The Net Debt/EBITDA ratio is calculated by taking total financial debt (non‑current plus current financial liabilities) minus cash and cash equivalents, divided by EBITDA (gross profit). For 2022 the total financial liabilities are about €5.34 billion, cash equivalents are about €0.56 billion, giving a net debt of roughly €4.78 billion. The EBITDA (gross profit) is about €1.31 billion. Dividing these yields a ratio of approximately 3.66. 3.66