To estimate the S&P-adjusted debt-to-EBITDA ratio for Acciona SA for the fiscal year ended December 31, 2022, we follow the workflow steps below.

### Step 1: Identify the Relevant Industry

Acciona SA is a global developer and manager of infrastructure and renewable energy. Its primary business segments include Renewable Energy (wind, solar, hydro), Infrastructure (concessions for roads, water, waste), and Services.

Looking at the provided industry methodologies:
1.  **Regulated Utilities:** Acciona has some regulated assets (e.g., water concessions), but a significant portion of its renewable energy business operates under merchant risks or long-term PPAs (Power Purchase Agreements) rather than traditional cost-of-service regulation. It is not a pure regulated utility.
2.  **Unregulated Power And Gas:** This sector covers renewable generation. Acciona is a major player here. However, Acciona also has significant infrastructure/concession assets (roads, airports, water).
3.  **Transportation Infrastructure:** Acciona holds concessions for roads and other transport infrastructure.
4.  **Oil And Gas:** Not applicable.

Acciona is a diversified conglomerate. In S&P Global Ratings' methodology, diversified industrial companies or those with mixed utility/infrastructure profiles that do not fit neatly into a single "pure-play" regulated utility definition often fall under the **General Corporate** baseline or a hybrid approach. However, the prompt asks to apply the specific industry methodology if it fits. Acciona is frequently analyzed as an **Unregulated Power** company (for its renewable arm) and **Transportation Infrastructure** (for its concessions).

However, a key distinction in S&P methodology for **Unregulated Power and Gas** and **Transportation Infrastructure** is the treatment of debt and EBITDA.
*   For **Unregulated Power**, S&P typically uses standard debt and EBITDA but may adjust for hybrid debt or pension deficits.
*   For **Transportation Infrastructure**, S&P focuses on FFO/Debt, but the prompt asks for Debt/EBITDA.
*   Crucially, the prompt provides a **baseline formula** for Adjusted Debt and Adjusted EBITDA and asks to modify it *as required by the industry methodology*.

Let's look at the specific adjustments mentioned in the texts:
*   **Regulated Utilities:** Adjust for purchased power contracts (debt-like), net inventory against short-term debt (seasonal), deconsolidate securitized debt.
*   **Unregulated Power:** Adjust for long-term PPAs (debt-like obligations).
*   **Transportation Infrastructure:** No specific debt/EBITDA adjustment formula is explicitly detailed in the text provided other than the general note on concessions requiring debt repayment.

Given Acciona's profile as a leading renewable energy developer with significant infrastructure concessions, and lacking specific data to perform complex PPA debt-equivalency calculations (which require contract details not in the facts), we will apply the **General Corporate Baseline** formulas provided in the prompt, while checking for any obvious "debt-like" items explicitly listed in the balance sheet that correspond to the baseline components (Leases, Hybrids, etc.).

*Note: In practice, S&P often treats Acciona's hybrids as equity or 50% debt/equity depending on the instrument, and includes lease liabilities in debt. We will follow the baseline formula:*
`Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`
`Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ...`

### Step 2: Estimate Adjusted Debt

**1. Identify Reported Debt:**
From the Balance Sheet (2022-01-01 represents the start of the year, but ratios are typically calculated using year-end figures or average. The prompt gives facts for "2023-01-01" which is the end of the 2022 fiscal year, and "2022-01-01" which is the end of 2021. We should use the year-end 2022 figures, i.e., the data labeled "2023-01-01").

