## Reasoning

### Step 1: Calculate EBITDA (S&P methodology)

S&P's EBITDA is typically calculated as operating profit plus depreciation and amortization.

From the data:
- **Profit Loss From Operating Activities (EBIT)** for 2022: 565,851,000 EUR
- **Adjustments For Depreciation And Amortisation Expense** for 2022: 594,636,000 EUR

However, I need to be careful. The income statement shows:
- Gross Profit (which appears to be EBITDA/Margine Operativo Lordo): 1,305,021,000 EUR
- Ammortamenti E Accantonamenti (D&A and provisions): 625,799,000 EUR
- Impairment Loss (IFRS 9): 113,370,000 EUR
- These lead to EBIT: 1,305,021 - 625,799 - 113,370 = 565,852 ≈ 565,851,000 EUR ✓

For S&P EBITDA, I'll use:
EBITDA = EBIT + D&A = 565,851 + 594,636 = 1,160,487,000 EUR

Wait, let me reconsider. The "Ammortamenti E Accantonamenti" (625,799) includes both depreciation/amortization AND provisions. The cash flow statement shows "Adjustments For Depreciation And Amortisation Expense" = 594,636 and "Adjustments For Impairment Loss" = 67,680. The difference between 625,799 and 594,636 is 31,163, which would be provisions.

S&P typically defines EBITDA as earnings before interest, taxes, depreciation, and amortization. The Gross Profit line (1,305,021,000 EUR) is labeled as "Margine Operativo Lordo" which is EBITDA in Italian accounting terminology.

However, S&P's EBITDA calculation usually starts from operating income and adds back D&A:
EBITDA = 565,851 + 594,636 = 1,160,487,000 EUR

But we also need to consider impairment losses. S&P would typically add back impairment losses as well:
- Impairment Loss (IFRS 9): 113,370,000 EUR (this is credit losses on receivables, which S&P may not add back)

Let me use the simpler approach: EBIT + D&A
EBITDA = 565,851 + 594,636 = 1,160,487,000 EUR

Actually, the Gross Profit (1,305,021,000) seems to be the company's reported EBITDA since:
1,305,021 - 113,370 (impairment) - 625,799 (D&A + provisions) = 565,852 ≈ EBIT

S&P EBITDA = EBIT + D&A = 565,851 + 594,636 = 1,160,487,000 EUR

### Step 2: Calculate Net Debt (S&P methodology)

S&P Net Debt = Total Debt - Cash and Cash Equivalents

**Total financial debt:**
- Non-current financial liabilities: 4,722,263,000 EUR
- Current financial liabilities: 619,418,000 EUR
- Total debt = 4,722,263 + 619,418 = 5,341,681,000 EUR

**Cash and equivalents:**
- Cash: 559,908,000 EUR

**Net Debt** = 5,341,681 - 559,908 = 4,781,773,000 EUR

Note: S&P may include lease liabilities in debt. The right-of-use assets are 90,397,000 EUR at end 2022, suggesting lease liabilities are embedded in the financial liabilities. S&P typically includes operating leases in debt, but since these are already on-balance-sheet under IFRS 16, they should already be in the financial liabilities figures.

### Step 3: Calculate Net Debt / EBITDA

Net Debt / EBITDA = 4,781,773 / 1,160,487 = **4.12x**

Let me double-check with the reported EBITDA (Gross Profit = MOL):
Net Debt / EBITDA = 4,781,773 / 1,305,021 = **3.66x**

Using S&P's standard approach (EBIT + D&A):
4,781,773 / 1,160,487 = 4.12x

I'll go with the EBIT + D&A approach as S&P's standard EBITDA definition.

4,781,773,000 / 1,160,487,000 ≈ 4.12

<answer>4.12</answer>