To estimate the Net Debt / EBITDA ratio for Iberdrola SA for the year 2022 (ending 2023-01-01) based on the S&P methodology, we need to determine two components: Adjusted EBITDA and Net Debt.

**1. Determine EBITDA**
The provided data explicitly lists "Beneficio Bruto De Explotacion Ebitda" for the period 2022-01-01 to 2023-01-01.
*   **EBITDA**: 13,228,000,000 EUR

*Note: S&P often uses "Funds From Operations (FFO)" or adjusted EBITDA which may include other items, but without specific adjustments for leases or other non-recurring items detailed in the prompt's explicit "EBITDA" line, we will use the reported EBITDA as the primary earnings metric. In many standard calculations using reported figures, this is the denominator.*

**2. Determine Net Debt**
S&P's definition of Net Debt generally includes:
*   Total Debt (Short-term and Long-term financial liabilities)
*   Lease Liabilities (often treated as debt in credit analysis)
*   Less: Cash and Cash Equivalents
*   Less: Unrestricted cash equivalents or short-term investments (if considered liquid and available to pay down debt).

Let's extract the relevant balance sheet items as of 2023-01-01 (end of 2022):

*   **Gross Debt Components:**
    *   *Noncurrent Financial Liabilities*: 44,216,000,000 EUR
        *   This includes "Deudas Con Entidades De Credito..." (36,129,000,000), "Noncurrent Derivative Financial Liabilities" (3,690,000,000), "Noncurrent Lease Liabilities" (2,287,000,000), etc.
    *   *Current Financial Liabilities*: 25,079,000,000 EUR
        *   This includes "Deudas Con Entidades De Credito... Corrientes" (10,458,000,000), "Current Derivative Financial Liabilities" (3,398,000,000), "Current Lease Liabilities" (151,000,000), etc.
    
    *Standard S&P Net Debt Calculation often focuses on interest-bearing debt. Let's sum the explicit debt instruments and leases.*
    
    A more precise approach for "Net Debt" in credit ratings often sums:
    1.  Short-term debt (Current Financial Liabilities excluding trade payables and derivatives if they are not funding debt, but usually, total financial liabilities are a safe proxy for gross debt before cash deduction).
    2.  Long-term debt (Noncurrent Financial Liabilities).
    
    Let's look at the specific debt lines:
    *   Noncurrent Debt with credit entities/bonds: 36,129,000,000 EUR
    *   Current Debt with credit entities/bonds: 10,458,000,000 EUR
    *   Noncurrent Lease Liabilities: 2,287,000,000 EUR
    *   Current Lease Liabilities: 151,000,000 EUR
    *   Noncurrent Derivative Financial Liabilities: 3,690,000,000 EUR (Often excluded from core debt unless hedging debt, but included in total financial liabilities. S&P typically adjusts derivatives. However, a simpler "Net Debt" definition often takes Total Financial Liabilities - Cash).
    *   Current Derivative Financial Liabilities: 3,398,000,000 EUR
    
    Let's calculate **Total Financial Liabilities** (a common proxy for Gross Debt in this context):
    *   Noncurrent Financial Liabilities: 44,216,000,000 EUR
    *   Current Financial Liabilities: 25,079,000,000 EUR
    *   **Total Gross Financial Liabilities**: 44,216 + 25,079 = 69,295,000,000 EUR

    *Adjustments for S&P Net Debt:*
    S&P typically deducts cash and cash equivalents.
    *   **Cash and Cash Equivalents**: 4,608,000,000 EUR
    
    Does S&P deduct other liquid assets? Sometimes "Current Financial Assets" are deducted if they are highly liquid.
    *   Current Financial Assets: 4,813,000,000 EUR.
    *   However, the strict "Net Debt" definition is usually Interest Bearing Debt - Cash.
    
    Let's refine the Debt figure. S&P often excludes derivatives from the debt numerator for leverage ratios unless they are embedded. Let's try calculating with just the core borrowing (Loans/Bonds/Leases).
    
    *Core Debt:*
    *   Noncurrent Loans/Bonds: 36,129,000,000
    *   Current Loans/Bonds: 10,458,000,000
    *   Noncurrent Leases: 2,287,000,000
    *   Current Leases: 151,000,000
    *   Other Noncurrent Financial Liabilities: 1,534,000,000
    *   Other Current Financial Liabilities: 5,058,000,000 (This is a large chunk, likely short-term commercial paper or similar).
    
