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

**Net Debt = reported borrowings + lease liabilities − cash and cash equivalents**

From the 2022 year-end balance sheet (2023-01-01):

- Long-term borrowings: **DKK 60.451bn**
- Short-term borrowings: **DKK 2.830bn**
- Noncurrent lease liabilities: **DKK 7.697bn**
- Current lease liabilities: **DKK 0.569bn**
- Cash and cash equivalents: **DKK 16.175bn**

So:

Net Debt = 60.451 + 2.830 + 7.697 + 0.569 − 16.175  
Net Debt = **DKK 55.372bn**

EBITDA is given as:

- Profit/loss from operating activities before interest, taxes, depreciation and amortisation: **DKK 32.057bn**

Therefore:

Net Debt / EBITDA = 55.372 / 32.057 = **1.7273**

Rounded estimate: **1.73**

<answer>1.73</answer>