Let’s go through the steps.

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**Step 1 – Identify the relevant industry**

A2A ENERGIA S.P.A. is an Italian multi-utility, ultimately owned by A2A S.p.A.  
Given the mix of regulated and unregulated activities, the applicable methodology from those provided is **Regulated Utilities**.  
We will apply the standard approach from that sector, then check whether a volatility table adjustment is needed later.

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**Step 2 – Adjusted EBITDA**

From the data:

- Reported EBITDA (2022): EUR 1,505,000,000  
- Non-recurring transactions result: EUR 157,000,000 (this is a gain, from “Result From Nonrecurring Transactions”)  
- Leases:  
  Payments of lease liabilities (financing): EUR 11,000,000  
  This suggests leases are already capitalized (IFRS 16), so no separate lease adjustment unless stated otherwise. We’ll assume EBITDA already includes lease depreciation/interest effects. S&P might add back operating lease expense, but here it’s likely IFRS 16, so no further adjustment.
- Pensions:  
  Employee benefits expense includes service cost etc. We have no explicit pension adjustment flagged, so none.
- Joint ventures: The equity method income is EUR 2,000,000; that’s immaterial and not proportional consolidation needed.
- Other normalization: None beyond non-recurring.

So:  

Adjusted EBITDA = Reported EBITDA – nonrecurring gains  
= 1,505,000,000 – 157,000,000  
= **1,348,000,000 EUR**

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**Step 3 – FFO**

Formula:  
FFO = Adjusted EBITDA – cash interest – cash taxes

From the data:

- Interest paid (operating activities): EUR 75,000,000  
- Income taxes paid (operating activities): EUR 201,000,000

Thus:  
FFO = 1,348,000,000 – 75,000,000 – 201,000,000  
= **1,072,000,000 EUR**

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**Step 4 – Adjusted Debt**

Formula:  
Adjusted Debt = reported debt + leases + pension deficits + other debt-like items – eligible cash

**Reported debt:**  
- Other noncurrent financial liabilities: EUR 5,867,000,000 (end of 2022)  
- Other current financial liabilities: EUR 1,022,000,000  
Sum = 6,889,000,000 EUR

**Leases:** Already under IFRS 16, those are likely inside the above financial liabilities, so no further add-back.

**Pension deficit:**  
- Noncurrent provisions for employee benefits: EUR 248,000,000 (this is the net defined benefit obligation)  
We’ll treat this as pension deficit.

**Other debt-like items:** None identified here.

**Eligible cash:**  
Cash and cash equivalents: EUR 2,584,000,000.  
We assume all is eligible unless stated otherwise.

Adjusted Debt = 6,889,000,000 + 248,000,000 – 2,584,000,000  
= **4,553,000,000 EUR**

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**Step 5 – FFO / Adjusted Debt**

= 1,072,000,000 / 4,553,000,000  
= 0.2354 (to four decimal places)

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<answer>0.2354</answer>