To estimate the Net Debt to EBITDA ratio for Fortum Oyj for 2022 using standard S&P Global Ratings methodology, we calculate the S&P Adjusted Net Debt and S&P Adjusted EBITDA based on the continuing operations figures provided.

**1. S&P Adjusted Net Debt:**
S&P adjusts reported financial debt to include debt-like obligations such as pension liabilities and asset retirement obligations (AROs), while deducting highly liquid accessible cash. 

*   **Gross Interest-Bearing Financial Liabilities:** 
    *   Other Noncurrent Financial Liabilities: 3,658,000,000 EUR
    *   Other Current Financial Liabilities: 4,127,000,000 EUR
    *   *Subtotal = 7,785,000,000 EUR* (Note: IFRS 16 lease liabilities are inherently included here)
*   **Pension Obligations:**
    *   Noncurrent Recognised Liabilities Defined Benefit Plan: 13,000,000 EUR
*   **Asset Retirement Obligations & Provisions:**
    *   Nuclear Non-Current Provisions: 966,000,000 EUR. (Under S&P methodology, these are fully offset by the dedicated 966,000,000 EUR "Share In State Nuclear Waste Management Fund", making the net nuclear ARO adjustment 0 EUR).
    *   Other Longterm Provisions: 118,000,000 EUR
    *   Other Shortterm Provisions: 13,000,000 EUR
    *   *Subtotal = 131,000,000 EUR*
*   **Gross S&P Adjusted Debt:** 7,785 + 13 + 131 = 7,929,000,000 EUR
*   **Minus Accessible Cash:** 
    *   Liquid Funds (Cash and Cash Equivalents): 3,919,000,000 EUR
    *   (Note: Margin receivables are considered restricted/tied-up cash equivalents by S&P and are generally not deducted).

*S&P Adjusted Net Debt = 7,929,000,000 - 3,919,000,000 = 4,010,000,000 EUR*

**2. S&P Adjusted EBITDA:**
S&P primarily relies on the company's clean/comparable EBITDA which strips out non-recurring, impairment, and MTM (mark-to-market) items. Furthermore, S&P removes the share of profit/loss from joint ventures & associates and replaces it with cash dividends actually received from them.

*   **Clean/Comparable EBITDA:** 
    *   Reported Comparable EBITDA: 2,436,000,000 EUR
    *(This maps cleanly to: Revenue [8,804m] + Other Income [101m] - Materials & Services [5,350m] - Employee Benefits [504m] - Other Expenses [615m])*
*   **Plus Cash Dividends from Associates/JVs:**
    *   Dividends Received Classified As Operating Activities: 18,000,000 EUR

*S&P Adjusted EBITDA = 2,436,000,000 + 18,000,000 = 2,454,000,000 EUR*

**3. Ratio Calculation:**
*Net Debt / EBITDA = 4,010,000,000 EUR / 2,454,000,000 EUR ≈ 1.63x*

<answer>1.63</answer>