**Step 1 – Identify the industry**  
NATURGY ENERGY GROUP SA is an integrated electricity‑ and gas‑utility company with regulated distribution and unregulated generation activities. Consequently, it falls under the “Regulated Utilities” sector in S&P’s methodology.  

**Step 2 – Estimate Adjusted Debt**  

| Item | 2022‑year‑end (€ million) |
|------|---------------------------|
| Long‑term borrowings (non‑current) | 12 689 |
| Current portion of non‑current borrowings | 2 110 |
| Non‑current lease liabilities | 1 309 |
| Current lease liabilities | 177 |
| Other financial liabilities (minor) | 16 |
| **Total debt (including leases)** | **16 301** |
| Less: cash & cash equivalents | 3 985 |
| **Debt after cash deduction** | **12 316** |
| Less: net inventory against short‑term borrowings (inventory 1 828 – short‑term borrowings 2 110) | 1 828 |
| **Adjusted Debt** | **10 488** |

*Note:* In line with the Regulated‑Utilities adjustment, inventory (€ 1 828 million) is netted against outstanding short‑term borrowings (€ 2 110 million). The remaining short‑term borrowings after this offset are € 282 million, which are included in the total debt figure above.

**Step 3 – Estimate Adjusted EBITDA**  

| Adjustment | € million |
|------------|-----------|
| Reported EBITDA (Beneficio Bruto de Explotación) | 4 954 |
| Add: depreciation of right‑of‑use assets (≈ change in ROU assets) | 67 |
| Add: interest on lease liabilities (estimated as the lease portion of total finance costs) | 76 |
| Add: non‑recurring loss on other gains/losses | 111 |
| Less: gain on disposal of PPE | 8 |
| Less: decrease in allowance for credit losses (gain) | 228 |
| **Adjusted EBITDA** | **4 972** |

*Calculation:*  
4 954 + (67 + 76) – 125 = 4 972 million.

**Step 4 – Compute the ratio**  

\[
\text{Adjusted Debt / Adjusted EBITDA} = \frac{10\,488}{4\,972} \approx 2.1094
\]

Rounded to two decimal places → **2.11**.

<answer>2.11</answer>