To compute the Net Debt/EBITDA ratio for 2022 we first determine the figures for net debt and EBITDA using the data provided. **1. EBITDA (2022)** The “Gross Operating Income EBITDA” for the period 2022‑01‑01 – 2023‑01‑01 is €1,505 million. **2. Net Debt (2022‑end)** Net Debt is calculated as total financial debt minus cash and cash equivalents. - Financial debt (non‑current + current) at the end of 2022 (2023‑01‑01): Other Non‑current Financial Liabilities = €5,867 million Other Current Financial Liabilities = €1,022 million **Total debt** = 5,867 + 1,022 = €6,889 million - Cash and cash equivalents at the end of 2022 (2023‑01‑01): €2,584 million - **Net Debt** = 6,889 – 2,584 = €4,305 million **3. Ratio** \[ \text{Net Debt/EBITDA} = \frac{4,305}{1,505} \approx 2.86 \] Thus, the Net Debt/EBITDA ratio for 2022, following the S&P methodology, is approximately **2.86**. 2.86