Step 1 — Relevant industry

REDEIA CORPORACION SA is primarily an electricity transmission/network infrastructure group, i.e., a regulated utility. The relevant methodology is therefore Regulated Utilities. The methodology does not require a special replacement for the basic debt/EBITDA calculation here, but it highlights typical utility adjustments such as debt-like obligations, leases, pensions, purchased power contracts, and securitized debt where applicable. The provided data does not include separate lease liabilities, pension deficits, guarantees, hybrids, or purchased-power obligations, so I use reported financial borrowings and available cash/near-cash items.

Step 2 — Estimate Adjusted_Debt

Use year-end 2022 balance sheet values, shown as 2023-01-01.

Reported debt:
- Long-term borrowings = 5,491,124,000
- Current borrowings and current portion of noncurrent borrowings = 721,845,000

Reported gross debt = 5,491,124,000 + 721,845,000 = 6,212,969,000

Other debt-like items:
- No lease liabilities separately disclosed in the provided facts.
- No pension deficit separately disclosed.
- No guarantees or hybrid debt portion provided.
- “Other current financial liabilities” and “other noncurrent financial liabilities” are not clearly borrowings from the provided labels, so I do not include them in baseline debt.

Eligible cash:
- Cash and cash equivalents = 794,824,000
- Current financial assets at amortised cost = 752,505,000

For an S&P-style adjusted debt estimate, surplus cash and highly liquid current financial assets can reasonably be treated as eligible cash-like offsets, subject to judgment. Thus:

Eligible cash = 794,824,000 + 752,505,000 = 1,547,329,000

Adjusted_Debt = 6,212,969,000 - 1,547,329,000 = 4,665,640,000

Step 3 — Estimate Adjusted_EBITDA

Reconstruct EBITDA from operating profit plus depreciation and amortisation.

- Profit/loss from operating activities = 961,554,000
- Depreciation and amortisation expense = 544,992,000

EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000

Potential adjustments:
- No lease depreciation/interest data provided.
- No pension adjustments provided.
- No clear nonrecurring losses/gains requiring adjustment.
- Share of profit from equity-accounted investments is included in operating profit, but no proportional JV EBITDA data is provided. Therefore no JV proportional EBITDA adjustment is made.

Adjusted_EBITDA = 1,506,546,000

Step 4 — Adjusted_Debt / Adjusted_EBITDA

Adjusted_Debt / Adjusted_EBITDA = 4,665,640,000 / 1,506,546,000 = 3.0969

Rounded to two decimals = 3.10

<answer>3.10</answer>