To determine the S&P-adjusted debt-to-EBITDA ratio for ITALGAS S.P.A. for the fiscal year 2022, we apply the standard S&P Corporate Methodology for adjustments.

**Step 1: Estimate Adjusted EBITDA**
S&P calculates Adjusted EBITDA by taking the reported EBITDA and adjusting for non-recurring and non-operating items, such as gains/losses on asset sales. 

* **Reported Operating Income (EBIT):** 641,338,000 EUR
* **Depreciation & Amortization (D&A) and Impairments:** 479,186,000 EUR
* **Reported EBITDA:** 641,338,000 + 479,186,000 = 1,120,524,000 EUR
* **Less: Gain on Disposal of Noncurrent Assets:** The cash flow statement shows an adjustment for losses/(gains) on asset sales of -25,357,000 EUR (indicating a non-recurring gain embedded in the operating profit). We deduct this gain from EBITDA.
* **Adjusted EBITDA:** 1,120,524,000 - 25,357,000 = 1,095,167,000 EUR

*(Note: Dividends received from JVs could additionally be added, but standard basic EBITDA focuses squarely on the removal of the non-recurring asset disposal gain which is universally subtracted).*

**Step 2: Estimate Adjusted Debt**
S&P adjusts reported debt by including elements like the pension deficit and subtracting highly liquid cash. Since IFRS 16 is in effect, lease liabilities are already capitalized and included within the reported financial liabilities.

* **Short-Term Financial Liabilities:** 142,437,000 EUR 
* **Long-Term Financial Liabilities:** 6,402,913,000 EUR
* **Other Financial Liabilities (Current & Noncurrent):** 290,000 + 34,000 = 324,000 EUR
* **Gross Reported Debt:** 6,545,674,000 EUR
* **Add: Pension Deficit (Noncurrent Provisions for Employee Benefits):** 69,917,000 EUR (Typically included in its gross amount or minimally tax-effected; we add the unadjusted liability here as standard when a specific dedicated tax-asset offset isn't provided).
* **Less: Cash and Cash Equivalents:** -451,946,000 EUR
* **Adjusted Debt:** 6,545,674,000 + 69,917,000 - 451,946,000 = 6,163,645,000 EUR

**Step 3: Calculate the Ratio**
* **Adjusted Debt / Adjusted EBITDA** = 6,163,645,000 EUR / 1,095,167,000 EUR ≈ 5.628

<answer>5.63</answer>