To estimate **Net Debt / EBITDA** for 2022 under a simplified S&P-style approach, use:

**Net debt = reported financial debt − cash and equivalents − liquid financial assets**

From the 2022 year-end balance sheet, dated 2023-01-01:

- Noncurrent financial liabilities: **€5,543.755m**
- Current financial liabilities: **€1,705.277m**

Total financial debt:

\[
5{,}543.755 + 1{,}705.277 = 7{,}249.032 \text{ m}
\]

Cash and liquid financial assets:

- Cash and cash equivalents: **€794.824m**
- Other current financial assets / current financial assets at amortised cost: **€752.505m**

\[
794.824 + 752.505 = 1{,}547.329 \text{ m}
\]

Net debt:

\[
7{,}249.032 - 1{,}547.329 = 5{,}701.703 \text{ m}
\]

Estimate EBITDA from operating profit plus depreciation and amortisation:

- Profit from operating activities: **€961.554m**
- Depreciation and amortisation expense: **€544.992m**

\[
EBITDA = 961.554 + 544.992 = 1{,}506.546 \text{ m}
\]

Net Debt / EBITDA:

\[
\frac{5{,}701.703}{1{,}506.546} = 3.7859
\]

Rounded to two decimals:

<answer>3.79</answer>