## Reasoning

### Step 1: Calculate EBITDA

Using S&P methodology, EBITDA is typically calculated as:
EBITDA = Operating Profit (EBIT) + Depreciation & Amortization

From the data:
- "Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" (EBIT) for 2022: **2,529,993,000 EUR**
- "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" for 2022: **1,979,007,000 EUR**

EBITDA = 2,529,993,000 + 1,979,007,000 = **4,509,000,000 EUR**

Wait, let me reconsider. The report shows:
- "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" for 2022: **4,523,539,000 EUR**

This is essentially EBITDA before provisions. The difference from my calculation above is provisions (14,539,000).

For S&P methodology, EBITDA typically includes provisions as an operating item. So:
EBITDA = 4,523,539,000 - 14,539,000 (provisions) = 4,509,000,000

Actually, S&P's EBITDA = Revenue - Operating Costs + D&A added back. Let me use the cleaner figure:

EBITDA = EBIT + D&A = 2,529,993,000 + 1,979,007,000 = 4,509,000,000 EUR

But S&P typically also considers equity method income. The figure of 4,523,539,000 already includes "Joint Ventures And Associates" of 239,429,000. S&P might treat this differently, but for simplicity and since it's included in operating profit, I'll keep it.

EBITDA = **4,509,000,000 EUR** (or approximately 4,523,539,000 if we exclude provisions from EBITDA, which is the pre-provisions figure)

Actually, looking more carefully, the line item "Profit Loss Before Provisions Amortisation And Impairment..." = 4,523,539,000 is essentially EBITDA (before provisions). S&P EBITDA would typically not subtract provisions, so this 4,523,539,000 figure is close to EBITDA.

But let me be more precise. EBITDA per S&P = EBIT + D&A (excluding impairment if material). Here:

EBITDA = 2,529,993,000 + 1,979,007,000 = 4,509,000,000

Let me use 4,509,000,000.

### Step 2: Calculate Net Debt

S&P Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt components:**
- Long-term Borrowings: 15,782,604,000
- Current Borrowings and Current Portion of Non-current Borrowings: 4,239,869,000

Total Gross Debt = 15,782,604,000 + 4,239,869,000 = **20,022,473,000 EUR**

S&P also typically includes lease liabilities. The Right-of-use assets are 1,320,270,000, which suggests lease liabilities exist. However, lease liabilities might already be included in the borrowings figures, or they might be in "Other Financial Liabilities." Without explicit lease liability data, and since S&P methodology post-IFRS 16 typically includes lease liabilities in debt, I need to consider whether borrowings already include them.

For S&P, they might also add:
- Institutional Partnerships in North America: 2,212,162,000 (these are tax equity structures that S&P may treat as debt-like)

However, the treatment of institutional partnerships varies. Let me focus on the core debt figure.

**Cash and Cash Equivalents:** 4,900,205,000

**Net Debt (basic):** 20,022,473,000 - 4,900,205,000 = **15,122,268,000 EUR**

### Step 3: Net Debt / EBITDA

Net Debt / EBITDA = 15,122,268,000 / 4,509,000,000 = **3.35x**

If we include institutional partnerships as debt (S&P sometimes treats these as debt):
Net Debt = 15,122,268,000 + 2,212,162,000 = 17,334,430,000
Net Debt / EBITDA = 17,334,430,000 / 4,509,000,000 = 3.84x

S&P methodology for utilities often includes lease liabilities and other debt-like items. Given that S&P typically adjusts for operating leases (now on balance sheet under IFRS 16), these are likely already in the borrowings or other financial liabilities.

Let me stick with the core calculation:

Net Debt / EBITDA ≈ **3.35**

However, considering S&P's broader definition of debt which may include the institutional partnerships (tax equity financing common in US renewables that S&P treats as debt), the ratio could be closer to 3.8-3.9.

For a standard S&P calculation focusing on financial debt:
Net Debt / EBITDA = 15,122,268,000 / 4,509,000,000 ≈ **3.35**

Let me reconsider if lease liabilities should be added separately. The right-of-use assets are 1,320,270,000. Lease liabilities might be embedded in "Other Noncurrent Financial Liabilities" (5,159,496,000) and "Other Current Financial Liabilities" (3,600,893,000). These are quite large and likely include derivatives and lease liabilities.

For S&P's standard approach, I'll use the straightforward debt figure (borrowings only) and arrive at approximately 3.35.

<answer>3.4</answer>