    Total Financial Liabilities = 69,295,000,000 EUR.
    
    If we use Total Financial Liabilities as Gross Debt:
    Gross Debt = 69,295,000,000 EUR
    
    Net Debt = Gross Debt - Cash and Cash Equivalents
    Net Debt = 69,295,000,000 - 4,608,000,000 = 64,687,000,000 EUR
    
    *Alternative S&P Adjustment:* S&P might also subtract unrestricted cash and potentially short-term investments.
    Let's check if "Current Financial Assets" (4,813,000,000) should be subtracted. In many corporate finance contexts, Net Debt = (Short Term Debt + Long Term Debt) - (Cash + Cash Equivalents + Short Term Investments).
    If we include Current Financial Assets as cash-like:
    Net Debt = 69,295,000,000 - 4,608,000,000 - 4,813,000,000 = 59,874,000,000 EUR.
    
    However, the most standard "Net Debt" metric provided in annual reports and used for quick ratio estimation is Total Financial Liabilities minus Cash & Cash Equivalents. Let's stick to the stricter cash definition first, but acknowledge that S&P "Debt" definition for leverage (FFO/Debt) usually includes leases and excludes derivatives.
    
    Let's try a derivation closer to S&P's specific "Debt" definition for leverage ratios:
    S&P Debt = Short-term debt + Long-term debt + Capitalized leases + Preferred stock (if treated as debt) - Cash.
    
    From the data:
    *   Debt with credit entities (Noncurrent): 36,129
    *   Debt with credit entities (Current): 10,458
    *   Lease Liabilities (Noncurrent): 2,287
    *   Lease Liabilities (Current): 151
    *   Other Noncurrent Financial Liab: 1,534
    *   Other Current Financial Liab: 5,058
    *   Instruments with characteristics of financial liability (Noncurrent): 576
    *   Instruments with characteristics of financial liability (Current): 87
    
    Sum of these specific debt-like instruments:
    36,129 + 10,458 + 2,287 + 151 + 1,534 + 5,058 + 576 + 87 = 56,280,000,000 EUR.
    
    This sum excludes Derivatives (3,690 + 3,398 = 7,088). Total Financial Liab was 69,295.
    69,295 - 7,088 (Derivatives) = 62,207.
    Wait, let's re-sum the components of Noncurrent Financial Liabilities (44,216):
    36,129 (Debt) + 576 (Instr) + 3,690 (Deriv) + 2,287 (Lease) + 1,534 (Other) = 44,216. Correct.
    Components of Current Financial Liabilities (25,079):
    10,458 (Debt) + 87 (Instr) + 3,398 (Deriv) + 151 (Lease) + 5,058 (Other) + 2,811 (Non-financial? No, "Other Current Nonfinancial Liabilities" is separate).
    Wait, "Other Current Financial Liabilities" is 5,058.
    Sum: 10,458 + 87 + 3,398 + 151 + 5,058 = 19,152.
    There is a discrepancy. 25,079 - 19,152 = 5,927.
    Ah, "Trade And Other Payables To Trade Suppliers" is 5,927. This is listed under Current Liabilities but is it part of "Current Financial Liabilities"?
    Looking at the structure:
    "Current Financial Liabilities" 2023-01-01: 25,079.
    Sub-items listed below it in the prompt:
    - Deudas...: 10,458
    - Instrumentos...: 87
    - Current Derivative...: 3,398
    - Current Lease...: 151
    - Trade And Other Payables...: 5,927 (Usually operating, not financial debt for S&P leverage, but might be included in the broad "Financial Liabilities" line depending on classification. However, trade payables are typically NOT debt).
    - Other Current Financial Liabilities: 5,058
    
    Let's check the sum: 10,458 + 87 + 3,398 + 151 + 5,927 + 5,058 = 25,079.
    So "Trade And Other Payables" ARE included in the "Current Financial Liabilities" line item in this report's taxonomy.
    
    For S&P Net Debt, we must EXCLUDE Trade Payables.
    So, Adjusted Current Financial Debt = 25,079 - 5,927 (Trade Payables) = 19,152.
    This 19,152 includes Derivatives (3,398). S&P usually excludes derivatives from debt.
    Adjusted Current Debt (excl deriv) = 19,152 - 3,398 = 15,754.
    
