To determine the Net Debt / EBITDA ratio for ENI S.P.A. at the end of 2022 based on the S&P methodology, we must adjust both Net Debt and EBITDA to include specific recurring and non-cash items according to their corporate methodology.

**1. Calculate S&P Adjusted EBITDA**
S&P adjusts operating profit by adding back non-cash expenses like Depreciation & Amortization (D&A), impairments, write-offs, and incorporating cash dividends received from equity investments (rather than accounting for equity in earnings).
- **Profit/Loss from Operating Activities:** 17,510,000,000 EUR
- **Add D&A:** 7,205,000,000 EUR
- **Add Impairment Loss Recognised in Profit or Loss:** 1,140,000,000 EUR
- **Add Write-Off of Tangible and Intangible Assets:** 599,000,000 EUR
- **Add Dividends Received (Classified as Operating Activities):** 1,545,000,000 EUR

*Adjusted EBITDA* = 17,510 + 7,205 + 1,140 + 599 + 1,545 = 27,999,000,000 EUR

**2. Calculate S&P Adjusted Net Debt**
S&P's definition of debt encompasses standard financial borrowings alongside lease liabilities, pension & post-retirement obligations, and Asset Retirement Obligations (AROs), which for an Oil & Gas major like ENI predominantly makeup its "Other Long-term Provisions".
- **Short-term Borrowings:** 4,446,000,000 EUR
- **Current Portion of Long-term Borrowings:** 3,097,000,000 EUR
- **Long-term Borrowings:** 19,374,000,000 EUR
- **Current Lease Liabilities:** 884,000,000 EUR
- **Noncurrent Lease Liabilities:** 4,067,000,000 EUR
- **Noncurrent Provisions for Employee Benefits (Pensions):** 786,000,000 EUR
- **Other Longterm Provisions (Asset Retirement Obligations):** 15,267,000,000 EUR
*Total Adjusted Gross Debt* = 47,921,000,000 EUR

S&P nets available highly liquid short-term investments alongside cash equivalents to arrive at Net Debt.
- **Cash and Cash Equivalents:** 10,155,000,000 EUR
- **Current Financial Assets At Fair Value Through P&L:** 8,251,000,000 EUR
- **Other Current Financial Assets:** 1,504,000,000 EUR
*Total Accessible Cash & Short-Term Investments* = 19,910,000,000 EUR

*Adjusted Net Debt* = 47,921,000,000 - 19,910,000,000 = 28,011,000,000 EUR

**3. Calculate the Ratio**
Net Debt / EBITDA = 28,011,000,000 / 27,999,000,000 = 1.0004

<answer>1.00</answer>