To estimate the S&P-adjusted debt-to-EBITDA ratio for REDEIA CORPORACION SA (formerly Red Eléctrica) for the year ended December 31, 2022, we apply the standard S&P methodology for regulated utilities.

**1. Adjusted EBITDA Calculation**
S&P typically starts with the reported operating profit (EBIT) and adds back depreciation and amortization, removes non-recurring items (like impairments or gains/losses on disposals), and adjusts for equity investments by removing the share of equity earnings and adding actual cash dividends received.

* Profit Loss From Operating Activities (EBIT): 961,554,000 EUR
* (+) Depreciation And Amortisation Expense: 544,992,000 EUR
* (-) Impairment and gains/losses on disposals (Deterioro y Resultado...): -488,000 EUR
* (-) Share of equity method investees (Participacion En Beneficios...): -50,405,000 EUR
* (+) Dividends received from operating activities: 7,578,000 EUR

*Adjusted EBITDA* = 961,554,000 + 544,992,000 - 488,000 - 50,405,000 + 7,578,000 = **1,463,231,000 EUR**

**2. Adjusted Debt Calculation**
S&P's adjusted debt figure includes reported interest-bearing financial debt, lease liabilities (often found under other non-current financial liabilities), and debt-like obligations such as asset retirement obligations (AROs) and pension deficits (captured in long-term provisions). Finally, accessible cash and highly liquid short-term investments are netted out.

* (+) Longterm Borrowings: 5,491,124,000 EUR
* (+) Current Borrowings: 721,845,000 EUR
* (+) Other Noncurrent Financial Liabilities (Lease liabilities proxy): 52,631,000 EUR
* (+) Other Longterm Provisions (Pensions & AROs proxy): 139,822,000 EUR
* (-) Cash And Cash Equivalents: -794,824,000 EUR
* (-) Current Financial Assets At Amortised Cost (Liquid short-term investments): -752,505,000 EUR

*(Note: "Other Current Financial Liabilities" of 983m EUR is excluded as these are generally non-debt items such as capital expenditure payables or declared dividends).*

*Adjusted Debt* = 5,491,124,000 + 721,845,000 + 52,631,000 + 139,822,000 - 794,824,000 - 752,505,000 = **4,858,093,000 EUR**

**3. S&P Adjusted Debt-to-EBITDA Ratio**
* Adjusted Debt / Adjusted EBITDA = 4,858,093,000 EUR / 1,463,231,000 EUR = 3.3201...

<answer>3.32</answer>