    Now Noncurrent Financial Liabilities: 44,216.
    Sub-items:
    - Deudas...: 36,129
    - Instrumentos...: 576
    - Noncurrent Derivative...: 3,690
    - Noncurrent Lease...: 2,287
    - Other Noncurrent Financial...: 1,534
    Sum: 36,129 + 576 + 3,690 + 2,287 + 1,534 = 44,216.
    
    Exclude Derivatives (3,690).
    Adjusted Noncurrent Debt = 44,216 - 3,690 = 40,526.
    
    Total Adjusted Gross Debt (S&P style) = Current (15,754) + Noncurrent (40,526) = 56,280,000,000 EUR.
    
    Now, deduct Cash and Cash Equivalents.
    Cash = 4,608,000,000 EUR.
    
    Net Debt = 56,280 - 4,608 = 51,672,000,000 EUR.
    
    Some S&P methodologies also deduct "Current Financial Assets" if they are liquid.
    Current Financial Assets = 4,813.
    If we deduct these: Net Debt = 51,672 - 4,813 = 46,859,000,000 EUR.
    
    Let's calculate the ratio with both scenarios.
    
    Scenario A (Net Debt = Debt - Cash):
    Net Debt = 51,672 million
    EBITDA = 13,228 million
    Ratio = 51,672 / 13,228 ≈ 3.91
    
    Scenario B (Net Debt = Debt - Cash - Liquid Assets):
    Net Debt = 46,859 million
    EBITDA = 13,228 million
    Ratio = 46,859 / 13,228 ≈ 3.54
    
    Let's look for clues in standard Iberdrola reporting or S&P reports. S&P typically defines "Debt" for leverage as total debt including leases, excluding derivatives. They define "Net Debt" often just as Debt minus Cash. However, for industrial companies, they might use "FFO / Debt". The prompt asks for "Net Debt / EBITDA".
    
    Let's re-verify the "Other Current Financial Liabilities" (5,058) and "Other Noncurrent Financial Liabilities" (1,534). These are likely hybrid instruments or other borrowings. They are kept in the debt calculation.
    
    Let's check if there is a simpler "Net Debt" figure reported or implied.
    Total Assets = 154,667.
    Total Equity = 58,114.
    Total Liabilities = 154,667 - 58,114 = 96,553.
    
    Let's stick to the constructed S&P Debt:
    Gross Debt (adjusted) = 56,280.
    Cash = 4,608.
    Net Debt = 51,672.
    
    Ratio = 51,672 / 13,228 = 3.906...
    
    Let's consider if "Investment Property" or other assets are netted. Unlikely.
    
    What if we use the broader "Total Financial Liabilities" minus Cash?
    Gross Fin Liab = 69,295.
    Less Trade Payables (5,927) = 63,368.
    Less Derivatives (7,088) = 56,280. (Matches above).
    
    So the Debt numerator is robustly ~56.3 billion.
    
    The Cash denominator:
    Cash & Cash Equivalents: 4,608.
    
    Is there any other cash-like item?
    "Current Financial Assets": 4,813.
    "Noncurrent Financial Assets": 10,508.
    
    S&P methodology for "Net Debt" in the context of a ratio like Net Debt/EBITDA usually implies:
    (Total Debt - Cash and Cash Equivalents) / EBITDA.
    
    If we assume the question implies the standard credit metric:
    Numerator: 51,672,000,000
    Denominator: 13,228,000,000
    
    Calculation: 51,672 / 13,228 = 3.90625...
    
    Rounding to two decimal places: 3.91.

    Let's double check if "EBITDA" needs adjustment.
    Reported EBITDA: 13,228.
    S&P often adds back "Share of profit of associates" if it was deducted, but EBITDA is usually pre-interest and pre-tax. The line item "Beneficio Bruto De Explotacion Ebitda" is typically the starting point.
    
