**Reasoning**

1. **Net Debt**  
   - Total debt = Long‑term borrowings + Current borrowings  
     = 1 695 362 000 € + 638 944 000 € = 2 334 306 000 €  
   - Cash & cash equivalents (end of 2022) = 365 292 000 €  
   - Net Debt = 2 334 306 000 € − 365 292 000 € = **1 969 014 000 €**

2. **EBITDA (S&P methodology)**  
   - Operating profit (EBIT) = “Profit Loss From Operating Activities” = 239 721 000 €  
   - Add back: Depreciation & amortisation = 249 276 000 €  
   - Add back: Share of profit of associates (equity‑method) = 11 812 000 €  
   - Subtract: Impairment reversal (non‑cash gain) = 1 437 000 €  
   - Subtract: Release of other provisions (non‑cash gain) = 2 230 000 €  

   EBITDA = 239 721 000 + 249 276 000 − 1 437 000 − 2 230 000 + 11 812 000  
          = **497 142 000 €**

3. **Net Debt / EBITDA**  
   Ratio = 1 969 014 000 € / 497 142 000 € ≈ **3.96**

<answer>3.96</answer>