share of Associates (759M) is likely below the Operating Profit line or included in `Profit Loss From Operating Activities`? Actually, `Profit Loss From Operating Activities` usually includes share of associates in IFRS if they are part of operations, but often it's separate. Let's look at the reconciliation:
        *   EBITDA: -4,986
        *   Depreciation: -11,079
        *   Impairment Reversal: +1,762
        *   Other items?
        *   Operating Profit (EBIT): -4,986 - 11,079 + 1,762 + Other? = -14,303 approx.
        *   Reported `Profit Loss From Operating Activities`: -19,363.
        *   The difference might include the `Net Changes In Fair Value` (-849) and `Other Operating Income` (367).
        *   -4,986 (EBITDA) - 11,079 (D&A) + 1,762 (Imp Rev) - 849 (FV) + 367 (Other Op) = -14,785.
        *   The reported Operating Profit is -19,363. There is a gap of ~4.5B. This might be due to other operating expenses or the `Share of Associates` being handled differently.
        *   Regardless, the starting point is the reported EBITDA: -4,986M.

*   **Normalization of Derivatives:**
    The loss of 849M on derivatives is significant. In 2022, energy markets were volatile. EDF had huge mark-to-market losses on hedges which were later reversed or settled. S&P often adjusts for the volatility of mark-to-market derivatives for utilities. We will add back the loss of 849M to normalize EBITDA.

*   **Normalization of Impairment Reversal:**
    The reversal of 1,762M is a non-cash gain that boosted EBITDA. We should subtract this to get to a normalized run-rate EBITDA.

*   **Other Adjustments:**
    Are there other non-recurring items? The `Other Operating Income And Expenses Included In Ebe` (367M) is small. We will leave it.

**Calculation of Adjusted EBITDA:**
*   Reported EBITDA: -4,986,000,000
*   Add back Derivative Loss (Normalization): +849,000,000
*   Subtract Impairment Reversal (Non-recurring Gain): -1,762,000,000
*   **Adjusted EBITDA** = -4,986 + 849 - 1,762 = **-5,899,000,000 EUR**.

*(Note: The EBITDA is negative. This reflects the extreme market conditions in 2022 where fuel costs and hedging losses outweighed revenues, despite the ARENH mechanism and tariffs.)*

### Step 4: Calculate the Ratio

`Adjusted_Debt / Adjusted_EBITDA`

*   Adjusted Debt: 197,644,000,000 EUR
*   Adjusted EBITDA: -5,899,000,000 EUR

Ratio = 197,644 / -5,899 ≈ -33.50

Let's double check the Debt components.
If we exclude Concession Liabilities (49,459) and Pension Provisions (16,231):
Debt = 142,902 - 10,948 = 131,954.
Ratio = 131,954 / -5,899 = -22.37.

If we include Concession Liabilities but exclude Pensions:
Debt = 142,902 + 49,459 - 10,948 = 181,413.
Ratio = 181,413 / -5,899 = -30.75.

S&P methodology for Regulated Utilities specifically mentions: "We use our purchased power methodology to adjust measures for such contracts' debt-like obligations." It does not explicitly mandate adding concession liabilities as debt in the general summary, but for French utilities, the "Concession Liabilities" (RTP - *Regime de Transition Professionnelle* or similar concession return obligations) are often treated as debt-like. However, the most standard "Debt" definition in credit ratios for EDF usually focuses on Net Financial Debt.
Let's look at EDF's actual reported Net Financial Debt for 2022. It was around 130-140 Billion EUR.
Reported Net Debt = Gross Debt - Cash.
Gross Debt (Financial Liabilities) = 71,058 + 71,844 = 142,902.
Net Debt = 142,902 - 10,948 = 131,954.

If we use Net Financial Debt as Adjusted Debt (assuming no major off-balance sheet debt adjustments like leases are missing or material enough to change the order of magnitude, and pensions are provisions not added to debt in the standard "Debt/EBITDA" unless specified as underfunded deficit which is hard to isolate):
Adjusted Debt ≈ 131,954,000,000.

