Step 1 — Relevant industry

REN - Redes Energéticas Nacionais, SGPS, S.A. is primarily an energy transmission/network utility. Based on the facts provided, its activities and asset base are dominated by regulated electricity and gas infrastructure/concession assets. Therefore, the relevant S&P methodology is Regulated Utilities.

Step 2 — Estimate Adjusted EBITDA

Reported operating profit:

- Profit from operating activities = EUR 239,721,000

Add back depreciation and amortisation:

- Depreciation and amortisation expense = EUR 249,276,000

Baseline reconstructed EBITDA:

\[
EBITDA = Operating\ Profit + D\&A
\]

\[
EBITDA = 239{,}721{,}000 + 249{,}276{,}000 = 488{,}997{,}000
\]

No clear lease adjustment, nonrecurring gain/loss adjustment, pension adjustment, or proportional JV EBITDA adjustment is available from the provided facts. Therefore:

\[
Adjusted\ EBITDA \approx 488{,}997{,}000
\]

Step 3 — Estimate FFO

Use:

\[
FFO = Adjusted\ EBITDA - cash\ interest - cash\ taxes
\]

Cash interest:

- Interest paid classified as financing activities = EUR 40,545,000
- Payments of lease interests = EUR 26,000

\[
cash\ interest = 40{,}545{,}000 + 26{,}000 = 40{,}571{,}000
\]

Cash taxes:

- Income taxes paid/refund classified as operating activities = EUR 77,970,000

\[
FFO = 488{,}997{,}000 - 40{,}571{,}000 - 77{,}970{,}000
\]

\[
FFO = 370{,}456{,}000
\]

Step 4 — Estimate Adjusted Debt

Reported debt at 2022 year-end / 2023-01-01:

- Long-term borrowings = EUR 1,695,362,000
- Current borrowings and current portion of noncurrent borrowings = EUR 638,944,000

\[
reported\ debt = 1{,}695{,}362{,}000 + 638{,}944{,}000 = 2{,}334{,}306{,}000
\]

Pension deficit / employee benefit obligation:

- Noncurrent provisions for employee benefits = EUR 64,939,000

Lease debt is not separately disclosed in the balance sheet facts, so no separate lease adjustment is added beyond reported borrowings.

Eligible cash:

- Cash and cash equivalents = EUR 365,292,000

\[
Adjusted\ Debt = reported\ debt + pension\ deficit - eligible\ cash
\]

\[
Adjusted\ Debt = 2{,}334{,}306{,}000 + 64{,}939{,}000 - 365{,}292{,}000
\]

\[
Adjusted\ Debt = 2{,}033{,}953{,}000
\]

Step 5 — Calculate FFO / Adjusted Debt

\[
FFO / Adjusted\ Debt = \frac{370{,}456{,}000}{2{,}033{,}953{,}000}
\]

\[
FFO / Adjusted\ Debt = 0.182137
\]

Rounded to four decimal places:

<answer>0.1821</answer>