Okay, let’s go step-by-step through the workflow.

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**Step 1 – Identify the relevant industry**

TenneT Holding B.V. is described in the facts as:
- "transmission system operator"
- Domiciled in The Netherlands
- Parent: Dutch State

The nature of operations is clearly a regulated electricity transmission business. This fits under **Regulated Utilities** from the S&P methodologies provided.

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**Step 2 – Estimate Adjusted_Debt**

We compute Adjusted_Debt as:

*Adjusted_Debt = (reported debt + leases + pension_deficit + adjustments) – eligible_cash.*

**Reported debt (as of 31 Dec 2022):**

- Long-term borrowings: €19,006 million
- Short-term borrowings: €709 million
- Current bank overdrafts: €0

Total reported debt = 19,006 + 709 = **€19,715M**

**Leases:**

- Noncurrent lease liabilities: €574M
- Current lease liabilities: €155M
Total = **€729M**

**Pension deficit:**

- Noncurrent recognised liabilities, defined benefit plan: €174M
(This is the deficit/provision on balance sheet; we treat it as debt-like.)

**Hybrid capital (50% debt, 50% equity is common S&P treatment for regulated utilities with sufficient equity content):**

- Hybrid capital: €2,125M
Debt portion (50%) = **€1,062.5M**

**Other debt-like:**

- None explicitly indicated beyond the above. Other noncurrent financial liabilities are small and not clearly debt-like (€185M) — we will exclude without clear evidence.

**Eligible cash:**

- Cash and cash equivalents: €6,547M
Standard S&P treatment: surplus cash = cash above operating needs. For a regulated utility, often only portion is deductible. But given no explicit minimum cash need data, using the full balance is the baseline, but will reassess if industry guidance demands otherwise. Here, we deduct full cash for now.

So:

*Adjusted_Debt* = (19,715 + 729 + 174 + 1,062.5) – 6,547  
= 21,680.5 – 6,547  
= **€15,133.5M**

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**Step 3 – Estimate Adjusted_EBITDA**

From the P&L items for 2022:

- Profit/loss from operating activities: –€976M
- Depreciation & amortisation: €1,233M

Thus *EBITDA from operations* = –976 + 1,233 = **€257M**

**Adjustments:**

- *Other gains/losses* (2022): –€38M (loss). This is likely non-recurring loss → add back as normalization → +38M.
- *Share of profit of associates/JVs*: +€120M. This is equity-accounted income. S&P may exclude this and instead include proportional EBITDA of JVs later, but here we lack JV EBITDA detail, so may need to subtract. However, profit from JVs is non-cash and not in EBITDA; we remove it. So subtract €120M.

**Pension adjustment:**  
We adjust EBITDA to include service cost element and exclude interest cost. Without a breakdown, we assume no change.

**Lease adjustment:**  
Depreciation of right-of-use assets is already in D&A; lease interest is in finance costs. So EBITDA already excludes interest. No further lease EBITDA adjustment.

So:

*Adjusted_EBITDA* = 257 + 38 – 120 = **€175M**

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**Step 4 – Calculate ratio**

Adjusted_Debt / Adjusted_EBITDA = 15,133.5 / 175 = **86.48**

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**Final Answer:**  

<answer>86.48</answer>