To estimate the S&P-adjusted debt-to-EBITDA ratio for Bouygues for the fiscal year ended December 31, 2022, we will use the provided general corporate baseline formulas, as Bouygues (a conglomerate mainly involved in construction and telecoms) does not strictly fall under the specific sector methodologies provided (such as Regulated Utilities, Oil & Gas E&P, etc.).

**Step 1: Estimate Adjusted Debt**
Based on the S&P baseline formula:
*Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash*

- **Reported Debt:** 
  Long-term borrowings = €11,586 million
  Current borrowings and current portion of long-term debt = €1,361 million
  Current overdrafts and short-term borrowings from banks = €418 million
  *Total Reported Debt = 11,586 + 1,361 + 418 = €13,365 million*
- **Leases:** 
  Non-current lease liabilities = €2,107 million
  Current lease liabilities = €498 million
  *Total Leases = 2,107 + 498 = €2,605 million*
- **Eligible Cash:** 
  Cash and cash equivalents = €5,736 million

*Adjusted_Debt = 13,365 (Reported Debt) + 2,605 (Leases) - 5,736 (Cash) = €10,234 million*

*(Note: The company's own reported "Net Debt" of €7,440 million excludes IFRS 16 lease liabilities but nets out hedging derivatives. Sticking strictly to the baseline S&P formula, we evaluate gross borrowings + leases - cash).*

**Step 2: Estimate Adjusted EBITDA**
Based on the S&P baseline formula:
*Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases (if any) + nonrecurring_losses - nonrecurring_gains*

- **Recurring EBIT (Profit Loss From Operating Activities Recurring):** €1,962 million (we use the recurring figure to appropriately exclude non-recurring operating income/expenses which are €93m and €183m, respectively).
- **Depreciation & Amortization Expense:** €2,228 million
- **Depreciation of Right-of-Use Assets:** €446 million

*Adjusted_EBITDA = 1,962 (Recurring EBIT) + 2,228 (D&A) + 446 (RoU D&A) = €4,636 million*

**Step 3: Calculate the Adjusted Debt-to-EBITDA Ratio**
Adjusted Debt / Adjusted EBITDA = 10,234 / 4,636 = 2.2075...

<answer>2.21</answer>