## Reasoning

### Step 1: Calculate Net Debt (S&P methodology)

S&P's Net Debt typically includes:
- Short-term borrowings + Long-term borrowings + Non-current financial liabilities - Cash and cash equivalents

From the balance sheet at 2023-01-01 (end of 2022):
- Long-term Borrowings: 28,083M EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 12,508M EUR
- Other Noncurrent Financial Liabilities: 90M EUR
- Cash and Cash Equivalents: 15,570M EUR

S&P also typically adds:
- 50% of deeply subordinated perpetual notes (hybrid instruments) as debt. The Deeply Subordinated Perpetual Notes at end of 2022 = 3,393M EUR. S&P typically gives 50% equity / 50% debt credit, so add 50% = 1,697M EUR as debt.

However, let me note that S&P's treatment can vary. For a standard estimate:

**Gross Debt** = Long-term Borrowings + Current Borrowings + 50% of hybrids
= 28,083 + 12,508 + 1,697 = 42,288M EUR

Actually, let me reconsider. S&P's net debt calculation typically:
- Total debt = short-term + long-term borrowings
- Plus adjustments for operating leases (already in PP&E under IFRS 16), pensions, hybrids, etc.

For simplicity with available data:
- Total borrowings: 28,083 + 12,508 = 40,591M EUR
- Plus 50% hybrids: 1,697M EUR
- Less cash: 15,570M EUR

**Net Debt** = 40,591 + 1,697 - 15,570 = **26,718M EUR**

### Step 2: Calculate EBITDA (S&P methodology)

S&P EBITDA = Operating income + Depreciation & Amortization

From the income statement for 2022 (period 2022-01-01 to 2023-01-01):

Current Operating Income Including Operating MtM: 4,309M EUR
Add back: Depreciation, Amortization and Provisions: 5,187M EUR

EBITDA (from current operations) = 4,309 + 5,187 = 9,496M EUR

However, S&P typically uses EBITDA that includes the share of equity method entities but adjusts for non-recurring items. Let me think more carefully.

S&P's EBITDA typically starts from revenues and subtracts operating costs (excluding D&A):
- Revenue: 93,865M
- Purchases and Operating Derivatives: -74,535M
- Employee Benefits: -8,078M
- Tax Expense Other Than Income Tax: -3,380M
- Other Income: +1,624M
= Current Operating Income before D&A = 93,865 - 74,535 - 8,078 - 3,380 + 1,624 = 9,496M

So EBITDA from continuing operations = 9,496M EUR

S&P may also add dividends received from equity method investments rather than the share of net income. The data shows:
- "Adjustments For Dividend Income" (in cash flow): -713M EUR (this appears to be dividends received from equity method investments that are added back)

For S&P, they often include cash dividends from equity-accounted entities. The dividend income adjustment of 713M suggests dividends received.

S&P EBITDA ≈ 9,496 + 713 = 10,209M EUR

Actually, let me reconsider. S&P's approach typically:
- EBITDA = Revenue - operating costs (excl D&A) + dividends from equity affiliates
- Or sometimes they just use reported EBITDA and add equity affiliate dividends

Let me use a more straightforward approach:
- EBITDA = Current Operating Income Including Operating MtM + D&A + Share of equity method income
- = 4,309 + 5,187 + 1,059 = 10,555M EUR

Or using dividends instead of equity income:
- = 4,309 + 5,187 + 713 = 10,209M EUR

### Step 3: Calculate Ratio

Using EBITDA = 9,496M (just operating EBITDA without equity method):
Net Debt / EBITDA = 26,718 / 9,496 = 2.81x

Using EBITDA = 10,209M (with dividends from affiliates):
Net Debt / EBITDA = 26,718 / 10,209 = 2.62x

Using EBITDA = 10,555M (with share of equity income):
Net Debt / EBITDA = 26,718 / 10,555 = 2.53x

S&P typically uses EBITDA including dividends from equity affiliates = 10,209M.

Net Debt / EBITDA = 26,718 / 10,209 ≈ 2.6x

Let me reconsider whether S&P would include the full hybrid as debt or 50%. Given standard S&P treatment of ENGIE's hybrids (intermediate equity content = 50% debt):

Net Debt / EBITDA ≈ 26,718 / 10,209 ≈ 2.6

<answer>2.6</answer>