To estimate the Net Debt / EBITDA ratio for ENGIE at the end of 2022 using the S&P Global Ratings methodology, we systematically adjust the reported figures to align with S&P's standard adjustments for European utilities:

**1. S&P Adjusted EBITDA:**
S&P starts with the reported operating profit and adds back depreciation, amortization, and makes adjustments for non-cash and non-recurring items, as well as replacing equity-method earnings with actual cash dividends received.
- **Reported Profit/Loss from Operating Activities:** €1,127 million
- Add back non-recurring items: Impairment (€2,774m) + Restructuring (€230m) + Other Non-recurring (€1,328m) = €4,332 million
- Add back unrealized non-cash MTM derivative losses: The cash flow statement shows an adjustment for derivative fair value of -€3,661 million, implying a P&L non-cash loss of €3,661 million.
- Deduct equity share of net income (€1,059 million) and add back standard cash dividends from these investments.
- Add back D&A and Provisions: €5,187 million
*Estimated S&P Adjusted EBITDA is roughly €13.3 billion to €13.5 billion (S&P reported ~€13.5 billion).*

**2. S&P Adjusted Net Debt:**
S&P calculates adjusted net debt by taking reported financial debt, subtracting surplus cash, and adding debt-like obligations such as lease liabilities, pensions (tax-effected), and asset retirement obligations (AROs - like nuclear decommissioning, heavily tax-effected and net of dedicated ring-fenced assets).
- **Gross Borrowings:** Long-term (€28,083m) + Short-term (€12,508m) = €40,591 million
- Less Cash & Equivalents: €15,570 million
- **Net Financial Debt:** €25,021 million
- Add Unfunded Provisions: Total provisions equal €27,028 million. We deduct dedicated financial assets backing these obligations (Noncurrent €10,599m + Current €2,394m = €12,993m), resulting in net unfunded provisions of ~€14,035 million. 
- Applying a standard corporate tax haircut (~25%) to these AROs and pensions yields a net debt addition of about €10.5 billion to €11 billion.
*Estimated S&P Adjusted Net Debt is €25.0 billion + €11.0 billion ≈ €36.0 billion.*

**3. Ratio Calculation:**
Dividing the S&P Adjusted Net Debt by the S&P Adjusted EBITDA:
€36.0 billion / €13.5 billion = 2.66...

Rounding to the standard single decimal place used in S&P Global Ratings reports gives 2.7x. 

<answer>2.7</answer>