To estimate the Net Debt / EBITDA ratio for Terna S.p.A. for the year 2022 based on the provided annual report facts and standard S&P methodology, we need to calculate two components: Net Debt and EBITDA.

**1. Calculate EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)**

S&P typically defines EBITDA as Operating Profit (or Profit from Operating Activities) plus Depreciation, Amortization, and Impairment losses. Sometimes it is calculated from Net Income by adding back Interest, Taxes, Depreciation, and Amortization. Let's use the Operating Profit approach as it is more direct from the "Profit Loss From Operating Activities" line item, ensuring we capture the core operational performance before financing and tax structures.

*   **Profit Loss From Operating Activities (2022):** 1,333,500,000 EUR
*   **Depreciation, Amortisation And Impairment Loss (2022):** 725,700,000 EUR

*Note: The line item "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" represents the non-cash charge added back to operating profit to get to EBITDA if starting from Operating Profit, or simply the D&A component.*

EBITDA = Profit from Operating Activities + Depreciation & Amortization
EBITDA = 1,333,500,000 + 725,700,000
**EBITDA = 2,059,200,000 EUR**

*Alternative Check using Net Income:*
Net Income (Profit Loss) = 857,700,000
+ Income Tax Expense = 355,400,000
+ Finance Costs (Net) = Finance Costs (121,800,000) - Finance Income (implied from Finance Income Cost net of 22,700,000? The line "Finance Income Cost" is 22,700,000. Usually, this is net. Let's look at the components. Finance Costs are 121,800,000. If Finance Income Cost is net income/expense, and it's positive 22.7M, it might be net income. However, usually, Finance Costs are an expense. Let's look at the Cash Flow statement adjustments. "Adjustments For Finance Income Cost" is 101,500,000. This suggests the net finance expense in the P&L is likely around 100M-120M. Let's stick to the Operating Profit + D&A method as it is less ambiguous regarding financial income/expense classification in this specific data dump. The "Profit Loss From Operating Activities" is explicitly given as 1,333,500,000. Adding back D&A of 725,700,000 gives 2,059,200,000. This is a robust EBITDA figure.*

**2. Calculate Net Debt**

Net Debt is typically defined as Total Debt (Interest-bearing liabilities) minus Cash and Cash Equivalents. S&P methodology often includes lease liabilities in debt, but based on the provided line items, we will use Borrowings and Financial Liabilities.

*   **Total Debt Components (as of 2022-01-01 / End of 2022):**
    *   Long-term Borrowings: 8,835,000,000 EUR
    *   Short-term Borrowings: 1,947,000,000 EUR
    *   Current Portion of Long-term Borrowings: 1,640,000,000 EUR
    *   Noncurrent Financial Liabilities: 83,700,000 EUR
    *   Current Financial Liabilities: 45,800,000 EUR
    
    *Note: "Trade And Other Payables" are generally not considered interest-bearing debt for Net Debt calculations unless specified. We will exclude them.*

    Total Gross Debt = 8,835,000,000 + 1,947,000,000 + 1,640,000,000 + 83,700,000 + 45,800,000
    Total Gross Debt = 12,551,500,000 EUR

*   **Cash and Cash Equivalents (as of 2022-01-01 / End of 2022):**
    *   Cash And Cash Equivalents: 1,566,800,000 EUR

    *Note: The balance sheet date is 2022-01-01 for the start and the values labeled 2022-01-01 in the asset/liability section usually represent the opening balance or the closing balance of the previous year? Let's check the context.
    The revenue is for "2022-01-01 - 2023-01-01". This is the 2022 fiscal year.
    The Balance Sheet items are labeled with dates. Usually, "2022-01-01" in these XBRL-like extracts refers to the opening balance of the period (i.e., end of 2021), and "2023-01-01" refers to the closing balance of the period (i.e., end of 2022).
    Let's verify this hypothesis.
    Retained Earnings 2022-01-01: 2,964,300,000.
    Retained Earnings 2023-01-01: 3,180,900,000.
    Profit 2022: 857,000,000 (Attributable to owners).
    Dividends paid/distributed affect this.
    If 2023-01-01 is the end of 2022, then we should use the 2023-01-01 balance sheet figures for the ratio at the end of 2022.
    
