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

1. **Use EBITDA proxy**  
   EDF reports “Operating Profit Before Depreciation And Amortisation,” which is effectively EBITDA / EBE.  
   For 2022:  
   **EBITDA = -4,986,000,000**

2. **Estimate gross financial debt**  
   Balance sheet financial liabilities:
   - Other noncurrent financial liabilities: **71,058,000,000**
   - Other current financial liabilities: **71,844,000,000**

   Gross financial debt proxy:  
   **71,058,000,000 + 71,844,000,000 = 142,902,000,000**

3. **Subtract cash and cash equivalents**  
   Cash and cash equivalents at 2023-01-01:  
   **10,948,000,000**

   Net debt proxy:  
   **142,902,000,000 - 10,948,000,000 = 131,954,000,000**

4. **Compute Net Debt / EBITDA**  
   **131,954,000,000 / -4,986,000,000 = -26.47**

Because EBITDA is negative, the ratio is not economically meaningful in the usual leverage sense; mathematically it is approximately **-26.47x**.

<answer>-26.47</answer>