*   **Noncurrent Financial Debt:**
    *   `Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes1` (Non-current preferred shares, bonds, and other negotiable securities): 3,101,000,000 EUR
    *   `Noncurrent Portion Of Noncurrent Loans Received`: 2,624,000,000 EUR
    *   `Noncurrent Lease Liabilities`: 439,000,000 EUR (Included in debt per baseline)
    *   *Note: Deferred Tax Liabilities, Provisions, and Other Noncurrent Liabilities are generally not considered interest-bearing debt for this ratio unless specified.*

*   **Current Financial Debt:**
    *   `Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes` (Current preferred shares, bonds, etc.): 1,139,000,000 EUR
    *   `Current Loans Received And Current Portion Of Noncurrent Loans Received`: 553,000,000 EUR
    *   `Current Lease Liabilities`: 72,000,000 EUR (Included in debt per baseline)

*   **Total Reported Debt (Interest Bearing):**
    *   Noncurrent: 3,101 + 2,624 + 439 = 6,164 million EUR
    *   Current: 1,139 + 553 + 72 = 1,764 million EUR
    *   Total Gross Debt = 6,164 + 1,764 = 7,928 million EUR

**2. Identify Adjustments:**
*   **Leases:** Already included in the debt sum above (439 + 72 = 511 million EUR). The baseline formula says `reported_debt + leases`. If "reported debt" in the company's statutory accounts excludes leases, we add them. If we sum all interest-bearing liabilities including leases, we have them. Let's assume "Reported Debt" refers to traditional financial debt (Loans + Bonds) and we must add Leases explicitly if not already counted.
    *   Traditional Financial Debt (Loans + Bonds/Preferred):
        *   Noncurrent: 3,101 + 2,624 = 5,725 million EUR
        *   Current: 1,139 + 553 = 1,692 million EUR
        *   Total Traditional Debt = 7,417 million EUR
    *   Leases: 439 + 72 = 511 million EUR
    *   Total Debt + Leases = 7,417 + 511 = 7,928 million EUR.

*   **Pension Deficit:** The facts do not explicitly state a net pension deficit liability. `Noncurrent Provisions` (279m) and `Current Provisions` (299m) exist, but without a breakdown, we cannot assume these are pension deficits. In the absence of specific pension deficit data, we assume 0 adjustment or that it is immaterial/not provided.

*   **Hybrid Debt Portion:** `Participaciones Preferentes` (Preferred Shares/Participations) are often treated as hybrids. The line items `Participaciones Preferentes Obligaciones YOtros Valores Negociables` include preferred shares. S&P typically treats certain hybrids as 50% debt or 100% equity depending on terms. Without specific instrument details, the baseline formula asks for `hybrid_debt_portion`. If these are classified as debt in the balance sheet (which they are, under liabilities), they are already in the 7,417m figure. If S&P adjusts them to equity, we would subtract them. However, the prompt asks to estimate `Adjusted_Debt` using the formula `(reported_debt + ... + hybrid_debt_portion ...)`. This implies adding the debt portion of hybrids. If they are already in reported debt, we keep them. If they are in equity, we add the debt portion. Here, they are in Liabilities. We will treat the full amount as debt for the baseline calculation, as no specific equity classification is given for these specific lines in the liability section. *Self-correction*: Often, "Participaciones Preferentes" can be equity. But here they are listed under Liabilities (`Noncurrent Liabilities` and `Current Liabilities`). Therefore, they are reported as debt. We will include them.

*   **Eligible Cash:**
    *   `Cash And Cash Equivalents`: 2,360,000,000 EUR.
    *   S&P usually deducts unrestricted cash. We assume all cash is eligible unless stated otherwise.

**Calculation of Adjusted Debt:**
*   Gross Debt (including leases and preferred instruments classified as liabilities): 7,928 million EUR.
*   Less Eligible Cash: 2,360 million EUR.
*   **Adjusted Debt** = 7,928 - 2,360 = **5,568 million EUR**.

*(Note: If "Participaciones Preferentes" are considered equity-like hybrids by S&P, we might exclude them. However, they are listed as liabilities. In many Spanish accounting contexts, these are debt instruments. We will stick to the liability classification provided.)*

### Step 3: Estimate Adjusted EBITDA

We need to reconstruct EBITDA for the fiscal year 2022 (period 2022-01-01 to 2023-01-01).

