## Reasoning

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

S&P's EBITDA typically starts with operating income and adds back depreciation & amortization.

**Operating Profit (EBIT):** 
"Profit Loss From Operating Activities" for 2022 = €11,193M

**Depreciation, Amortization & Impairment:**
"Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = €7,447M

**EBITDA = EBIT + D&A = 11,193 + 7,447 = €18,640M**

However, S&P methodology also typically includes equity method income and may make other adjustments. Let me also consider that S&P typically uses an adjusted EBITDA that may include:
- Share of profit of associates: €4M (small, include it)
- Net results from commodity contracts: €2,365M (this is already included in operating profit based on the income statement structure - it appears between operating expenses and operating profit)

Looking at the income statement structure:
Revenue: 140,517
- Operating Expense: 131,689
+ Net Results From Commodity Contracts: 2,365
= Operating Profit: 11,193

So EBITDA = 11,193 + 7,447 = €18,640M

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

S&P's net debt typically includes:
- Short-term borrowings
- Current portion of long-term borrowings
- Long-term borrowings
- Minus: Cash and cash equivalents

S&P also typically treats hybrid bonds with intermediate equity content (50% debt, 50% equity), but given that Enel's hybrid bonds are classified as equity (perpetual hybrid bonds of €5,567M at end of 2022), S&P would typically assign some portion as debt. However, for a standard calculation without detailed S&P hybrid treatment knowledge, let me consider both approaches.

**Gross Debt:**
- Long-term Borrowings: €68,191M
- Short-term Borrowings: €18,392M
- Current Portion of Long-term Borrowings: €2,835M
- Total Gross Debt = 68,191 + 18,392 + 2,835 = €89,418M

**Cash and Cash Equivalents:** €11,041M

**Basic Net Debt = 89,418 - 11,041 = €78,377M**

Under S&P methodology, they also typically:
1. Add 50% of hybrid bonds as debt (the €5,567M perpetual hybrid bonds are in equity). S&P typically gives 50% equity credit to hybrids, meaning 50% is treated as debt.
   - 50% × 5,567 = €2,784M additional debt

2. May include operating lease liabilities (already likely capitalized under IFRS 16 and included in PP&E/borrowings)

3. May include pension deficit adjustments - there are provisions for employee benefits of €2,202M

Let me compute with S&P hybrid adjustment:

**S&P Adjusted Net Debt = 78,377 + 2,784 = €81,161M**

**S&P Adjusted EBITDA** would also subtract 50% of hybrid coupon from EBITDA (treating it as interest). The coupon paid was €123M, so 50% = €62M would be treated as interest expense.

S&P Adjusted EBITDA = 18,640 - 62 = €18,578M (approximately)

**Net Debt / EBITDA = 81,161 / 18,578 ≈ 4.37**

However, let me reconsider. A simpler S&P approach without hybrid adjustments:

**Net Debt / EBITDA = 78,377 / 18,640 ≈ 4.21**

With S&P full methodology including hybrids at 50% debt:

**Net Debt / EBITDA = 81,161 / 18,578 ≈ 4.37**

Given S&P methodology explicitly treats hybrids, I'll go with approximately 4.4.

Let me recalculate more carefully:

Net Debt = 89,418 - 11,041 + 2,784 = 81,161
EBITDA = 18,640 - 62 = 18,578

Ratio = 81,161 / 18,578 = 4.37

<answer>4.4</answer>