To estimate the S&P-adjusted FFO-to-debt ratio for IBERDROLA SA for the year ended December 31, 2022, we apply the standard S&P methodology and the provided baseline formulas:

**Step 1: Identify the Relevant Industry**
Iberdrola SA operates as an integrated multinational electric utility, which falls under the "Regulated Utilities" and "Unregulated Power and Gas" methodologies. The standard corporate baseline formulas with utility-specific sector adjustments (such as Asset Retirement Obligations) apply. 

**Step 2: Estimate Adjusted EBITDA**
Starting with the reported EBITDA and adjusting for non-recurring items:
* **Reported EBITDA ("Beneficio Bruto De Explotacion Ebitda"):** 13,228,000,000 EUR
* **Less: Non-recurring gains:** S&P excludes non-recurring gains such as asset sales or fair value gains. We deduct "Other Gains Losses" of 911,000,000 EUR.
* *Adjusted EBITDA* = 13,228,000,000 - 911,000,000 = 12,317,000,000 EUR.

**Step 3: Estimate FFO (Funds From Operations)**
Using the given baseline formula (*FFO = Adjusted_EBITDA - cash_interest - cash_taxes*):
* **Cash Interest:** S&P includes interest paid on debt, lease liabilities, capitalized interest, and 50% of hybrid debt coupons.
  * Interest paid on debt (excluding capitalized): 1,495,000,000 EUR
  * Interest paid on leases: 61,000,000 EUR
  * Capitalized interest paid (classified in investing activities): 189,000,000 EUR
  * Hybrid coupon interest (50% of the 169,000,000 EUR interest paid on subordinated perpetual bonds): 84,500,000 EUR
  * *Total Cash Interest* = 1,495 + 61 + 189 + 84.5 = 1,829,500,000 EUR.
* **Cash Taxes:** "Income Taxes Paid Classified As Operating Activities" = 1,055,000,000 EUR.
* *FFO* = 12,317,000,000 - 1,829,500,000 - 1,055,000,000 = 9,432,500,000 EUR.

**Step 4: Estimate Adjusted Debt**
We sum reported debt, leases, pension deficits, hybrid debt portions, and other debt-like items, then subtract eligible cash:
* **Reported Debt:** 36,129,000,000 (Non-current) + 10,458,000,000 (Current) = 46,587,000,000 EUR.
* **Leases:** 2,287,000,000 (Non-current) + 151,000,000 (Current) = 2,438,000,000 EUR.
* **Pension Deficit:** Employee benefits provisions of 1,226,000,000 (Non-current) + 42,000,000 (Current) = 1,268,000,000 EUR.
* **Hybrid Debt Portion:** S&P generally treats intermediate equity-content hybrids as 50% debt. 
  * Liability-classified hybrids: 576,000,000 + 87,000,000 = 663,000,000 EUR (treated conventionally as 100% debt since it's already a liability). 
  * Equity-classified hybrids (Subordinated perpetual bonds issued in 2021): 50% of 2,740,000,000 = 1,370,000,000 EUR. 
  * *Total Hybrid Debt* = 663,000,000 + 1,370,000,000 = 2,033,000,000 EUR.
* **Other Debt-Like Items (Asset Retirement Obligations):** Total other provisions (nuclear decommissioning, etc.) = 2,999,000,000 + 880,000,000 = 3,879,000,000 EUR.
* **Eligible Cash:** Cash & cash equivalents (4,608,000,000) + Other highly liquid current financial assets (2,964,000,000) = 7,572,000,000 EUR.
* *Adjusted Debt* = 46,587,000,000 + 2,438,000,000 + 1,268,000,000 + 2,033,000,000 + 3,879,000,000 - 7,572,000,000 = 48,633,000,000 EUR.

**Step 5: Calculate the FFO / Adjusted_Debt ratio**
* *Ratio* = 9,432,500,000 / 48,633,000,000 = 0.193952...

<answer>0.1940</answer>