To calculate the S&P-adjusted FFO-to-debt ratio for REN - Redes Energéticas Nacionais, SGPS, S.A. for 2022, we follow the steps provided:

### 1. Identify Industry
REN is a regulated utility operating national electricity and gas transmission networks in Portugal. It fits the **Regulated Utilities** methodology.

### 2. Estimate Adjusted_EBITDA
*   **Operating Profit (EBIT):** 239,721,000 EUR
*   **Depreciation and Amortization:** 249,276,000 EUR
*   **EBITDA (reported):** 239,721,000 + 249,276,000 = 488,997,000 EUR
*   **Pension/Normalization Adjustments:** S&P generally adjusts for pension costs. Given the provided "Changes In Other Provisions" (-2,230,000), we stick to the core EBITDA.
*   **Adjusted_EBITDA ≈ 488,997,000 EUR**

### 3. Estimate FFO
*   **FFO = EBITDA - Cash Interest - Cash Taxes**
*   **Cash Interest:** Interest paid (Financing activities) = 40,545,000 EUR
*   **Cash Taxes:** Income taxes paid = 77,970,000 EUR
*   **FFO = 488,997,000 - 40,545,000 - 77,970,000 = 370,482,000 EUR**

### 4. Estimate Adjusted_Debt
*   **Reported Debt:**
    *   Longterm Borrowings: 2,390,852,000 EUR (2022 figure)
    *   Current Borrowings (including current portion): 375,221,000 EUR
    *   Total Reported Debt = 2,766,073,000 EUR
*   **Adjustments:**
    *   Leases: The provided cash flow for "Payments Of Lease Liabilities" is 2,157,000. Under S&P methodology, lease debt is roughly (Lease payments * 8) = 17,256,000.
    *   Pension Deficit: Noncurrent Provisions For Employee Benefits = 94,109,000 EUR.
*   **Gross Debt:** 2,766,073,000 + 17,256,000 + 94,109,000 = 2,877,438,000 EUR
*   **Eligible Cash:** Cash and Cash Equivalents = 398,759,000 EUR
*   **Adjusted_Debt = 2,877,438,000 - 398,759,000 = 2,478,679,000 EUR**

### 5. Calculate Ratio
*   **FFO / Adjusted_Debt = 370,482,000 / 2,478,679,000 = 0.149467...**

Rounding to four decimal places:

<answer>0.1495</answer>