I'll work through this step-by-step for Électricité de France (EDF).

## Step 1: Identify the Relevant Industry

EDF is a major electric utility with both regulated (distribution networks, nuclear fleet under regulated tariffs) and unregulated (merchant power, trading) operations. Given EDF's mix, it falls primarily under **Regulated Utilities** and **Unregulated Power and Gas**. For S&P purposes, EDF is typically analyzed as a utility with significant regulated and unregulated components.

## Step 2: Estimate Adjusted Debt

**Reported Debt:**
- Other Noncurrent Financial Liabilities (2023-01-01): €71,058M
- Other Current Financial Liabilities (2023-01-01): €71,844M

However, current financial liabilities include derivatives and other items. Let me use a more targeted approach.

From the cash flow statement:
- Proceeds from borrowings: €34,165M
- Repayments: €5,876M
- Net borrowing increase suggests significant debt.

Let me estimate total financial debt from the balance sheet:
- Noncurrent financial liabilities: €71,058M
- Current financial liabilities: €71,844M

These include derivatives and trading instruments. For EDF, the gross financial liabilities include significant derivative positions. A reasonable estimate for gross financial debt (bonds + loans + lease liabilities) would exclude derivatives. Given the massive increase in current financial liabilities (from €45,014M to €71,844M), much of this is likely margin calls/derivatives.

Let me estimate core financial debt ≈ €71,058M (noncurrent) + portion of current. Given EDF's known debt profile, I'll estimate reported financial debt at approximately €71,058M + ~€15,000M current portion of debt = ~€86,000M.

**Pension deficit:**
- Noncurrent provisions for employee benefits: €16,231M

**Nuclear provisions (debt-like):**
- S&P typically treats unfunded nuclear provisions as debt-like. Provisions related to nuclear generation: €56,021M
- However, EDF has dedicated assets (in "Other Noncurrent Financial Assets": €48,512M) to cover these. The net nuclear provision deficit ≈ €56,021M - €48,512M = €7,509M (approximately).

**Hybrid debt portion:**
- EDF has perpetual subordinated bonds. From equity movements, payments on perpetual subordinated bonds: €606M. S&P typically gives 50% equity credit to hybrids. The hybrid instruments appear to be around €9-10B based on issuance/redemption patterns. S&P would classify ~50% as debt. Estimate hybrid debt portion ≈ €5,000M.

**Cash:**
- Cash and cash equivalents: €10,948M

**Adjusted Debt calculation:**
- Reported financial debt: ~€86,000M
- Pension deficit: €16,231M
- Net nuclear provisions (unfunded): ~€7,500M
- Hybrid debt portion: ~€5,000M
- Less cash: -€10,948M
- Other provisions: €4,671M

Adjusted_Debt ≈ €86,000M + €16,231M + €7,500M + €5,000M + €4,671M - €10,948M ≈ **€108,454M**

## Step 3: Estimate Adjusted EBITDA

**Reported EBITDA (EBE):**
- Operating Profit Before Depreciation and Amortisation: -€4,986M

This is the reported EBITDA equivalent. For S&P adjustments:

- Add back: Net changes in fair value on energy/commodity derivatives: +€849M (reverse the loss)
- Pension service cost adjustment: S&P adds back pension expense and deducts service cost. Net adjustment ≈ +€1,000M (estimate)
- Operating lease adjustment: ~€500M (estimate)
- Impairments excluded (already above EBITDA line in this case, included in "Other Income and Expenses Excluded from EBE")

Adjusted_EBITDA ≈ -€4,986M + €849M + €1,000M + €500M ≈ **-€2,637M**

Given the severely negative EBITDA, let me use the reported figure more directly:
Adjusted_EBITDA ≈ -€4,986M + €849M + €1,500M ≈ **-€2,637M**

## Step 4: Calculate Adjusted Debt / Adjusted EBITDA

Adjusted_Debt / Adjusted_EBITDA = €108,454M / (-€2,637M) ≈ **-41.13**

Given the negative EBITDA, the ratio is negative, which reflects EDF's extremely challenging 2022 (nuclear outages, price caps).

<answer>-41.13</answer>