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

**1. Calculate Adjusted EBITDA (2022)**

S&P Global Ratings typically defines EBITDA as Earnings Before Interest, Taxes, Depreciation, and Amortization. We start with the Profit from Operating Activities (EBIT) and add back Depreciation, Amortization, and Impairment.

*   **Profit Loss From Operating Activities (EBIT):** 1,333,500,000 EUR
*   **Depreciation, Amortisation And Impairment:** 725,700,000 EUR

*Note: S&P often makes further adjustments for non-recurring items, leases, or share-based compensation, but based strictly on the provided facts, we use the standard operational figures. The "Expense By Nature" includes employee benefits, services, raw materials, depreciation, and other expenses. The operating profit is derived after these.*

$$EBITDA = \text{Operating Profit} + \text{Depreciation \& Amortization}$$
$$EBITDA = 1,333,500,000 + 725,700,000 = 2,059,200,000 \text{ EUR}$$

*Self-Correction/Refinement:* Sometimes "Finance Income Cost" is netted out to get to EBIT, but here "Profit Loss From Operating Activities" is explicitly given. Let's verify if there are other operating adjustments. The "Adjustments For Depreciation And Amortisation Expense..." in the cash flow statement is 736,100,000 EUR, which is slightly higher than the P&L line item (725,700,000 EUR). This difference usually relates to provisions or non-cash movements. However, the P&L line "Depreciation Amortisation And Impairment Loss..." is the standard add-back for EBITDA. We will use the P&L figure of 725,700,000 EUR as it directly corresponds to the operating profit deduction.

So, **EBITDA = 2,059,200,000 EUR**.

**2. Calculate Net Debt (2022)**

Net Debt is generally calculated as Total Debt minus Cash and Cash Equivalents. Total Debt includes short-term and long-term borrowings, current and non-current portions of long-term debt, and often other financial liabilities. S&P methodology may also include lease liabilities (if not already in borrowings) and deduct unrestricted cash.

From the Balance Sheet data for 2022-01-01 (End of 2021) and 2023-01-01 (End of 2022):
The request asks for the ratio *for* 2022. Typically, this uses the year-end balance sheet figures (2023-01-01) and the full-year EBITDA (2022).

**Debt Components (as of 2023-01-01):**
*   **Long-term Borrowings:** 8,416,700,000 EUR
*   **Current Portion Of Long-term Borrowings:** 1,909,300,000 EUR
*   **Short-term Borrowings:** 444,100,000 EUR
*   **Noncurrent Financial Liabilities:** 247,200,000 EUR
*   **Current Financial Liabilities:** 44,900,000 EUR

*Note: "Trade And Other Payables" are generally excluded from Net Debt unless they are financing in nature. "Provisions" are excluded. "Hybrid Bonds" are often treated as equity or mezzanine; in the provided equity section, "Equity Instruments Perpetual Hybrid Bonds" (989,000,000 EUR) are classified under Equity. S&P often treats hybrids as 50% debt/50% equity or fully equity depending on terms. Given they are in Equity, we will exclude them from Gross Debt, or check if they should be added back. Standard S&P treatment for strong hybrids in regulated utilities might count them as equity. We will stick to interest-bearing borrowings.*

**Total Gross Debt:**
$$8,416,700,000 + 1,909,300,000 + 444,100,000 + 247,200,000 + 44,900,000 = 11,062,200,000 \text{ EUR}$$

**Cash and Cash Equivalents (as of 2023-01-01):**
*   **Cash And Cash Equivalents:** 2,155,100,000 EUR

*Note: S&P may deduct only unrestricted cash. There is no indication of restricted cash in the summary, so we deduct the full amount.*

**Net Debt:**
$$\text{Net Debt} = \text{Gross Debt} - \text{Cash}$$
$$\text{Net Debt} = 11,062,200,000 - 2,155,100,000 = 8,907,100,000 \text{ EUR}$$

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

$$\text{Ratio} = \frac{\text{Net Debt}}{\text{EBITDA}}$$
$$\text{Ratio} = \frac{8,907,100,000}{2,059,200,000}$$

