Using an S&P-style approximation: 1. **Net debt estimate** - Gross financial debt can be approximated from: - Other noncurrent financial liabilities: **€5,867m** - Other current financial liabilities: **€1,022m** - Gross debt ≈ **€6,889m** - Less cash and cash equivalents: **€2,584m** - Estimated net debt ≈ **€6,889m − €2,584m = €4,305m** 2. **EBITDA** - Reported Gross Operating Income / EBITDA for 2022: **€1,505m** 3. **Net Debt / EBITDA** - €4,305m / €1,505m ≈ **2.86x** 2.86