**Method 1: Top-Down from Operating Profit**
*   `Profit Loss From Operating Activities` (EBIT): 1,334,000,000 EUR.
*   Add back Depreciation and Amortization:
    *   The line `Dotacion Amortizacion YVariacion De Provisiones` (Depreciation, Amortization, and Provision Variations) is 762,000,000 EUR.
    *   This line includes provision variations. We should ideally subtract the provision variation part if it's not a non-cash add-back similar to D&A. However, `Impairment Loss` is listed separately (-15m).
    *   Usually, EBITDA = EBIT + D&A.
    *   Let's check the Cash Flow Statement adjustments to verify D&A.
    *   `Ajustes Por Amortizacion Variacion De Provisiones YDeterioros` in Cash Flow is 848,000,000 EUR.
    *   The difference between the P&L charge (762m) and CF adjustment (848m) might be due to provisions usage/non-cash items or impairments.
    *   `Impairment Loss` in P&L is -15,000,000 EUR (a gain/reversal? Or loss? Negative expense usually means gain/reversal in some formats, or it's a loss presented as negative? Let's check context. `Profit Loss From Operating Activities` is 1,334. Revenue 11,195. Expenses: Raw Mat 3,483 + Employee 2,077 + Other 4,814 + Deprec/Prov 762 - Impairment (-15) + Other Gains 13 + Equity Income 159.
    *   Let's sum expenses: 3,483 + 2,077 + 4,814 + 762 = 11,136.
    *   Revenue 11,195 - 11,136 = 59.
    *   Add/Subtract other items:
        *   Impairment: -15. If this is a reversal (gain), it adds to profit. 59 + 15 = 74.
        *   Other Gains/Losses: 13. 74 + 13 = 87.
        *   Equity Method Result: 159. 87 + 159 = 246.
    *   This does not match `Profit Loss From Operating Activities` of 1,334.
    *   Let's re-read the P&L structure.
    *   Revenue: 11,195
    *   Other Income: 1,016
    *   Total Income: 12,211
    *   Expenses:
        *   Changes in Inventories: -72 (This is a reduction in expense or increase in income? Usually "Changes in inventories of finished goods" is added to revenue or subtracted from cost. If negative, it reduces the cost of goods sold or increases expense? In many formats, this is part of the production cost calculation. Let's look at "Raw Materials Used" 3,483.
        *   Employee Benefits: 2,077
        *   Other Expense: 4,814
        *   Depreciation/Provisions: 762
        *   Impairment: -15
        *   Other Gains/Losses: 13
    *   Let's try: Revenue (11,195) + Other Income (1,016) + Change in Inventories (-72) - Raw Materials (3,483) - Employee (2,077) - Other Expense (4,814) - Depreciation (762) - Impairment (-15) + Other Gains (13) + Equity Income (159).
    *   Sum: 11,195 + 1,016 - 72 - 3,483 - 2,077 - 4,814 - 762 + 15 + 13 + 159 = ?
    *   12,211 - 72 = 12,139
    *   12,139 - 3,483 = 8,656
    *   8,656 - 2,077 = 6,579
    *   6,579 - 4,814 = 1,765
    *   1,765 - 762 = 1,003
    *   1,003 + 15 (reversal) = 1,018
    *   1,018 + 13 = 1,031
    *   1,031 + 159 = 1,190.
    *   Still not 1,334. There might be "Other Income" components or classification differences.
    *   However, we have the explicit line `Profit Loss From Operating Activities`: **1,334,000,000 EUR**.

    To get EBITDA, we add back Depreciation and Amortization.
    The line `Dotacion Amortizacion YVariacion De Provisiones` is **762,000,000 EUR**.
    The Cash Flow statement shows `Ajustes Por Amortizacion Variacion De Provisiones YDeterioros` as **848,000,000 EUR**.
    The difference (848 - 762 = 86) likely relates to provisions movements or impairments not in the main depreciation line.
    S&P EBITDA generally adds back D&A and Impairments.
    Let's use the Cash Flow adjustment for "Amortization, Provisions, and Impairments" as a proxy for the total non-cash add-backs to Operating Profit, but we must be careful with "Provisions". Changes in provisions are not always EBITDA add-backs if they are operating expenses. However, `Dotacion` usually refers to the expense charged.
    
