To estimate the S&P-adjusted debt-to-EBITDA ratio for Terna S.p.A. for the fiscal year 2022, we follow the prescribed workflow.

**Step 1: Industry Identification**
Terna S.p.A. is an electricity transmission system operator in Italy. This qualifies it as a "Regulated Utility" under the provided S&P sector descriptions.

**Step 2: Estimate Adjusted_Debt**
*   **Reported Debt:** This includes long-term borrowings and short-term borrowings.
    *   Long-term borrowings (2022-01-01): 8,835,000,000 EUR
    *   Short-term borrowings (2022-01-01): 1,947,000,000 EUR
    *   Current portion of long-term borrowings (2022-01-01): 1,640,000,000 EUR
    *   Total Reported Debt = 8,835.0M + 1,947.0M + 1,640.0M = 12,422,000,000 EUR
*   **Leases/Other:** Not explicitly detailed to a degree requiring significant deviation; we use standard reported figures.
*   **Eligible Cash:** Cash and cash equivalents (2022-01-01): 1,566,800,000 EUR.
*   **Adjusted_Debt** = 12,422,000,000 - 1,566,800,000 = 10,855,200,000 EUR.

**Step 3: Estimate Adjusted_EBITDA**
*   **Reported EBITDA:**
    *   Operating Profit: 1,333,500,000 EUR
    *   Add: Depreciation, Amortisation, and Impairment: 725,700,000 EUR
    *   Reported EBITDA = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR.
*   **Adjustments:** In the absence of specific data regarding lease adjustments or non-recurring items from the provided statements, the Reported EBITDA is the best proxy for Adjusted EBITDA for this calculation.
*   **Adjusted_EBITDA** = 2,059,200,000 EUR.

**Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA**
*   Ratio = 10,855,200,000 / 2,059,200,000 = 5.2715...

Rounding to two decimal places, we get 5.27.

<answer>5.27</answer>