Step 1 — Relevant industry

ACEA S.p.A. is a multi-utility group active mainly in regulated utility businesses such as water, electricity distribution, energy infrastructure, and environmental services. Based on the provided methodologies, the most relevant industry is Regulated Utilities.

The regulated utilities methodology does not provide a special debt-to-EBITDA formula that overrides the general S&P corporate adjusted debt and EBITDA framework, but it highlights common utility adjustments such as leases, pension obligations, and eligible cash netting.

Step 2 — Estimate Adjusted_Debt

Use the baseline formula:

Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items − eligible_cash

From the facts:

- Other Noncurrent Financial Liabilities at 2023-01-01: €4,722,263,000
- Other Current Financial Liabilities at 2023-01-01: €619,418,000

Reported financial debt estimate:

€4,722,263,000 + €619,418,000 = €5,341,681,000

Lease adjustment:

The balance sheet separately reports right-of-use assets of €90,397,000, but does not provide a separate lease liability. Since lease liabilities are generally included in financial liabilities under IFRS, adding right-of-use assets again would likely double count. Therefore, no incremental lease adjustment is added.

Pension deficit:

- Noncurrent provisions for employee benefits at 2023-01-01: €112,989,000

Treat as debt-like pension/employee benefit obligation:

+ €112,989,000

Eligible cash:

- Cash and cash equivalents at 2023-01-01: €559,908,000

No specific restrictions are indicated, so treat cash as eligible:

− €559,908,000

Other items:

No data is provided for guarantees, hybrid debt, or other debt-like items, so these are assumed to be zero.

Adjusted_Debt:

€5,341,681,000 + €112,989,000 − €559,908,000 = €4,894,762,000

Step 3 — Estimate Adjusted_EBITDA

Use reported/reconstructed EBITDA.

The facts provide:

- Gross Profit / Margine Operativo Lordo for 2022: €1,305,021,000

This appears to correspond to EBITDA or operating margin before depreciation, amortization, provisions, and impairments, because:

Operating profit = €565,851,000  
Impairment = €113,370,000  
Ammortamenti e Accantonamenti = €625,799,000  

€565,851,000 + €113,370,000 + €625,799,000 = €1,305,020,000, essentially matching €1,305,021,000.

So EBITDA estimate:

Adjusted_EBITDA = €1,305,021,000

No separate lease, nonrecurring, pension service cost, or joint venture proportional EBITDA adjustments are provided. Therefore no additional adjustments are made.

Step 4 — Calculate Adjusted_Debt / Adjusted_EBITDA

Adjusted_Debt / Adjusted_EBITDA = €4,894,762,000 / €1,305,021,000

= 3.7507

Rounded to two decimals:

<answer>3.75</answer>