To estimate the Net Debt/EBITDA ratio for ENGIE for 2022 using S&P’s methodology:

1. **Net Debt**  
   - Total borrowings = Long‑term borrowings (28,083 M€) + Current borrowings (12,508 M€) = **40,591 M€**.  
   - Cash and cash equivalents = **15,570 M€**.  
   - Net Debt = 40,591 M€ – 15,570 M€ = **25,021 M€**.

2. **Adjusted EBITDA (S&P)**  
   - Start with operating profit (EBIT) from “Current Operating Income Including Operating Mtm” = **4,309 M€**.  
   - Add back depreciation, amortisation and provisions = **5,187 M€** → EBITDA before adjustments = **9,496 M€**.  
   - Apply S&P adjustments:  
     • Add restructuring charges = +230 M€  
     • Add other non‑recurring items = +1,328 M€ (expense)  
     • Subtract impairment reversal (income) = –2,774 M€  
     • Add other expense from subsidiaries/jointly controlled entities = +91 M€  
     • Add share of profit of associates (non‑cash) = +1,059 M€  
   - Adjusted EBITDA = 9,496 M€ + 230 M€ + 1,328 M€ – 2,774 M€ + 91 M€ + 1,059 M€ = **9,430 M€**.

3. **Net Debt / Adjusted EBITDA**  
   - Ratio = 25,021 M€ ÷ 9,430 M€ ≈ **2.65**.

<answer>2.65</answer>