I'll work through this step-by-step following the S&P methodology.

## Step 1: Identify the Relevant Industry

Fortum Oyj is a Finnish energy company. Based on the data, it has significant power generation operations. Looking at the financials, Fortum has both regulated and unregulated operations, but is primarily known as a power and gas company. Given the mix of operations (power generation, including nuclear, hydro, and other generation), the most applicable methodology is **Unregulated Power and Gas**, though some regulated utility aspects may apply. I'll apply the general corporate approach with utility-sector considerations.

## Step 2: Estimate Adjusted Debt

**Reported Debt:**
- Other Noncurrent Financial Liabilities (2023-01-01): €3,658M (this includes long-term borrowings)
- Other Current Financial Liabilities (2023-01-01): €4,127M (this includes short-term borrowings/current portion of debt)
- Total reported financial debt = 3,658 + 4,127 = €7,785M

**Pension Deficit:**
- Noncurrent Recognised Liabilities Defined Benefit Plan (2023-01-01): €13M

**Leases:** No explicit lease data is broken out separately, but these would typically be included in PP&E and financial liabilities. I'll assume they're already captured in reported debt figures.

**Cash adjustment (eligible cash):**
- Liquid Funds (2023-01-01): €3,919M
- S&P typically allows netting of some excess cash. For utilities, S&P may not deduct all cash. However, a portion is typically considered operational. I'll assume S&P would net a significant portion but keep some operational cash (~€500M operational). Eligible cash = 3,919 - 500 = ~€3,419M

**Adjusted Debt:**
= 7,785 + 13 + 0 - 3,419
= **€4,379M**

## Step 3: Estimate Adjusted EBITDA

**Reported EBITDA (from continuing operations):**
The company reports: Operating Profit Before Depreciations EBITDA = €1,842M

**Adjustments per S&P methodology:**

1. **Non-recurring items / Items affecting comparability:** The Items Affecting Comparability = -€593M, which includes:
   - Impairments: €905M (loss, should be added back)
   - Capital gains: €785M (gain, should be removed)
   - Changes in fair values of derivatives hedging future cash flow: €393M (should be removed as non-cash)
   - Other adjustments: €80M

   The company's Comparable EBITDA = €2,436M already adjusts for these. S&P would similarly normalize. The comparable EBITDA of €2,436M is a reasonable starting point.

2. **Pension adjustments:** The pension service cost would be used instead of contributions, but without detailed breakdown, the impact is likely small. Approximate adjustment: ~€0M

3. **Share of equity method associates:** The reported share = -€629M. S&P may add back the equity losses and instead include dividends received. Dividends received from associates = €18M (classified as operating). The EBITDA already excludes equity method results.

4. **Lease adjustments:** S&P would add back lease depreciation. Without explicit lease data, I'll estimate a modest adjustment is already captured.

Starting from Comparable EBITDA of €2,436M, and considering S&P would:
- Use comparable EBITDA as the base (which removes impairments, capital gains, derivative fair value changes)
- This already represents a normalized figure

**Adjusted EBITDA ≈ €2,436M**

However, S&P might make additional minor adjustments. The Comparable EBITDA appears to be the best proxy for S&P Adjusted EBITDA from continuing operations.

## Step 4: Calculate the Ratio

Adjusted Debt / Adjusted EBITDA = 4,379 / 2,436 = **1.80**

Let me double-check the debt figure. The financial liabilities likely include derivative liabilities, so I should be more careful. The "Other Noncurrent Financial Liabilities" of €3,658M and "Other Current Financial Liabilities" of €4,127M should represent actual borrowings (bonds, loans, commercial paper). This seems reasonable for Fortum.

Adjusted_Debt / Adjusted_EBITDA = 4,379 / 2,436 = 1.80

<answer>1.80</answer>