Adjusted EBITDA:
Reported EBITDA: -4,986.
Adjustments:
- Derivative MTM loss: +849.
- Impairment Reversal: -1,762.
Adjusted EBITDA = -5,899.

Ratio = 131,954 / -5,899 = -22.368...

Let's consider if `Special French Public Electricity Distribution Concession Liabilities` should be added. These are liabilities to the state for the return of assets. They are long-term. In many credit analyses, these are treated as debt. If we add them:
Debt = 131,954 + 49,459 = 181,413.
Ratio = 181,413 / -5,899 = -30.75.

Let's consider the Pension Deficit. The provision is 16,231. If we add this:
Debt = 181,413 + 16,231 = 197,644.
Ratio = 197,644 / -5,899 = -33.50.

Which definition is "S&P-adjusted"?
S&P's "Corporate Methodology: Ratios And Adjustments" states:
"Debt includes... pension underfunding...".
"For regulated utilities... we use our purchased power methodology...".
It does not automatically add concession liabilities unless they are deemed debt-like. Given the specific line item "Special French Public Electricity Distribution Concession Liabilities", these are regulatory obligations. In the context of EDF, these are often excluded from "Net Financial Debt" but included in "Total Debt" for leverage ratios in some contexts. However, standard S&P leverage for utilities often uses **Net Debt + Pension Deficit**.

Let's stick to the most robust interpretation of "Adjusted Debt" for a utility:
1.  **Financial Debt**: 142,902
2.  **Less Cash**: 10,948
3.  **Plus Pension Deficit**: The provision for employee benefits is 16,231. Without info on assets, we assume this is the net liability/deficit. Add 16,231.
4.  **Plus Debt-like items**: Concession liabilities are a grey area. However, they are "Liabilities", not "Provisions". They are financial in nature (obligation to pay/return). I will include them as they are significant and debt-like. Add 49,459.

Total Adjusted Debt = 142,902 - 10,948 + 16,231 + 49,459 = 197,644.

Adjusted EBITDA = -5,899.

Ratio = -33.50.

However, if the "Concession Liabilities" are not considered debt by S&P (as they might be viewed as regulatory equity or deferred income in some frameworks, though here labeled liabilities), the debt would be lower.
Let's check the magnitude of EBITDA again.
Revenue: 143,476.
Expenses: Fuel 121,010 + External 9,420 + Employee 15,236 + Tax 3,163 = 148,829.
Operating Profit before D&A (EBITDA) reported: -4,986.
Check: 143,476 - 148,829 + Other Inc/Exp (367) = -4,986. Matches.

The negative EBITDA is correct for 2022 EDF due to the energy crisis.

If I exclude Concession Liabilities (as they are specific regulatory constructs often netted against assets or treated differently):
Debt = 142,902 - 10,948 + 16,231 = 148,185.
Ratio = 148,185 / -5,899 = -25.12.

If I exclude Pension Deficit (assuming it's funded or not a "deficit" in the S&P sense of underfunding):
Debt = 131,954.
Ratio = 131,954 / -5,899 = -22.37.

S&P typically adds **underfunded** pension liabilities. The line item is "Noncurrent Provisions For Employee Benefits". In IFRS, this is the net defined benefit liability. So it *is* the deficit. So adding 16,231 is correct.

What about Concession Liabilities? In S&P's view of French utilities, the "Concession" assets and liabilities are part of the regulated asset base. The liability is the obligation to return the asset. It is not interest-bearing debt. It is more like a deferred revenue or a regulatory liability. S&P usually does **not** treat regulatory liabilities as debt unless they are mandatory cash payments unrelated to service provision. The return of concession assets is usually in-kind or via renewal. I will **exclude** Concession Liabilities from Debt.

So, Adjusted Debt = Financial Debt - Cash + Pension Deficit.
Adjusted Debt = 142,902 - 10,948 + 16,231 = 148,185 Million EUR.

Adjusted EBITDA = -5,899 Million EUR.

Ratio = 148,185 / -5,899 = -25.1203...

Rounding to two decimal places: -25.12.

<answer>-25.12</answer>