Let's go through the workflow step-by-step.

---

**1. Identify the relevant industry for VERBUND AG**

VERBUND AG is an Austrian electricity company, primarily a generator and grid operator. It generated €8.75 billion from the sale of electricity in 2022 and €1.31 billion from grid revenue.  
Its generation is largely hydro and renewables. The company does not appear to be a pure regulated utility (it operates in a partially liberalized market and has substantial merchant generation), nor an oil & gas E&P.  
Based on the description, it fits the **Unregulated Power And Gas** sector.  
Since it derives a material portion of revenue from grid activities (regulated-like), it has some regulated or strongly protected revenue, but the majority is likely from generation in liberalized markets with some hedging/contractual support.

For the volatility table and adjustments, I will follow the **Unregulated Power And Gas** methodology.

---

**2. Estimate Adjusted EBITDA**

We start with the reported EBITDA for 2022:

```
EBITDA 2022: 3,160,679,000 EUR
```

From the methodology:
> Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases (if any) + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

We have:
- **Impairment Loss** 2022: 197,761,000 EUR  
- **Reversal Of Impairment Loss** 2022: 125,973,000 EUR  
  Net impairment loss: 197,761,000 - 125,973,000 = 71,788,000 EUR (nonrecurring loss, add back)

- **Valuation And Realisation of Energy Derivatives**: -857,961,000 EUR (this is a non-cash mark-to-market movement, likely considered nonrecurring in S&P adjustments; we add back the loss)

- No specific lease adjustment given; assuming EBITDA already includes lease depreciation and interest, but in S&P adjustments leases are treated separately in debt. For EBITDA, we might need to add back operating lease expense if any, but here ROU assets exist, and lease payments are in financing cash flows, so EBITDA likely already excludes rent. No adjustment needed unless specified.

- Pension adjustments: no explicit breakdown of service cost vs. interest cost vs. expected return, but we see "Other Comprehensive Income Gains/Losses on Remeasurements of Defined Benefit Plans" of 172,041,000 EUR. This is OCI, so not in EBITDA. We might adjust for pension service cost if any difference from cash contributions, but cash flow statement adjustments already capture this in FFO. Typically, for EBITDA, we might remove the non-service cost components if embedded, but here EBITDA is given — no further breakdown. Assuming no adjustment for this exercise.

- Joint ventures: share of profit from associates is 4,293,000 EUR, already included in PBT, so likely included in EBITDA if equity-accounted. But EBITDA as reported might include proportional EBITDA. Not enough info to adjust — assume it's fine.

So:
```
Adjusted_EBITDA ≈ 3,160,679,000 + 71,788,000 + 857,961,000
                = 4,090,428,000 EUR
```

---

**3. Estimate FFO**

Formula:
```
FFO = Adjusted_EBITDA - cash_interest - cash_taxes
```

We have:
- Interest Paid (cash) classified as operating activities: 36,100,000 EUR
- Income Taxes Paid classified as operating activities: 343,100,000 EUR

Thus:
```
FFO = 4,090,428,000 - 36,100,000 - 343,100,000
    = 3,711,228,000 EUR
```

---

**4. Estimate Adjusted_Debt**

Formula:
```
Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash
```

Reported debt (financial liabilities):
- Noncurrent Financial Liabilities 2023-01-01: 2,844,559,000 EUR
- Current Financial Liabilities 2023-01-01: 1,109,297,000 EUR
Sum = 3,953,856,000 EUR

Leases (ROU assets proxy for lease liabilities):
- Right-of-use Assets 2023-01-01: 146,613,000 EUR (typically lease liability is close to this; use as estimate)

Pension deficit:
- Not explicitly given, but we have "Reserve of Remeasurements of Defined Benefit Plans" at -205,455,000 EUR (this is an equity account, not the funded status).  
  No direct pension liability given; however, "Noncurrent Provisions" include pensions possibly. Noncurrent Provisions 2023-01-01: 619,486,000 EUR. Without detail, assume no explicit pension deficit adjustment unless stated.

Guarantees, hybrids, other: not given, assume zero.

Cash:
- Cash and Cash Equivalents 2023-01-01: 409,252,000 EUR

Eligible cash for S&P is typically cash minus any trapped/restricted cash; assume all eligible.

Thus:
```
Adjusted_Debt = 3,953,856,000 + 146,613,000 + 0 - 409,252,000
             = 3,691,217,000 EUR
```

---

**5. Calculate FFO / Adjusted_Debt**

```
FFO / Adjusted_Debt = 3,711,228,000 / 3,691,217,000
                    ≈ 1.0054
```

---

<answer>1.0054</answer>