To estimate the Net Debt to EBITDA ratio for Terna S.p.A. for 2022 according to S&P methodology, we first need to calculate S&P Adjusted EBITDA and S&P Adjusted Net Debt.

**1. S&P Adjusted EBITDA**
EBITDA is calculated by taking the Profit/Loss from Operating Activities and adding back Depreciation, Amortisation, and Impairment Losses.
* Profit Loss From Operating Activities: 1,333,500,000 EUR
* Depreciation, Amortisation And Impairment Loss: 725,700,000 EUR
* **Adjusted EBITDA** = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR

**2. S&P Adjusted Net Debt**
S&P methodology defines Adjusted Gross Debt as all reported borrowings plus debt-like obligations (such as net pension liabilities and lease liabilities) and 50% of the principal of corporate hybrid bonds (treating them as having intermediate equity content).

*Reported Borrowings:*
* Long-term Borrowings: 8,416,700,000 EUR
* Current Portion of Long-term Borrowings: 1,909,300,000 EUR
* Short-term Borrowings: 444,100,000 EUR
* *Total Borrowings* = 10,770,100,000 EUR

*S&P Debt Adjustments:*
* 50% of Hybrid Perpetual Bonds (989,000,000 EUR * 50%): 494,500,000 EUR
* Post-retirement obligations (Noncurrent Provisions For Employee Benefits): 48,400,000 EUR
* *S&P Adjusted Gross Debt* = 10,770,100,000 + 494,500,000 + 48,400,000 = 11,313,000,000 EUR

*Cash Deduction:*
S&P generally deducts accessible cash and cash equivalents.
* Cash and Cash Equivalents: 2,155,100,000 EUR 
* *S&P Adjusted Net Debt* = 11,313,000,000 - 2,155,100,000 = 9,157,900,000 EUR

**3. Net Debt to EBITDA Ratio**
* Net Debt / EBITDA = 9,157,900,000 / 2,059,200,000 = 4.447

<answer>4.45</answer>