Reasoning:

To estimate Net Debt / EBITDA under an S&P-style methodology, use gross financial debt including lease liabilities, less cash and cash equivalents, and compare it with EBITDA.

**1. Gross debt at 2022 year-end**

Debt items at 2023-01-01:

- Noncurrent bonds / negotiable securities: 3,101 million
- Noncurrent loans: 2,624 million
- Noncurrent lease liabilities: 439 million
- Current bonds / negotiable securities: 1,139 million
- Current loans and current portion of noncurrent loans: 553 million
- Current lease liabilities: 72 million

Gross debt:

3,101 + 2,624 + 439 + 1,139 + 553 + 72 = **7,928 million EUR**

**2. Cash and cash equivalents**

Cash and cash equivalents at 2023-01-01:

= **2,360 million EUR**

**3. Net debt**

Net debt = Gross debt − Cash and cash equivalents

7,928 − 2,360 = **5,568 million EUR**

**4. EBITDA**

Use operating profit plus depreciation/amortization/provisions-type expense:

- Profit from operating activities: 1,334 million
- Dotacion amortizacion y variacion de provisiones: 762 million

EBITDA estimate:

1,334 + 762 = **2,096 million EUR**

**5. Net Debt / EBITDA**

5,568 / 2,096 = **2.6565**, approximately **2.66**.

<answer>2.66</answer>