    Let's stick to the standard reconstruction:
    EBITDA = Operating Profit + Depreciation & Amortization.
    Operating Profit = 1,334 million.
    Depreciation & Amortization: The specific D&A figure is often separated from provisions. The line is combined.
    Let's look at `Purchase of PPE...` (Capex) 2,195m.
    
    Alternative Calculation:
    EBITDA = Revenue - Operating Expenses (excluding D&A).
    Revenue: 11,195
    Other Income: 1,016
    Raw Materials: (3,483)
    Employee Benefits: (2,077)
    Other Expense: (4,814)
    Change in Inventories: (72) -> This is likely a cost increase or decrease. If it's negative, it usually means inventory decreased, releasing cost, or it's an expense. Let's assume it's an expense component.
    
    Let's try summing the expenses excluding D&A and Impairment:
    Total Operating Expenses reported in nature:
    Raw Materials: 3,483
    Employee: 2,077
    Other: 4,814
    Change in Inv: -72 (Let's assume this reduces the cost base or is a negative expense, i.e., income effect? Or is it an expense of -72? If inventory drops, COGS is higher than purchases. If it rises, COGS is lower. The sign convention varies. Given `Profit from Ops` is high, let's trust the `Profit Loss From Operating Activities` line).
    
    Let's use the `Adjustments For Reconcile Profit Loss` from Cash Flow.
    Net Profit: 615
    Adjustments: 927
    Operating Cash Flow before working capital: 615 + 927 = 1,542?
    Wait, `Cash Flows From Used In Operating Activities` is 1,648.
    
    Let's go back to EBITDA = EBIT + D&A.
    EBIT (Operating Profit) = 1,334 million.
    D&A: The line `Dotacion Amortizacion...` is 762 million. This includes provisions.
    Impairment: -15 million.
    
    If we assume the 762m is mostly D&A, EBITDA ≈ 1,334 + 762 = 2,096 million.
    
    Let's check if there is a more precise D&A number.
    In the Cash Flow, `Ajustes Por Amortizacion...` is 848 million. This is likely the total non-cash charge added back to Net Income to get to Operating Cash Flow (before working capital).
    Net Income (615) + Adjustments (927) = 1,542.
    The adjustments include D&A, Impairment, Deferred Tax, etc.
    
    Let's look at `Finance Costs` (256) and `Tax` (254).
    EBT = 869.
    EBIT = EBT + Finance Costs - Finance Income?
    EBIT = 869 + 256 - 47 = 1,078?
    But `Profit Loss From Operating Activities` is 1,334.
    The difference (1,334 - 1,078 = 256) is exactly the Finance Costs? No.
    1,334 (Op Profit) + 159 (Equity Income) + 13 (Other Gains) - 15 (Impairment) ...
    
    Actually, `Profit Loss From Operating Activities` in IFRS often *includes* share of associates.
    If EBITDA is defined as Earnings Before Interest, Tax, Depreciation, and Amortization, we should start from Operating Profit.
    
    Let's assume **EBITDA = Operating Profit + D&A**.
    Operating Profit = 1,334 million.
    D&A = ?
    The line `Dotacion Amortizacion YVariacion De Provisiones` is 762 million.
    If we assume provisions are a small part or S&P adds them back as non-cash/normalization, we might use 762.
    However, the Cash Flow adjustment for "Amortization, Provisions and Impairment" is 848 million.
    Let's use **848 million** as the add-back for D&A, Impairments, and Provisions, as this is the cash-flow reconciled non-cash charge related to operations.
    
    So, **Unadjusted EBITDA** = 1,334 + 848 = **2,182 million EUR**.
    
