To estimate Net Debt / EBITDA for 2022 using an S&P-style approach, use:

- **Net debt at end-2022:** €7,440 million
- **EBITDA proxy:** recurring operating profit plus depreciation and amortisation, including right-of-use asset depreciation.

From the data:

- Recurring operating profit = €1,962 million
- Depreciation and amortisation expense = €2,228 million
- Depreciation of right-of-use assets = €446 million

So:

EBITDA = 1,962 + 2,228 + 446 = €4,636 million

Then:

Net Debt / EBITDA = 7,440 / 4,636 = 1.6057

Rounded to two decimals:

<answer>1.61</answer>