To estimate the Net Debt to EBITDA ratio for Veolia Environnement at the end of 2022 based on S&P's methodology, we follow their standard adjustments for corporate ratings.

**1. S&P Adjusted EBITDA:**
S&P calculates EBITDA by taking reported operating income, adding back depreciation and amortization, removing non-recurring items, and including cash dividends received from equity-accounted entities (instead of their share of net income).
*   **Reported Operating Income (before share of net income of equity-accounted entities):** 2,206.3 million EUR
*   **Add back D&A and Impairments:** +3,178.6 million EUR
*   **Exclude Non-recurring Items:** "Other Operating Income Expense" of -769.2 million EUR typically consists of non-recurring restructuring and disposal losses, so we add this expense back (+769.2 million EUR).
*   **Add Dividends from Joint Ventures and Associates:** +128.6 million EUR
*   **S&P Adjusted EBITDA** = 2,206.3 + 3,178.6 + 769.2 + 128.6 = **6,282.7 million EUR**

**2. S&P Adjusted Net Debt:**
S&P's definition of debt includes all reported financial liabilities, lease liabilities, concession liabilities, and it treats hybrid securities (Deeply Subordinated Securities) as 50% debt and 50% equity. Only highly liquid cash and cash equivalents are deducted. 
*   **Noncurrent Financial Liabilities (excl. concessions):** 19,692.1 million EUR
*   **Current Financial Liabilities (excl. concessions):** 6,521.4 million EUR
*   **Noncurrent Lease Liabilities:** 1,656.2 million EUR
*   **Current Lease Liabilities:** 496.5 million EUR
*   **Noncurrent Concession Liabilities:** 1,680.5 million EUR
*   **Current Concession Liabilities:** 243.2 million EUR
*   **Bank Overdrafts:** 213.6 million EUR
*   **Total Borrowings** = 30,503.5 million EUR
*   **Add 50% of Hybrid Capital (Titres Super Subordonnes):** 50% of 3,496.3 = +1,748.15 million EUR
*   **Gross Adjusted Debt** = 32,251.65 million EUR
*   **Deduct Cash and Cash Equivalents:** -9,012.2 million EUR
*   **S&P Adjusted Net Debt** = 32,251.65 - 9,012.2 = **23,239.45 million EUR** 
*(Note: standard top-level S&P analysis might further add certain specific unfunded pension bounds/AROs, but strictly on standard identifiable metrics, this gives the direct base Net Debt).*

**3. Net Debt / EBITDA Ratio:**
*   Ratio = 23,239.45 / 6,282.7 ≈ 3.699x

Rounding to one decimal place, we get 3.7.

<answer>3.7</answer>