To estimate the S&P-adjusted FFO-to-debt ratio for VERBUND AG for 2022, we follow the provided workflow:

**Step 1: Identify Industry**
Verbund AG is an Austrian electricity supplier, primarily a hydropower producer and grid operator. Based on the provided S&P methodology, it falls under **"Regulated Utilities"** (due to its significant grid business) and **"Unregulated Power and Gas"** (due to its large generation portfolio). We use the general S&P corporate methodology for ratios.

**Step 2: Estimate Adjusted_EBITDA**
*   Reported EBITDA (2022): 3,160,679,000 EUR
*   S&P adjustments often include adding back lease expenses (Right-of-use asset depreciation/interest). Given the provided data, we use the reported EBITDA and subtract the "Valuation and Realisation of Energy derivatives" (as they are market-driven non-operating fair value adjustments): 3,160,679,000 - (-857,961,000) = 4,018,640,000 EUR. However, using standard EBITDA as the baseline: 3,160,679,000 EUR.

**Step 3: Estimate FFO**
*   Adjusted_EBITDA: 3,160,679,000 EUR
*   Cash Interest Paid: 36,100,000 EUR (from Operating Activities)
*   Cash Taxes Paid: 343,100,000 EUR (from Operating Activities)
*   FFO = 3,160,679,000 - 36,100,000 - 343,100,000 = 2,781,479,000 EUR

**Step 4: Estimate Adjusted_Debt**
*   Total Financial Liabilities (2022-01-01): 1,834,155,000 (Noncurrent) + 1,462,453,000 (Current) = 3,296,608,000 EUR
*   Right-of-use Liabilities: In the absence of separate lease liabilities, we use the reported financial liabilities.
*   Eligible Cash: 318,562,000 EUR
*   Adjusted_Debt = 3,296,608,000 - 318,562,000 = 2,978,046,000 EUR

**Step 5: Calculate FFO / Adjusted_Debt**
*   Ratio = 2,781,479,000 / 2,978,046,000 = 0.93399...

Rounding to four decimal places: 0.9340

<answer>0.9340</answer>