To estimate the S&P-adjusted debt-to-EBITDA ratio for A2A S.p.A. for the fiscal year 2022, we apply the S&P Global Ratings Corporate Methodology standard and utility-specific guidelines to the provided financial facts. 

**Step 1: Estimate Adjusted EBITDA**
The reported "Gross Operating Income EBITDA" is typically used as the starting point for S&P's adjusted EBITDA unless it contains non-recurring items or requires adjustments for leases and pensions. 
- **Reported EBITDA:** €1,505,000,000
- **Leases:** The company reports "Payments Of Lease Liabilities Classified As Financing Activities," indicating leases are already capitalized on the balance sheet under IFRS 16. No further EBITDA adjustment is needed since the reported EBITDA already excludes lease depreciation and interest.
- **Nonrecurring Items:** The "Result From Nonrecurring Transactions" is a gain of €157,000,000. Reviewing the income statement sequence, this gain is recognized *below* the operating profit (EBITDA of €1,505M - D&A of €818M = €687M EBIT; €687M + €157M nonrecurring gain - €88M financial balance = €756M Profit Before Tax). Because it is already excluded from the reported EBITDA figure, we do not need to subtract it. 
- **Adjusted EBITDA:** €1,505,000,000

**Step 2: Estimate Adjusted Debt**
To calculate the S&P-adjusted debt, we take the reported financial debt, subtract eligible cash, and add debt-like obligations such as pension deficits and asset retirement obligations (AROs).
- **Reported Financial Debt:** 
  Other Noncurrent Financial Liabilities: €5,867,000,000 
  Other Current Financial Liabilities: €1,022,000,000
  *Total Reported Debt = €6,889,000,000*
- **Minus Eligible Cash:** 
  Cash And Cash Equivalents = €2,584,000,000
  *Net Financial Debt = €4,305,000,000*
- **Add Pension Deficit:** 
  Noncurrent Provisions For Employee Benefits = €248,000,000
- **Add Other Debt-Like Items (AROs):**
  For utilities, environmental, decommissioning, and landfill closure provisions are treated as debt-like. We use the "Other Longterm Provisions" as the proxy for these asset retirement obligations.
  Other Longterm Provisions = €729,000,000

*(Note: While S&P often adjusts provisions strictly net-of-tax, doing so relies on knowing specific country tax rates not explicitly provided in the raw facts. In the absence of a distinct deferred tax asset offset provided strictly for these provisions, we sum their gross standard balances).*

*Adjusted Debt* = €4,305,000,000 (Net Debt) + €248,000,000 (Pensions) + €729,000,000 (AROs) = €5,282,000,000

**Step 3: Calculate the Ratio**
Adjusted Debt-to-EBITDA = €5,282,000,000 / €1,505,000,000 = 3.5096...

<answer>3.51</answer>