To estimate the Net Debt / EBITDA ratio for Terna S.p.A. as of December 31, 2022 (using 2022 full-year figures) according to standard S&P methodology, we perform the following calculations:

**1. Calculate EBITDA:**
S&P typically calculates EBITDA as Operating Profit + Depreciation & Amortization.
*   Profit/Loss from Operating Activities (2022): 1,333,500,000 EUR
*   Depreciation, Amortisation, and Impairment (2022): 725,700,000 EUR
*   EBITDA = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR

**2. Calculate Net Debt:**
S&P methodology generally defines Net Debt as Total Financial Debt (Short-term + Long-term borrowings + Current portion of long-term borrowings) minus Cash and Cash Equivalents (and sometimes excluding restricted cash/short-term financial assets, though we will use the provided cash balance).
*   Long-term borrowings (2023-01-01): 8,416,700,000 EUR
*   Current portion of long-term borrowings (2023-01-01): 1,909,300,000 EUR
*   Short-term borrowings (2023-01-01): 444,100,000 EUR
*   Total Financial Debt = 8,416,700,000 + 1,909,300,000 + 444,100,000 = 10,770,100,000 EUR
*   Cash and Cash Equivalents (2023-01-01): 2,155,100,000 EUR
*   Net Debt = 10,770,100,000 - 2,155,100,000 = 8,615,000,000 EUR

**3. Calculate Ratio:**
*   Ratio = Net Debt / EBITDA
*   Ratio = 8,615,000,000 / 2,059,200,000 ≈ 4.18366

*Note: The financial position is taken as of the start of 2023 (end of 2022), and income statement figures are for the 2022 calendar year.*

<answer>4.18</answer>