To estimate the Net Debt / EBITDA ratio for REN for the year 2022 based on the S&P methodology, we need to calculate two components: Net Debt and EBITDA.

**1. Calculate Net Debt**

S&P's definition of Net Debt typically includes:
*   Total Debt (Short-term and Long-term borrowings)
*   Less: Cash and Cash Equivalents
*   Sometimes includes/adjusts for lease liabilities, but often "Borrowings" in these reports capture the primary interest-bearing debt. We will use the explicit borrowing lines provided.
*   S&P may also adjust for minority interests or other items, but the core is Interest-Bearing Debt minus Cash.

From the data for 2022-12-31 (labeled as 2023-01-01 in the balance sheet snapshots, representing the end of the 2022 fiscal year):

*   **Long-term Borrowings**: 1,695,362,000 EUR
*   **Current Borrowings And Current Portion Of Noncurrent Borrowings**: 638,944,000 EUR
*   **Total Gross Debt**: 1,695,362,000 + 638,944,000 = 2,334,306,000 EUR

*   **Cash And Cash Equivalents**: 365,292,000 EUR

*   **Net Debt** = Total Gross Debt - Cash and Cash Equivalents
*   **Net Debt** = 2,334,306,000 - 365,292,000 = 1,969,014,000 EUR

*(Note: S&P methodology often includes "Lease Liabilities" in debt. The report lists "Payments Of Lease Liabilities Classified As Financing Activities" but does not explicitly list a "Lease Liability" balance sheet item separate from borrowings or payables. However, "Current Borrowings" and "Longterm Borrowings" are the standard proxies. If lease liabilities were embedded in "Trade And Other Payables", they are usually excluded from standard debt calculations unless specified as finance leases. Given the explicit "Borrowings" lines, we use those.)*

**2. Calculate EBITDA**

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization.

We can derive EBITDA from the "Profit Loss From Operating Activities" (Operating Profit) or "Profit And Loss Before Taxes".

Method A: Starting from Operating Profit (EBIT)
*   **Profit Loss From Operating Activities** (2022): 239,721,000 EUR
*   Add back **Depreciation And Amortisation Expense** (2022): 249,276,000 EUR
*   **EBITDA** = 239,721,000 + 249,276,000 = 488,997,000 EUR

Method B: Starting from Net Income
*   **Profit Loss** (Net Income): 111,771,000 EUR
*   Add **Income Tax Expense**: 54,263,000 EUR
*   Add **Finance Costs** (Interest): 67,394,000 EUR
*   Less **Finance Income** (Interest/Dividends): The report lists "Other Finance Income" (11,911,000) and "Revenue From Dividends" (9,815,000). Total Finance Income = 21,726,000 EUR.
    *   *Note on S&P Methodology*: S&P often uses EBITDA as Operating EBITDA. The "Profit Loss From Operating Activities" already excludes finance income/costs. Therefore, Method A is the most direct representation of Operating EBITDA.
    *   Let's check if there are other non-operating items. "Share Of Profit Loss Of Associates..." is included in Operating Profit in some standards or below it. In this report, "Profit Loss From Operating Activities" is 239,721,000. Then "Finance Income Cost" is -45,668,000. Then "Profit And Loss Before Taxes" is 194,053,000.
    *   So, EBIT (Operating) = 239,721,000.
    *   EBITDA = EBIT + D&A = 239,721,000 + 249,276,000 = 488,997,000 EUR.

Let's verify if "Share Of Profit Loss Of Associates" is included in Operating Profit. The line item "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method" is 11,812,000. Usually, this is part of operating profit or just below. Given the structure:
Revenue/Op Income (824,683,000) - Op Expense (584,962,000) = 239,721,000.
This confirms "Profit Loss From Operating Activities" is the EBIT figure.

So, **EBITDA** = 488,997,000 EUR.

**3. Calculate Net Debt / EBITDA Ratio**

*   **Net Debt**: 1,969,014,000 EUR
*   **EBITDA**: 488,997,000 EUR

Ratio = 1,969,014,000 / 488,997,000
Ratio ≈ 4.0266

Rounding to two decimal places, the ratio is 4.03.

<answer>4.03</answer>