Step 1 — Relevant industry  
EDP, S.A. is an integrated utility engaged in electricity generation, transmission, distribution, supply, and gas supply. Given the facts and the provided methodologies, the most relevant methodology is Regulated Utilities, though EDP also has material unregulated generation/renewables activities. For the debt-to-EBITDA calculation, the regulated utility methodology mainly points to standard corporate ratio adjustments, including lease and pension adjustments, and consideration of other debt-like items.

Step 2 — Estimate Adjusted_Debt  

Baseline formula:

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

Using 2022 year-end balance sheet values at 2023-01-01:

Reported borrowings:
- Long-term borrowings = EUR 15,782,604,000
- Current borrowings and current portion of noncurrent borrowings = EUR 4,239,869,000

Reported_debt = 15,782,604,000 + 4,239,869,000  
Reported_debt = EUR 20,022,473,000

Leases:
- Right-of-use assets = EUR 1,320,270,000  
Because lease liabilities are not separately provided, use right-of-use assets as a proxy for lease debt.

Leases = EUR 1,320,270,000

Pension deficit:
- Noncurrent provisions for employee benefits = EUR 644,299,000
- Current provisions for employee benefits = EUR 126,767,000

Pension_deficit proxy = 644,299,000 + 126,767,000  
Pension_deficit = EUR 771,066,000

Other debt-like items:
- Institutional partnerships in North America = EUR 2,212,162,000  
This appears financing-like and is included as an other debt-like item.

Other_debt_like_items = EUR 2,212,162,000

Eligible cash:
- Cash and cash equivalents = EUR 4,900,205,000

No guarantees or hybrid debt portion are provided, so assume zero.

Adjusted_Debt = 20,022,473,000 + 1,320,270,000 + 771,066,000 + 2,212,162,000 − 4,900,205,000  
Adjusted_Debt = EUR 19,425,766,000

Step 3 — Estimate Adjusted_EBITDA  

EDP provides a line that is essentially EBITDA before provisions, depreciation/amortization/impairment, financial income/costs, taxes, and CESE:

Profit loss before provisions, amortisation and impairment, financial income and financial expenses, income tax expense and CESE = EUR 4,523,539,000

This reconciles to operating profit before financial items by subtracting:
- Provisions expenses = EUR 14,539,000
- Depreciation/amortisation/impairment = EUR 1,979,007,000

So reported EBITDA-like figure = EUR 4,523,539,000

Lease adjustment:
Since lease debt was added, S&P-style EBITDA usually adds back lease-related depreciation/interest or uses rent adjustment. The detailed lease expense is not provided. To avoid double counting where the reported EBITDA is already pre-depreciation and pre-finance costs, and given no lease expense data, no additional EBITDA lease adjustment is made.

Joint ventures and associates:
The EBITDA-like figure includes “Joint Ventures and Associates” income of EUR 239,429,000. S&P often adjusts for equity-accounted affiliates depending on dividends/proportional consolidation. Given insufficient proportional EBITDA data, and because this income is included in the company’s stated pre-D&A earnings measure, retain it as reported.

Nonrecurring gains/losses:
Cash flow facts include:
- Gains/losses on disposal and scope effects except asset rotation = EUR -4,377,000  
This is small. Add back the loss if treating as nonrecurring.

Adjusted_EBITDA = 4,523,539,000 + 4,377,000  
Adjusted_EBITDA = EUR 4,527,916,000

Step 4 — Calculate Adjusted_Debt / Adjusted_EBITDA

Adjusted_Debt / Adjusted_EBITDA = 19,425,766,000 / 4,527,916,000  
Adjusted_Debt / Adjusted_EBITDA = 4.29

<answer>4.29</answer>