Step 1 — Relevant industry  
A2A is an Italian multi-utility/energy group with regulated utility and unregulated power/gas activities. The most relevant provided methodology is Regulated Utilities / Unregulated Power and Gas. For this calculation, the requested S&P-adjusted FFO-to-debt ratio can be estimated using the baseline corporate/S&P-style formulas with available annual report data.

Step 2 — Estimate Adjusted EBITDA  
Reported EBITDA for 2022:

- Gross Operating Income / EBITDA = €1,505m

The income statement shows:

- Result from nonrecurring transactions = €157m

This appears to be a nonrecurring gain, supported by cash-flow disclosure of:

- Adjustments for losses/gains on disposal of noncurrent assets = -€191m

Under the baseline formula, nonrecurring gains are subtracted from EBITDA.

Adjusted EBITDA:

- Adjusted_EBITDA = €1,505m - €157m
- Adjusted_EBITDA = €1,348m

Step 3 — Estimate FFO  
Baseline formula:

- FFO = Adjusted_EBITDA - cash_interest - cash_taxes

Available cash-flow data:

- Interest paid classified as operating activities = €75m
- Income taxes paid/refund classified as operating activities = €201m

So:

- FFO = €1,348m - €75m - €201m
- FFO = €1,072m

Step 4 — Estimate Adjusted Debt  
Reported financial debt is approximated from financial liabilities:

- Other noncurrent financial liabilities = €5,867m
- Other current financial liabilities = €1,022m

Reported debt:

- Reported debt = €5,867m + €1,022m
- Reported debt = €6,889m

Potential pension adjustment:

- Noncurrent provisions for employee benefits = €248m

Cash and equivalents:

- Cash and cash equivalents = €2,584m

Using baseline adjusted debt formula and treating employee benefit provisions as pension-like debt adjustment:

- Adjusted_Debt = €6,889m + €248m - €2,584m
- Adjusted_Debt = €4,553m

Step 5 — Calculate FFO / Adjusted Debt  

- FFO / Adjusted_Debt = €1,072m / €4,553m
- FFO / Adjusted_Debt = 0.235448...

Rounded to four decimals:

<answer>0.2354</answer>