    **Adjustments to EBITDA:**
    *   **Lease Adjustment:** The baseline formula says `Adjusted_EBITDA = EBITDA ... + adjustment_leases`.
        S&P often adds back the interest portion of lease payments to EBITDA (or treats EBITDA as pre-lease interest). However, the standard S&P definition for "Adjusted EBITDA" in the context of the Debt/EBITDA ratio usually includes the EBITDA reported by the company, which may or may not include lease interest.
        Under IFRS 16, EBITDA is typically higher because rent expense is replaced by depreciation (in EBIT) and interest (below EBIT). So reported EBITDA (EBIT + D&A) already excludes the interest part of leases (since interest is below EBIT) and includes the depreciation of ROU assets.
        S&P's "Adjusted EBITDA" often adds back the *interest* on leases to make it comparable to pre-IFRS 16 or to align with debt service coverage.
        Interest on leases can be estimated.
        Total Lease Liabilities: 511 million.
        Average Lease Liability: (511 + (430+68=498)) / 2 ≈ 505 million.
        Implied interest rate? Finance costs are 256 million on total debt of ~7.9 billion. Rate ≈ 3.2%.
        Lease Interest ≈ 505 * 3.2% ≈ 16 million.
        Alternatively, `Payments Of Lease Liabilities Classified As Financing Activities` is 120 million. This is principal + interest? No, financing cash flow usually separates interest if classified as operating. Here `Interest Paid Classified As Operating Activities` is 209 million.
        If lease interest is in operating cash flow, it was deducted to get Net Income, but added back to get EBITDA?
        Under IFRS, lease interest is a finance cost. So it is NOT in Operating Profit. Therefore, it is NOT in EBITDA (if EBITDA is derived from Operating Profit).
        Wait. EBITDA = Operating Profit + D&A.
        Operating Profit (1,334) is before Finance Costs (256).
        So Operating Profit does NOT include lease interest deduction.
        Therefore, the EBITDA calculated (2,182) does NOT have lease interest deducted.
        So no add-back for lease interest is needed if we start from Operating Profit.
        
    *   **Non-recurring items:**
        `Impairment Loss` is -15 million (Gain). We subtracted it (added it back to profit) in the 848 add-back?
        The 848 add-back includes impairments. If it's a gain (-15), it reduced the expense.
        Let's refine the EBITDA calculation.
        EBITDA = Revenue - Cash Operating Expenses.
        Revenue: 11,195
        Other Income: 1,016
        Raw Materials: (3,483)
        Employee: (2,077)
        Other Expense: (4,814)
        Change in Inv: (72)
        
        Sum: 11,195 + 1,016 - 3,483 - 2,077 - 4,814 - 72 = 765 million?
        This seems low compared to 2,182.
        Where is the rest?
        `Resultado De Puesta En Equivalencia Operativa` (Equity Income): 159. This is usually below EBITDA.
        `Other Gains Losses`: 13.
        
        Let's look at the difference between 765 and 1,334 (Op Profit).
        1,334 - 765 = 569.
        This difference is likely the D&A/Provisions/Impairment and Equity Income.
        If we add back D&A (approx 762-848 range), we get ~1,500-1,600.
        
        Let's use the explicit `Profit Loss From Operating Activities` of 1,334.
        Add back `Dotacion Amortizacion...` of 762.
        EBITDA = 1,334 + 762 = 2,096 million.
        
        Is there any other adjustment?
        S&P often adjusts for "Non-controlling interests" if calculating for the parent, but the ratio is usually for the consolidated entity.
        
        Let's assume **Adjusted EBITDA = 2,096 million EUR**.
        (Using 762m as the D&A add-back is conservative and directly from the P&L expense line corresponding to operating activities).

### Step 4: Calculate the Ratio

*   **Adjusted Debt**: 5,568 million EUR
*   **Adjusted EBITDA**: 2,096 million EUR

Ratio = 5,568 / 2,096 ≈ 2.656

Let's double check the Debt calculation.
If `Participaciones Preferentes` (3,101 + 1,139 = 4,240 million) are treated as Equity (common for hybrids in utility ratings), the debt would be significantly lower.
Debt without Preferreds:
Loans Noncurrent: 2,624
Loans Current: 553
Leases: 511
Total Debt = 3,688 million.
Adj Debt = 3,688 - 2,360 (Cash) = 1,328 million.
Ratio = 1,328 / 2,096 = 0.63.

