To estimate the Net Debt / EBITDA ratio for Fortum Oyj for 2022 using S&P methodology, I need to calculate the net debt and the EBITDA, then divide.

**Step 1: Calculate EBITDA (2022)**
S&P typically uses a standard EBITDA, which can be approximated by the reported EBITDA before adjustments. Based on the data:
*   "Operating Profit Before Depreciations Ebitda" 2022: 1,842 million EUR.
However, S&P often makes adjustments. For a quick estimate based on reported figures, we will use this EBITDA value. Sometimes, S&P uses the "Comparable EBITDA" if it's considered a better representation of recurring performance. The given "Comparable Ebitda" for 2022 is 2,436 million EUR. I will use the reported EBITDA (1,842 M) as the starting point, which is the unadjusted operating profit before depreciation. Let's stick to 1,842 M EUR.

**Step 2: Calculate Net Debt (as of 2023-01-01, i.e., end of 2022)**
S&P's definition of debt includes:
*   Short-term and long-term borrowings (financial liabilities).
*   Lease liabilities (often included in financial liabilities).
*   Less: Cash and cash equivalents (Liquid Funds).

From the balance sheet data:
*   **Liquid Funds** (Cash): 3,919 million EUR.
*   **Debt**: We need to identify financial liabilities.
    *   "Other Noncurrent Financial Liabilities" 2023-01-01: 3,658 M EUR.
    *   "Other Current Financial Liabilities" 2023-01-01: 4,127 M EUR.
    *   These "Other Financial Liabilities" typically include bonds, loans, and lease liabilities. Derivative financial liabilities are usually excluded from net debt unless they are related to financing activities, but typically S&P focuses on reported debt. Let's assume Other Financial Liabilities represent the gross debt.
    *   Gross Debt = 3,658 M + 4,127 M = 7,785 M EUR.
*   **Net Debt** = Gross Debt - Cash = 7,785 M - 3,919 M = 3,866 M EUR.

**Step 3: Calculate Ratio**
*   Net Debt / EBITDA = 3,866 M / 1,842 M.
*   Ratio = 2.0988...

**Alternative Calculation (if using Comparable EBITDA)**
*   Net Debt / Comparable EBITDA = 3,866 / 2,436 = 1.587.

Given S&P often uses reported EBITDA (and may adjust further offline), the ratio based on the strictly given numbers is ~2.1. The "Operating Profit Before Depreciations Ebitda" is the most direct measure of EBITDA provided.

Final calculation: 3866 / 1842 = 2.10.

<answer>2.10</answer>