To estimate the S&P-adjusted debt-to-EBITDA ratio for Ørsted A/S for 2022, we follow the prescribed workflow:

### 1. Industry Identification
Ørsted A/S is primarily a developer and operator of offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants. Given its focus on renewable power generation and supply, it falls under the **Unregulated Power and Gas** industry methodology.

### 2. Estimate Adjusted_Debt
Following the provided methodology for corporations/utilities:
*   **Reported Debt:** Includes Longterm Borrowings (31,502M) + Shortterm Borrowings (19,493M) = 50,995M DKK.
*   **Leases:** Noncurrent Lease Liabilities (6,812M) + Current Lease Liabilities (720M) = 7,532M DKK.
*   **Hybrid Debt Portion:** We treat hybrid capital as 50% debt under S&P guidelines for "intermediate" equity content. Hybrid Capital (2022) = 17,984M DKK. 50% = 8,992M DKK.
*   **Eligible Cash:** Reported Cash = 8,624M DKK. S&P generally nets cash after applying a haircut (typically 10-20% for operational needs), but for a simplified calculation, we use the reported cash.
*   **Adjusted_Debt Calculation:**
    $50,995 + 7,532 + 8,992 - 8,624 = 58,895M DKK$

### 3. Estimate Adjusted_EBITDA
*   **Reported EBITDA:** 24,296M DKK (from the 2021-2022 comparative figure provided for 2021, however, the fact sheet provides 2022 data directly: "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" for 2022 = 32,057M DKK).
*   **Adjustments:**
    *   Lease adjustments: The interest and depreciation related to IFRS 16 leases are typically added back to EBITDA. The payments (582M) are a proxy for the lease expense.
    *   Nonrecurring Items: The "Gains Losses On Disposals Of Investments" (331M) and "Other Expense By Nature" (4,963M). Following S&P's approach to normalizing, we keep the operating EBITDA as the primary base. 
*   **Adjusted_EBITDA Calculation:**
    $32,057M DKK (Reported EBITDA)$

### 4. Calculate Adjusted_Debt / Adjusted_EBITDA
*   Ratio = $58,895 / 32,057 = 1.837$

Rounding to two decimal places: **1.84**

<answer>1.84</answer>