Calculation:
$$8,907,100,000 / 2,059,200,000 \approx 4.3255$$

Let's double-check the EBITDA calculation.
Operating Profit: 1,333,500,000
Depreciation: 725,700,000
EBITDA: 2,059,200,000

Let's double-check the Debt calculation.
Long-term borrowings: 8,416,700,000
Current portion LT borrowings: 1,909,300,000
Short-term borrowings: 444,100,000
Non-current financial liabilities: 247,200,000
Current financial liabilities: 44,900,000
Sum: 11,062,200,000

Cash: 2,155,100,000
Net Debt: 8,907,100,000

Ratio: 4.33

Is there any other debt-like item?
"Trade And Other Payables To Trade Suppliers" are operational.
"Provisions" are operational/non-debt.
"Hybrid Bonds" (989M) are in Equity. If S&P treats these as 50% debt, Net Debt increases by ~494.5M.
Adjusted Net Debt = 8,907.1 + 494.5 = 9,401.6 M.
Ratio = 9,401.6 / 2,059.2 = 4.56.

However, standard "Net Debt" calculations from public reports usually stick to interest-bearing bank debt and bonds. The hybrid bonds are explicitly listed under Equity instruments. Without specific S&P adjustment instructions for hybrids in the prompt, the standard accounting net debt is the safest baseline. However, S&P *methodology* specifically adjusts for hybrids. For regulated utilities like Terna, hybrids are often given significant equity credit. If we assume 100% equity credit (as they are in equity), the ratio is 4.33. If we assume 50% debt treatment (common for S&P if not fully equity-like), it's higher.

Let's look at the "Finance Costs".
Finance Costs: 121,800,000.
Finance Income: Not explicitly separated, but "Finance Income Cost" is 22,700,000 (likely net expense or income? The label is "Finance Income Cost", value is positive 22.7M. Usually, if it's an expense, it's negative in some formats, or labeled "Finance Expense". Here, Profit Before Tax (1,233.4M) = Operating Profit (1,333.5M) + Finance Income/Cost (22.7M) - Share of Associates (-1.0M).
1333.5 + 22.7 - 1.0 = 1355.2? No.
1333.5 - 121.8 (Finance Costs) + X (Finance Income) = ?
The line "Finance Income Cost" is 22,700,000.
The line "Finance Costs" is 121,800,000.
This implies Finance Income was roughly 144,500,000? Or is "Finance Income Cost" the net?
If "Finance Income Cost" is the net figure added to Operating Profit to get Pre-Tax:
1,333.5 + 22.7 - 1.0 (Associates) = 1,355.2. This does not match Profit Before Tax of 1,233.4.
There is a discrepancy.
Let's check: Operating Profit (1,333.5) - Finance Costs (121.8) + Finance Income (?) = Pre-Tax (1,233.4).
1,333.5 - 121.8 = 1,211.7.
1,233.4 - 1,211.7 = 21.7.
So Net Finance Income is approx 21.7M. The line "Finance Income Cost" is 22.7M. Close enough (rounding or other small items).
So the Finance Costs are 121.8M.

Back to EBITDA.
EBITDA = 2,059.2 M.

Back to Net Debt.
If we strictly follow S&P, they often include "Lease Liabilities". Are leases included in Borrowings? In IFRS 16, lease liabilities are often part of borrowings or separate. The line items "Long-term Borrowings" and "Short-term Borrowings" likely include lease liabilities if Terna classifies them there. If they are in "Other Noncurrent Liabilities" or "Other Current Liabilities", we might be missing them.
"Other Noncurrent Liabilities": 971.4 M.
"Other Current Liabilities": 669.9 M.
These are large. However, without a breakdown, we cannot assume they are debt. Terna's annual report typically classifies lease liabilities within borrowings or discloses them separately. Given the explicit "Borrowings" lines, we assume debt is captured there.

Let's refine the Net Debt figure.
Gross Debt = 11,062.2 M.
Cash = 2,155.1 M.
Net Debt = 8,907.1 M.

Ratio = 8,907.1 / 2,059.2 = 4.325.

Rounding to two decimal places: 4.33.

<answer>4.33</answer>