To estimate the Net Debt to EBITDA ratio for FERROVIAL SA at the end of 2022 using S&P methodology, we extract the necessary components for both Net Debt and EBITDA based on standard S&P global corporate rating adjustments.

**1. S&P Adjusted EBITDA**
S&P typically calculates EBITDA by taking the reported Operating Profit (EBIT), adding back Depreciation and Amortization (D&A), and excluding non-recurring items like impairments. For companies with significant equity-accounted investments (like Ferrovial's infrastructure concessions), S&P excludes the share of profit from associates and instead adds the cash dividends received from those associates.
*   **Reported Operating Profit (before impairments):** €429 million
*   **Depreciation & Amortization:** €299 million
    * *Reported EBITDA (Gross Profit) = €429m + €299m = €728 million*
*   **Dividends Received from Associates:** Ferrovial's cash flow states "Dividends Received Classified As Operating Activities" at €284 million.
*   **S&P Adjusted EBITDA:** €728 million + €284 million = **€1,012 million**

**2. S&P Adjusted Net Debt**
Total Debt includes all reported interest-bearing obligations, lease liabilities, underfunded pension obligations, and a standard 50% debt-treatment for hybrid capital instruments. Accessible unrestricted cash is then deducted.
*   **Long-term Borrowings:** €10,776 million
*   **Short-term Borrowings:** €877 million
*   **Lease Liabilities:** €120 million (Noncurrent) + €64 million (Current) = €184 million
*   **Pensions:** "Noncurrent Provisions For Employee Benefits" = €2 million
*   **Hybrid Capital:** Ferrovial has "Other Equity Securities" amounting to €508 million. Under S&P methodology, standard corporate hybrids receive "intermediate" equity content, meaning 50% is treated as debt = €254 million.
    * *Total S&P Debt = 10,776 + 877 + 184 + 2 + 254 = €12,093 million*
*   **Less Cash & Cash Equivalents:** €5,130 million (We conservatively do not net the noncurrent restricted cash of €597 million, as it is generally tied up as debt-service reserves for specific non-recourse project finance rather than accessible corporate cash). 
*   **S&P Adjusted Net Debt:** €12,093 million - €5,130 million = **€6,963 million**

*(Note: While S&P often reviews Ferrovial's credit rating by analytically deconsolidating non-recourse infrastructure project debt, creating "Ex-infrastructure" recourse metrics, doing so requires breaking down EBITDA into project vs. ex-project portions. As the report facts do not separate Operating Profit/EBITDA this way, the fully consolidated application of the S&P formula is calculated).*

**3. Net Debt / EBITDA Ratio**
*   €6,963 million / €1,012 million = 6.88x

<answer>6.88</answer>