The net debt is calculated by summing all interest‑bearing liabilities (non‑current and current portions of loans, lease liabilities and preferred shares) and subtracting cash and cash equivalents. Using the end‑of‑2022 figures (2023‑01‑01), total debt is €7,928 million and cash & cash equivalents are €2,360 million, giving a net debt of €5,568 million. EBITDA is approximated by adding back depreciation and amortisation (€762 million) to the operating profit (€1,334 million), resulting in €2,096 million. The Net Debt/EBITDA ratio is therefore 5,568 ÷ 2,096 ≈ 2.66.

<answer>2.66</answer>