    One nuance: S&P sometimes capitalizes operating leases in older methodologies, but IFRS 16 (applied here) already puts leases on the balance sheet as liabilities and assets. The EBITDA figure reported by companies under IFRS 16 usually includes the depreciation of right-of-use assets and interest on lease liabilities in the EBITDA calculation (i.e., EBITDA is higher than it would be under operating lease treatment because rent expense is replaced by dep+int, and rent is fully added back, whereas only interest is added back in EBIT).
    Actually, under IFRS 16, EBITDA typically increases because the entire lease payment (principal + interest) is not an operating expense; only depreciation and interest are. Depreciation is added back to get EBITDA. Interest is not. So EBITDA under IFRS 16 is generally higher than under IAS 17.
    The reported EBITDA is 13,228.
    
    If we use the calculated Net Debt of 51,672:
    Ratio = 3.91.

    Let's try one other variation. Sometimes "Net Debt" includes the "Instruments with characteristics of financial liability" (Perpetuals). I included them (576 + 87).
    
    What if we don't exclude derivatives?
    Debt = 56,280 + 7,088 = 63,368.
    Net Debt = 63,368 - 4,608 = 58,760.
    Ratio = 58,760 / 13,228 = 4.44.
    
    S&P explicitly excludes derivatives from debt for leverage ratios. So 3.91 is more methodologically sound for S&P.

    What if we deduct all Current Financial Assets (4,813) from Net Debt?
    Net Debt = 51,672 - 4,813 = 46,859.
    Ratio = 46,859 / 13,228 = 3.54.
    
    Standard "Net Debt" definition: Interest-bearing debt minus cash and cash equivalents. It does not automatically subtract short-term investments unless specified as "Net Debt including liquid assets". Given the prompt asks for "Net Debt / EBITDA" based on S&P, and S&P focuses on liquidity buffers separately or uses "Cash Flow / Debt", the strict Net Debt usually just subtracts cash. However, many analysts subtract all liquid financial assets.
    
    Let's look at Iberdrola's own reporting. They often report "Net Financial Debt".
    In their 2022 Annual Report, Iberdrola defines Net Financial Debt as Financial Liabilities minus Cash and Cash Equivalents minus Current Financial Assets (specifically those held for trading or available for sale that are liquid).
    
    If Iberdrola's own definition (which aligns with investor presentations) subtracts Current Financial Assets:
    Net Debt = 56,280 (Debt) - 4,608 (Cash) - 4,813 (Current Fin Assets) = 46,859.
    Ratio = 3.54.
    
    However, the prompt specifies "based on the S&P methodology".
    S&P Global Ratings' "Corporate Methodology" defines "Debt" as short-term and long-term borrowings, capital leases, and preferred stock. It excludes derivatives.
    For "Net Debt", S&P often uses "Debt minus cash and short-term investments".
    
    Let's check the liquidity of "Current Financial Assets" (4,813).
    Breakdown of Current Financial Assets isn't fully detailed, but "Other Current Financial Assets" is 2,964 and "Current Derivative Financial Assets" is 1,849.
    Derivatives are NOT cash equivalents.
    So, Cash = 4,608.
    Liquid Assets might just be the Cash.
    
    If we only subtract Cash:
    Ratio = 3.91.
    
    If we subtract Cash + Non-Derivative Current Financial Assets:
    Current Fin Assets (4,813) - Current Deriv Assets (1,849) = 2,964.
    Net Debt = 51,672 - 2,964 = 48,708.
    Ratio = 48,708 / 13,228 = 3.68.
    
    Given the ambiguity of "Current Financial Assets" liquidity, the most conservative and standard "Net Debt" calculation in absence of a specific "Cash and Cash Equivalents and Short Term Investments" line is just Debt - Cash.
    
    However, looking at typical S&P ratios for utilities like Iberdrola, a leverage ratio (Debt/EBITDA) of around 4x-5x is common. Net Debt/EBITDA would be lower.
    
    Let's refine the Debt number again.
    S&P includes "Lease Liabilities".
    Included: 2,287 + 151 = 2,438.
    Included: Debt with entities 36,129 + 10,458 = 46,587.
    Included: Other Fin Liab 1,534 + 5,058 = 6,592.
    Included: Hybrid/Perpetuals 576 + 87 = 663.
    Total Debt = 56,280.
    
    Cash = 4,608.
    
    Net Debt = 51,672.
    EBITDA = 13,228.
    
    51,672 / 13,228 = 3.906.

    <answer>3.91</answer>