To estimate the Net Debt / EBITDA ratio for ERG S.p.A. at the end of 2022 using the S&P methodology, we identify the standard components used by S&P Global Ratings. The S&P methodology for Net Debt typically includes reported short-term and long-term borrowings, lease liabilities, and adjustments for unfunded pension obligations and asset retirement obligations (AROs), minus accessible cash and cash equivalents.

**1. Calculate S&P Adjusted Net Debt:**
* **Borrowings:**
  * Other Noncurrent Financial Liabilities: 1,751,255,000 EUR
  * Other Current Financial Liabilities: 389,716,000 EUR
* **Lease Liabilities (capitalized under IFRS 16):**
  * Noncurrent Lease Liabilities: 150,955,000 EUR
  * Current Lease Liabilities: 6,362,000 EUR
* **S&P Adjustments (Provisions):**
  * Noncurrent Provisions For Employee Benefits (Pensions): 3,723,000 EUR
  * Long-term Provision For Decommissioning, Restoration And Rehabilitation Costs (ARO): 92,613,000 EUR
* **Gross Debt Total:** = 1,751.255 + 389.716 + 150.955 + 6.362 + 3.723 + 92.613 = 2,394,624,000 EUR
* **Less Surplus Cash:**
  * Cash and Cash Equivalents: 392,811,000 EUR
* **Net Debt:** = 2,394,624,000 EUR - 392,811,000 EUR = **2,001,813,000 EUR**

**2. Calculate S&P Adjusted EBITDA:**
For standard reporting, S&P relies on the core operating profitability excluding non-cash impairments and adjusted for standard items.
* **Reported EBITDA:** 
  * "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" = **499,430,000 EUR**
*(Note: Operating profit of 220.8M EUR + D&A of 235.4M EUR + Reversal of Impairment of 43.2M EUR perfectly matches this reported figure, confirming impairments are already added back).*

**3. Net Debt / EBITDA Ratio:**
* Ratio = 2,001,813,000 EUR / 499,430,000 EUR = **4.008**

<answer>4.01</answer>