## Reasoning

### Step 1: Calculate EBITDA

Using S&P methodology, EBITDA is typically calculated as:
EBITDA = Operating Profit (EBIT) + Depreciation & Amortization

From the data:
- "Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" (EBIT) for 2022: **2,529,993,000 EUR**
- "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" for 2022: **1,979,007,000 EUR**

EBITDA = 2,529,993,000 + 1,979,007,000 = **4,509,000,000 EUR**

Wait, let me reconsider. The report shows a line item "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" which is essentially EBITDA before provisions = **4,523,539,000 EUR** for 2022.

This equals EBIT (2,529,993) + Provisions (14,539) + D&A (1,979,007) = 4,523,539. This confirms the calculation.

For S&P EBITDA, I'll use EBITDA = EBIT + D&A = 2,529,993 + 1,979,007 = 4,509,000 million EUR.

Actually, S&P typically includes provisions in their adjustments. Let me think about this more carefully.

S&P's EBITDA typically starts from operating income and adds back depreciation and amortization. They may or may not add back provisions. For simplicity and standard S&P methodology:

EBITDA ≈ 4,509,000,000 EUR (EBIT + D&A, excluding provisions)

But actually, S&P often defines EBITDA more broadly. Let me use the pre-provisions figure as a proxy: 4,523,539,000 EUR.

### Step 2: Calculate Net Debt

S&P Net Debt = Total Debt (short-term + long-term borrowings) - Cash and Cash Equivalents

From the balance sheet at end of 2022 (2023-01-01):
- Long-term Borrowings: **15,782,604,000 EUR**
- Current Borrowings and Current Portion of Non-current Borrowings: **4,239,869,000 EUR**
- Total Gross Debt = 15,782,604,000 + 4,239,869,000 = **20,022,473,000 EUR**

Cash and Cash Equivalents: **4,900,205,000 EUR**

Net Debt = 20,022,473,000 - 4,900,205,000 = **15,122,268,000 EUR**

S&P methodology may also consider lease liabilities as debt. The Right-of-Use Assets are 1,320,270,000 EUR at end of 2022, suggesting lease liabilities of a similar magnitude. However, since lease liabilities aren't separately broken out in the data, and S&P's treatment can vary, I'll consider whether to include them.

Also, S&P sometimes considers the "Institutional Partnerships in North America" (2,212,162,000 EUR) as debt-like. These are tax equity partnerships common in US renewable energy and S&P often treats them as debt.

Let me consider a more comprehensive S&P approach:

**Gross Debt (S&P adjusted):**
- Financial debt: 20,022,473,000
- Lease liabilities (included in ROU - approximated, but these may already be in borrowings or separate)
- Institutional Partnerships: 2,212,162,000

However, looking at this more carefully, the borrowings may or may not include lease liabilities. Given the complexity and that the question asks for an estimate, let me use the straightforward approach:

**Net Debt = Total Borrowings - Cash**
= 20,022,473,000 - 4,900,205,000 = 15,122,268,000 EUR

**EBITDA = 4,509,000,000 EUR** (or 4,523,539,000 including provisions)

### Step 3: Net Debt / EBITDA

Net Debt / EBITDA = 15,122,268,000 / 4,509,000,000 ≈ **3.35x**

Using EBITDA including provisions: 15,122,268,000 / 4,523,539,000 ≈ **3.34x**

Given that S&P methodology is being applied and they typically use a broader definition, the ratio is approximately **3.35**.

<answer>3.35</answer>