To estimate the S&P-adjusted debt-to-EBITDA ratio for Fortum Oyj for 2022, we follow the S&P corporate methodology workflow.

### Step 1: Identify Industry
Fortum Oyj is an energy company focused on power generation, primarily in the Nordic region. Based on the provided methodologies, "Unregulated Power and Gas" is the most appropriate classification, as Fortum's core operations are in competitive/merchant power markets (nuclear, hydro, and renewables).

### Step 2: Estimate "Adjusted_Debt"
We identify debt-like items from the 2022 balance sheet:
*   **Other Noncurrent Financial Liabilities:** 8,701 million EUR
*   **Other Current Financial Liabilities:** 8,519 million EUR
*   **Current Derivative Financial Liabilities:** 71,947 million EUR (These are financial liabilities related to hedging/trading)
*   **Noncurrent Derivative Financial Liabilities:** 16,657 million EUR
*   **Noncurrent Recognised Liabilities Defined Benefit Plan:** 1,190 million EUR
*   **Reported Debt (Sum):** 8,701 + 8,519 + 71,947 + 16,657 + 1,190 = 107,014 million EUR.
*   **Eligible Cash:** Liquid funds at 2022-01-01 (beginning of year) or end-of-period? Standard methodology uses year-end cash to net against debt: 7,592 million EUR.
*   **Adjusted_Debt** = 107,014 - 7,592 = 99,422 million EUR.

### Step 3: Estimate "Adjusted_EBITDA"
We use the "Comparable EBITDA" (which already normalizes for items affecting comparability) as the starting point:
*   **Comparable EBITDA:** 2,436 million EUR.
*   The methodology for Unregulated Power and Gas suggests adjusting for nonrecurring items and specific derivative impacts if not already captured. Comparable EBITDA usually excludes "Items Affecting Comparability" (-593 million EUR).
*   **Adjusted_EBITDA** = 2,436 million EUR. 

*Self-correction:* In volatile commodity markets (2022 energy crisis), S&P often adjusts EBITDA by neutralizing fair value changes in derivatives hedging future cash flows. The report shows "Changes In Fair Values Of Derivatives Hedging Future Cash Flow" of 393 million EUR. Since comparable EBITDA typically excludes such volatility to show underlying earnings, we use the comparable figure.

### Step 4: Calculate Ratio
*   **Adjusted_Debt / Adjusted_EBITDA** = 99,422 / 2,436 = 40.8136...

(Note: The extremely high ratio is driven by the massive derivative liability positions on the balance sheet due to the 2022 energy price spikes, which are captured as "debt-like" in S&P analysis for energy traders/generators, even if they are eventually collateralized or net out over time).

<answer>40.81</answer>