I'll follow the workflow step-by-step to estimate the S&P-adjusted FFO-to-debt ratio for Terna S.p.A.

## Step 1: Identify the Relevant Industry

Terna S.p.A. is identified as "TERNA - RETE ELETTRICA NAZIONALE SOCIETA' PER AZIONI" (National Electricity Network Company). Based on the company's name and business description, it operates as an electricity transmission and distribution utility in Italy.

**Relevant Industry Methodology: Regulated Utilities**

Terna operates as a regulated utility providing essential electricity transmission infrastructure with regulatory oversight. This falls under the "Regulated Utilities" industry methodology.

## Step 2: Estimate Adjusted_EBITDA

From the financial statements for the year ended 2023-01-01 (fiscal year 2022):

**Baseline EBITDA Reconstruction:**
- Operating Income (Profit/Loss from Operating Activities): €1,333,500,000
- Add: Depreciation, Amortisation and Impairment: €725,700,000

**EBITDA = €1,333,500,000 + €725,700,000 = €2,059,200,000**

**Adjustments for S&P methodology:**

For regulated utilities, we need to check for:
- Operating lease adjustments
- Non-recurring items
- Pension adjustments
- Joint venture adjustments

From the data provided:
- Non-recurring gains/losses: The data shows "Adjustments For Gain Loss On Disposals Property Plant And Equipment" of -€6,900,000 (gain on disposal). This is typical operational and should be normalized.
- Pension adjustments: "Other Comprehensive Income Net Of Tax Gains Losses On Remeasurements Of Defined Benefit Plans" shows -€10,400,000 in 2022

**Pension Adjustment:**
The net loss on pension remeasurements of €10,400,000 should be added back as a non-cash item.

**Adjusted_EBITDA = €2,059,200,000 + €10,400,000 = €2,069,600,000**

## Step 3: Estimate FFO

**Formula:**
FFO = Adjusted_EBITDA - Cash_Interest - Cash_Taxes

**Cash Interest Paid:**
From cash flow statement: "Interest Paid Classified As Operating Activities" = €154,800,000

**Cash Taxes Paid:**
From cash flow statement: "Income Taxes Paid Refund Classified As Operating Activities" = €380,100,000

**FFO = €2,069,600,000 - €154,800,000 - €380,100,000**
**FFO = €1,534,700,000**

## Step 4: Estimate Adjusted_Debt

**Reported Debt Components (as of 2023-01-01, end of fiscal year 2022):**

Short-term borrowings: €444,100,000
Current portion of long-term borrowings: €1,909,300,000
Long-term borrowings: €8,416,700,000

**Total Reported Debt = €444,100,000 + €1,909,300,000 + €8,416,700,000 = €10,770,100,000**

**Adjustments:**

1. **Hybrid Instruments (Equity Instruments Perpetual Hybrid Bonds):**
   From equity section, "Capital Instruments Bonds Hybrid Perpetual" = €989,000,000
   Per S&P methodology for regulated utilities, hybrid debt instruments should be included in adjusted debt. The portion treated as debt is typically 50% of the hybrid amount for credit analysis.
   
   Hybrid Debt Adjustment = €989,000,000 × 0.50 = €494,500,000

2. **Lease Adjustments:**
   For operating leases, data is not separately disclosed in the balance sheet with specific lease liability amounts. No material lease adjustments appear necessary based on available data.

3. **Pension Deficit:**
   "Noncurrent Provisions For Employee Benefits" = €60,800,000 (2022-01-01)
   This is already captured on the balance sheet and may need adjustment if representing a deficit, but appears to be a provision. No additional adjustment needed.

4. **Cash and Cash Equivalents (Eligible Cash to Subtract):**
   Cash and cash equivalents as of 2022-01-01: €1,566,800,000
   
   For regulated utilities, we typically exclude operating cash balance. A reasonable buffer might be €200-300 million. Using a conservative approach, we'll use 75% of reported cash as eligible reduction.
   
   Eligible Cash Reduction = €1,566,800,000 × 0.75 = €1,175,100,000

**Adjusted_Debt = €10,770,100,000 + €494,500,000 - €1,175,100,000**
**Adjusted_Debt = €10,089,500,000**

## Step 5: Calculate FFO / Adjusted_Debt

**FFO / Adjusted_Debt = €1,534,700,000 / €10,089,500,000**

**FFO / Adjusted_Debt = 0.152084**

Rounded to four decimal places: **0.1521**

<answer>0.1521</answer>