However, the prompt lists them under "Liabilities". In the absence of specific instruction to reclassify hybrids, and given the baseline formula `reported_debt + ... + hybrid_debt_portion`, if they are reported as debt, they are included. If they are hybrids, we add the "hybrid debt portion". If the instrument is 100% debt-like, we add 100%. If it's 50/50, we add 50%.
Preferred shares in Spanish utilities (Acciona) are often perpetual subordinated debt. S&P typically gives 50% equity credit for such instruments if they meet certain criteria.
If we apply a 50% equity credit:
Hybrid Debt Portion = 50% of 4,240 = 2,120 million.
Reported Debt (Loans + Leases) = 2,624 + 553 + 511 = 3,688 million.
Adjusted Debt = 3,688 + 2,120 = 5,808 million.
Less Cash: 2,360.
Net Adj Debt = 3,448 million.
Ratio = 3,448 / 2,096 = 1.64.

Let's look at the `Equity` section. `Participaciones Preferentes` are NOT in Equity. They are in Liabilities.
Standard S&P methodology for "Adjusted Debt" includes the full amount of debt-like hybrids unless an equity credit is explicitly applied. The prompt asks to estimate based on the facts. Without explicit equity credit instructions, including the full liability amount is the most direct interpretation of "reported_debt".

However, Acciona is a "Regulated Utility" / "Unregulated Power" mix.
In the **Regulated Utilities** section, it mentions: "We deconsolidate securitized debt...". It doesn't mention hybrid equity credits explicitly in the text provided.
In the **General Corporate** baseline, it says `+ hybrid_debt_portion`.

Let's consider the source of the data. Acciona's net debt is often reported by the company excluding hybrids or treating them as equity.
Company Reported Net Debt (often): Gross Debt - Cash.
If we look at Acciona's 2022 Annual Report externally, their Net Financial Debt was around 3.5-4 billion EUR.
My calculation of 5,568m (including full preferreds) seems high.
My calculation of 1,328m (excluding preferreds) seems low.
The 50% credit (3,448m) aligns well with typical reported net debt figures for Acciona (~3.5bn).

Let's assume a standard 50% equity credit for the `Participaciones Preferentes` as they are typical hybrid instruments in this sector.
Reported Interest Bearing Debt (Loans): 2,624 + 553 = 3,177 million.
Leases: 511 million.
Hybrids (Preferreds): 4,240 million.
Hybrid Debt Portion (50%): 2,120 million.
Total Adjusted Gross Debt = 3,177 + 511 + 2,120 = 5,808 million.
Less Cash: 2,360 million.
**Adjusted Net Debt** = 3,448 million.

**Adjusted EBITDA**:
Using 2,096 million.

**Ratio**: 3,448 / 2,096 = 1.645...

Rounding to two decimal places: 1.65.

If I do NOT apply the 50% credit and treat them as 100% debt:
Adj Debt = 5,568.
Ratio = 5,568 / 2,096 = 2.66.

Given Acciona's investment grade rating target and typical leverage, 1.6x-2.0x is a common range. 2.66x is also possible but on the higher side. However, without explicit instruction to apply an equity credit, the "baseline formula" `reported_debt + hybrid_debt_portion` implies we identify the portion. If we don't know the portion, do we assume 100%?
The items are `Participaciones Preferentes`. These are legally debt in the balance sheet.
Let's look at the `Finance Costs`. 256 million.
If Debt is 7.9bn, interest rate is 3.2%.
If Debt is 3.7bn (loans+leases), interest rate is 6.9%.
3.2% is a more realistic blended rate for a utility with long-term debt. This suggests the Preferreds (which often have lower coupon rates or deferred interest) are acting as debt.

I will provide the ratio based on the **full inclusion** of reported financial liabilities classified as debt, minus cash, as this is the most robust interpretation of "reported_debt" from the provided facts without external assumptions about equity credits.

Adjusted Debt = 7,928 - 2,360 = 5,568.
Adjusted EBITDA = 2,096.
Ratio = 2.656 -> 2.66.

<answer>2.66</answer>