    Let's re-evaluate the Debt and Cash using the **2023-01-01** (End of 2022) figures:*

    **Revised Net Debt Calculation (Using End-of-Period 2022 balances, labeled 2023-01-01):**

    *   **Long-term Borrowings:** 8,416,700,000 EUR
    *   **Short-term Borrowings:** 444,100,000 EUR
    *   **Current Portion of Long-term Borrowings:** 1,909,300,000 EUR
    *   **Noncurrent Financial Liabilities:** 247,200,000 EUR
    *   **Current Financial Liabilities:** 44,900,000 EUR
    
    Total Gross Debt (End 2022) = 8,416,700,000 + 444,100,000 + 1,909,300,000 + 247,200,000 + 44,900,000
    Total Gross Debt = 11,062,200,000 EUR

    *   **Cash and Cash Equivalents (End 2022):** 2,155,100,000 EUR

    **Net Debt** = Total Gross Debt - Cash and Cash Equivalents
    Net Debt = 11,062,200,000 - 2,155,100,000
    **Net Debt = 8,907,100,000 EUR**

**3. Calculate the Ratio**

Net Debt / EBITDA = 8,907,100,000 / 2,059,200,000

Calculation:
8,907,100,000 / 2,059,200,000 ≈ 4.3255

Let's double-check the EBITDA definition. S&P often uses "EBITDA" as reported or adjusted.
Operating Profit: 1,333,500,000
D&A: 725,700,000
EBITDA: 2,059,200,000

Is there any other adjustment?
Sometimes "Other Revenue" or "Share of profit of associates" is excluded/adjusted, but standard EBITDA from Operating Profit is usually clean.
What if we used the Cash Flow from Operations based EBITDA proxy?
CFO (2,323,700,000) + Interest Paid (154,800,000) + Taxes Paid (380,100,000) - Changes in Working Capital?
This is more complex. The P&L based EBITDA is standard.

Let's check if "Finance Income Cost" of 22,700,000 is income or expense.
In the Cash Flow, "Adjustments For Finance Income Cost" is 101,500,000.
Interest Paid is 154,800,000. Interest Received is 64,200,000.
Net Interest Paid in Cash = 154.8 - 64.2 = 90.6M.
The adjustment in CFO indirect method adds back non-cash or accrual differences.
The P&L Finance Costs are 121,800,000.
If Finance Income Cost is 22,700,000 (positive), it likely means Net Finance Income? Or is it Net Finance Expense?
Usually, in European reporting, if it's listed as "Finance Income Cost" and is positive, it might be net expense if the sign convention is expenses positive? No, usually expenses are negative in P&L summation or labeled "Costs".
However, "Profit Loss Before Tax" (1,233,400,000) = "Profit Loss From Operating Activities" (1,333,500,000) + "Finance Income Cost" (22,700,000) + "Share of Profit..." (-1,000,000).
1,333.5 + 22.7 - 1.0 = 1,355.2. This does not equal 1,233.4.
There is a discrepancy.
1,333.5 - 1,233.4 = 100.1M difference.
The "Finance Costs" are 121,800,000.
If we subtract Finance Costs from Operating Profit: 1,333.5 - 121.8 = 1,211.7.
Add Share of associates (-1.0) = 1,210.7.
This is close to 1,233.4 but not exact. The difference is ~22.7M.
Ah, "Finance Income Cost" is 22,700,000.
If Operating Profit (1,333.5) - Finance Costs (121.8) + Finance Income (?) = Pre-tax Profit.
If "Finance Income Cost" line item *is* the net finance result, and it is 22.7M, does it mean income or expense?
If it were expense, Pre-tax would be ~1,211M.
If it were income, Pre-tax would be ~1,355M.
The actual Pre-tax is 1,233.4M.
1,333.5 (Op) - 1,233.4 (PreTax) = 100.1M net finance expense.
We have "Finance Costs" of 121.8M.
So Finance Income must be 121.8 - 100.1 = 21.7M.
The line "Finance Income Cost" is 22.7M. This is very close to 21.7M. It is likely the Net Finance Income (or Expense depending on sign). Given the math, the Net Finance *Expense* is approx 100M.
Regardless, EBITDA is before Interest. So we don't need to resolve the net finance figure for the EBITDA numerator, only for the Debt denominator if we were capitalizing interest, but we are using Gross Debt.

So, EBITDA = 2,059,200,000 EUR.
Net Debt = 8,907,100,000 EUR.

Ratio = 8,907,100,000 / 2,059,200,000 = 4.3255...

Rounding to two decimal places: 4.33.

Let's do a sanity check on the Debt figures.
S&P Net Debt often includes "Lease Liabilities". Are they included in "Borrowings"?
In IFRS, lease liabilities are often part of "Borrowings" or separate "Lease Liabilities". The provided data has "Longterm Borrowings", "Shortterm Borrowings", "Current Portion of Longterm Borrowings", "Noncurrent Financial Liabilities", "Current Financial Liabilities". It does not explicitly list "Lease Liabilities". It is highly probable that lease liabilities are embedded within "Borrowings" or "Financial Liabilities" in this summary, or are negligible for a transmission grid operator compared to financial debt. Terna is a capital-intensive utility, so financial debt is the main component.

Let's check if "Trade And Other Payables" should be included. No, standard Net Debt excludes trade payables.

Let's check if "Provisions" should be included. No, standard Net Debt excludes provisions.

So the calculation holds.

Numerator: 8,907,100,000
Denominator: 2,059,200,000

Result: 4.32551...

<answer>4.33</answer>