Step 1: Identify the relevant industry
ENGIE is a major French multi-utility company involved in electricity generation, natural gas distribution, and energy services. Based on the provided S&P methodologies, it fits the "Regulated Utilities" sector, specifically the "Multi-utilities" subsector. We will also consider the S&P "Corporate Methodology: Ratios And Adjustments" as referenced in the text for sector-specific adjustments.

Step 2: Estimate Adjusted_Debt
Baseline formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash

- Reported debt: Long-term borrowings + Current borrowings and current portion of noncurrent borrowings
  = 30,458,000,000 + 10,590,000,000 = 41,048,000,000 EUR
- Leases: Under IFRS 16, right-of-use assets are present, implying lease liabilities are included in reported debt or must be added. ENGIE's balance sheet typically includes these in borrowings or separate lines. Without a specific "Leases" line item in the provided data, we assume they are part of borrowings or 0 for this specific extraction. 
- Pension deficit: No pension deficit liability line item is explicitly provided on the balance sheet (provisions are grouped). We will assume 0 for missing data.
- Guarantees: 0 EUR (not provided)
- Hybrid debt portion: ENGIE has "Deeply Subordinated Perpetual Notes" in equity. Under S&P methodology, deeply subordinated perpetual notes are typically treated as 100% debt if cumulative and perpetual, or partially depending on features. We see a balance of 3,767,000,000 EUR in these notes. Treating them as debt-like (100% equity content subtracted from equity and added to debt). 
  = 3,767,000,000 EUR
- Other debt-like items: 0 EUR
- Eligible cash: Cash and Cash Equivalents. S&P typically deducts unrestricted cash and short-term investments. 
  = 15,570,000,000 EUR

Adjusted_Debt = 41,048,000,000 + 3,767,000,000 - 15,570,000,000 = 29,245,000,000 EUR

Step 3: Estimate Adjusted_EBITDA
Baseline formula: Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

- Reported EBITDA: We reconstruct from operating profit.
  Operating Profit = 1,127,000,000 EUR
  Add back Depreciation, Amortization, Impairment, and Provisions: 8,057,000,000 EUR (from Cash Flow statement add-back)
  Reconstructed EBITDA = 1,127,000,000 + 8,057,000,000 = 9,184,000,000 EUR
- Adjustment for leases: 0 EUR (not separable from operating profit here)
- Nonrecurring losses/gains: Operating profit includes impairment losses, restructuring, and other non-recurring items. To normalize EBITDA, we add back these non-recurring expenses (which reduced operating profit) to assess the ongoing earnings power:
  Impairment Loss: 2,774,000,000 EUR
  Restructuring Expense: 230,000,000 EUR
  Other net non-recurring items: 1,328,000,000 EUR (expense, so add back)
  Total non-recurring add-backs = 2,774,000,000 + 230,000,000 + 1,328,000,000 = 4,332,000,000 EUR
- Joint Venture proportional EBITDA: Under S&P methodology for regulated utilities and energy companies, proportional consolidation of JVs/Associates is common for credit metrics. ENGIE reports "Share of Profit of Associates and JVs" of 1,059,000,000 EUR. Assuming a simple proportional EBITDA add-back for this equity income (since D&A is already stripped from the EBITDA base, we can use the share of profit as a proxy for the earnings contribution, or simply use the equity income directly). We'll use the reported share of net income of equity method entities as a proxy for the EBITDA contribution margin if not proportionalized.
  = 1,059,000,000 EUR
- Other normalizations: Discontinued operations are typically excluded from ongoing EBITDA in S&P assessments, but the provided reconstructed EBITDA comes from the continuing operations P&L structure (Operating Profit 1,127M leads to Continuing Operations Profit -1,793M). The D&A add-back of 8,057M is from the cash flow of both continuing and discontinued, but we will use the combined figures as presented for the total group cash generation. 

Adjusted_EBITDA = 9,184,000,000 + 4,332,000,000 + 1,059,000,000 = 14,575,000,000 EUR

Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA ratio
Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = 29,245,000,000 / 14,575,000,000 = 2.00653...

Rounding to two decimal places:
2.01

<answer>2.01</answer>