To estimate the S&P-adjusted FFO-to-debt ratio for Veolia Environnement for 2022, we follow the S&P methodology for Regulated Utilities (as Veolia provides essential environmental infrastructure/water services).

### 1. Industry Identification
Veolia operates as a multi-utility provider. We apply the **Regulated Utilities** methodology.

### 2. Adjusted EBITDA Estimation
*   **Reported Operating Income (EBIT):** 2,206,300,000 EUR
*   **Add: Depreciation, Amortization, Provisions, and Impairment:** 3,178,600,000 EUR
*   **Reported EBITDA:** 2,206,300,000 + 3,178,600,000 = 5,384,900,000 EUR
*   **Adjustments:** We add back the interest on leases (52,500,000 EUR) and normalize for non-recurring items. The reported "Gains/Losses on disposal" (-299,000,000 EUR) and "Plus ou moins values de cessions d'actifs financiers" (-370,000,000 EUR) are considered non-recurring losses/gains to be excluded.
*   **Adjusted EBITDA:** 5,384,900,000 + 52,500,000 + 299,000,000 + 370,000,000 = 6,106,400,000 EUR.

### 3. FFO Estimation
*   **Adjusted EBITDA:** 6,106,400,000 EUR
*   **Cash Interest:** 637,700,000 EUR
*   **Cash Taxes:** 557,400,000 EUR
*   **FFO:** 6,106,400,000 - 637,700,000 - 557,400,000 = 4,911,300,000 EUR.

### 4. Adjusted Debt Estimation
*   **Reported Debt (Non-current + Current Financial Liabilities):** 19,692,100,000 + 6,521,400,000 = 26,213,500,000 EUR
*   **Leases (Non-current + Current):** 1,656,200,000 + 496,500,000 = 2,152,700,000 EUR
*   **Hybrid Debt (Equity adjustment):** The "Titres Super Subordonnes" are considered hybrid debt. Per the report, the balance is 3,496,300,000 EUR (2023 figure used for year-end position). S&P typically treats 50% as debt. 3,496,300,000 * 0.5 = 1,748,150,000 EUR.
*   **Cash & Cash Equivalents:** 9,012,200,000 EUR
*   **Adjusted Debt:** (26,213,500,000 + 2,152,700,000 + 1,748,150,000) - 9,012,200,000 = 21,102,150,000 EUR.

### 5. FFO / Adjusted_Debt Ratio
*   Ratio = 4,911,300,000 / 21,102,150,000 ≈ 0.232738

<answer>0.2327</answer>