To estimate the S&P-adjusted debt-to-EBITDA ratio for Fortum Oyj for the fiscal year 2022, we align the company's financial figures with S&P's general corporate methodology and specific considerations for the Unregulated Power and Gas sector.

**1. Adjusted EBITDA Calculation**
S&P’s Adjusted EBITDA aims to reflect the company's core, recurring operating cash flow generation. We start with the company's Comparable EBITDA (which already appropriately strips out non-recurring items such as impairments, capital gains, and changes in the fair value of derivatives). We then add dividends received from equity-accounted investments, as S&P includes these in Adjusted EBITDA since the proportional share of operating profit from these investments is typically excluded from reported operating profit.

*   **Comparable EBITDA:** 2,436,000,000 EUR
*   **Dividends Received (from JVs/Associates):** 18,000,000 EUR
*   **Adjusted EBITDA:** 2,436,000,000 + 18,000,000 = 2,454,000,000 EUR

**2. Adjusted Debt Calculation**
S&P adjusts reported debt to include unfunded debt-like obligations (like pensions and asset retirement obligations) and deducts accessible cash. 

*   **Reported Financial Liabilities (Debt):** 
    Other Noncurrent Financial Liabilities (3,658,000,000 EUR) + Other Current Financial Liabilities (4,127,000,000 EUR) = 7,785,000,000 EUR
*   **Less - Eligible Cash & Cash Equivalents:** "Liquid Funds" matches standard available cash = -3,919,000,000 EUR
*   **Net Financial Debt:** 3,866,000,000 EUR

*Debt-like Adjustments:*
*   **Pension Obligations:** Noncurrent Recognised Liabilities Defined Benefit Plan = 13,000,000 EUR (S&P typically tax-effects pensions. Using the standard 20% Finnish corporate tax rate, the tax-effected addition is ~10,400,000 EUR. We will use the gross amount for simplicity, as it does not meaningfully change the ratio, leaving it at ~13,000,000 EUR).
*   **Asset Retirement Obligations (ARO):** Fortum has "Nuclear Non Current Provisions" of 966,000,000 EUR, but this is entirely netted out by the "Share In State Nuclear Waste Management Fund" of 966,000,000 EUR. Because it is fully funded, the net adjustment to debt is 0.

*   **Adjusted Debt:** 7,785,000,000 (Gross Debt) - 3,919,000,000 (Cash) + 13,000,000 (Pensions) = 3,879,000,000 EUR

*(Note: Operating leases are already capitalized on the balance sheet and are included within the financial liabilities under IFRS 16; Margin receivables/liabilities act as standard working capital collateral and are typically not viewed as debt by S&P).*

**3. S&P-Adjusted Debt-to-EBITDA Ratio**
*   **Ratio:** 3,879,000,000 EUR / 2,454,000,000 EUR = 1.5806...

<answer>1.58</answer>