**Step 1: Identify the relevant industry**

Naturgy Energy Group S.A. is a multinational energy company involved in the distribution and supply of natural gas and electricity, as well as power generation. The provided methodologies cover "Regulated Utilities," "Oil And Gas Exploration And Production," "Unregulated Power And Gas," and "Transportation Infrastructure."

Naturgy operates primarily in regulated distribution networks (gas and electricity) in Spain and other jurisdictions, which fits the **Regulated Utilities** sector description ("Companies that provide an essential or near-essential infrastructure product... subject to comprehensive regulation"). While it has unregulated generation and supply activities, the core business model and significant portion of its assets/revenue are tied to regulated networks. S&P typically classifies such integrated utilities with significant regulated asset bases under Regulated Utilities, applying specific adjustments for leases and pension deficits if material. Given the prompt's structure, we will apply the **Regulated Utilities** methodology, which generally follows the standard corporate baseline for debt/EBITDA but includes specific considerations for leases (capitalizing operating leases, though IFRS 16 already does this on the balance sheet, S&P often adds back the lease liability to debt and adds back lease expense to EBITDA or treats them consistently). However, under IFRS 16, "Right-of-use Assets" and "Lease Liabilities" are already recognized. S&P's standard adjustment for utilities often involves adding the full lease liability to debt and adding the implied interest/rent back to EBITDA if not already fully captured, or simply using the reported figures if they align. A key S&P adjustment for utilities is often related to **pension deficits** and **hybrid debt**.

Let's look at the data provided.
*   **Debt Components:**
    *   Noncurrent Financial Liabilities: 13,999,000,000 EUR
    *   Current Financial Liabilities: 2,302,000,000 EUR
    *   Noncurrent Lease Liabilities: 1,309,000,000 EUR
    *   Current Lease Liabilities: 177,000,000 EUR
    *   Total Reported Debt (Financial + Leases) = (13,999 + 2,302) + (1,309 + 177) = 16,301 + 1,486 = 17,787 million EUR.

*   **Cash:**
    *   Cash And Cash Equivalents: 3,985,000,000 EUR.

*   **EBITDA:**
    *   The report explicitly states "Beneficio Bruto De Explotacion Ebitda" for 2022 is 4,954,000,000 EUR.

*   **Adjustments:**
    *   **Leases:** Under S&P methodology for utilities, lease liabilities are typically treated as debt. Since they are already included in the financial liabilities breakdown (specifically listed as Lease Liabilities), we include them in Adjusted Debt. For EBITDA, S&P often adds back the operating lease rent expense. However, under IFRS 16, the EBITDA reported by the company usually excludes depreciation of ROU assets and interest on lease liabilities, effectively making Reported EBITDA closer to S&P Adjusted EBITDA regarding leases, *unless* the company's internal EBITDA definition differs. The line item "Beneficio Bruto De Explotacion Ebitda" is typically EBITDA. We will assume this is the starting point. S&P may add back non-cash items or normalize. Without specific pension deficit data (only "Defined Benefit Plans" OCI info is given, not the net liability status on the balance sheet explicitly as a single deficit number to add to debt, though "Noncurrent Provisions" might contain it, we don't have a breakdown), we will stick to the explicit debt and cash figures.
    *   **Hybrid Debt:** There is no explicit mention of hybrid instruments classified as equity that need to be reclassified as debt in the provided facts. We will assume none or that they are negligible/not identifiable from the text.
    *   **Pension Deficit:** We do not have a clear "Net Pension Liability" figure to add to debt. The balance sheet has "Noncurrent Provisions" (1,656m) and "Current Provisions" (700m), but these include other items. Without specific data, we cannot adjust for pension deficit.
    *   **Joint Ventures:** The company has "Investments In Associates Accounted For Using Equity Method" (656m). S&P often proportionally consolidates JVs for utilities. However, without the revenue/EBITDA/Debt of these associates, we cannot perform this adjustment. We will proceed with the consolidated figures provided.

**Step 2: Estimate Adjusted Debt**

Formula: `Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

*   **Reported Debt (Interest-bearing):**
    *   Long-term Borrowings: 12,689,000,000 EUR
    *   Current Borrowings: 2,110,000,000 EUR
    *   Other Noncurrent Financial Liabilities: 1,000,000 EUR
    *   Other Current Financial Liabilities: 15,000,000 EUR
    *   *Note: The sum of Noncurrent Financial Liabilities (13,999) and Current Financial Liabilities (2,302) includes the lease liabilities. Let's break it down carefully.*
    *   Noncurrent Financial Liabilities (13,999) = Long-term Borrowings (12,689) + Noncurrent Lease Liabilities (1,309) + Other (1). This matches (12,689 + 1,309 + 1 = 13,999).
    *   Current Financial Liabilities (2,302) = Current Borrowings (2,110) + Current Lease Liabilities (177) + Other (15). This matches (2,110 + 177 + 15 = 2,302).
    *   Total Interest-Bearing Debt including Leases = 13,999 + 2,302 = 16,301 million EUR.

*   **Leases:** Already included in the financial liabilities above. S&P treats lease liabilities as debt. So, Total Debt before cash = 16,301 million EUR.

*   **Pension Deficit/Guarantees/Hybrids:** No specific data provided to adjust. We assume 0 adjustment.

*   **Eligible Cash:**
    *   Cash And Cash Equivalents: 3,985,000,000 EUR.
    *   S&P typically deducts unrestricted cash and short-term investments. We have "Other Current Financial Assets" of 408m. These might be eligible cash equivalents or short-term investments. However, "Cash And Cash Equivalents" is the standard deduction. Let's stick to the explicit "Cash And Cash Equivalents" line item as the primary eligible cash, as "Other Current Financial Assets" might include restricted items or derivatives. To be conservative and standard, we deduct Cash and Cash Equivalents.
    *   Eligible Cash = 3,985 million EUR.

*   **Adjusted Debt Calculation:**
    *   Adjusted Debt = 16,301 - 3,985 = 12,316 million EUR.

**Step 3: Estimate Adjusted EBITDA**

Formula: `Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ...`

*   **Reported EBITDA:**
    *   "Beneficio Bruto De Explotacion Ebitda" for 2022: 4,954,000,000 EUR.

*   **Adjustments:**
    *   **Leases:** Under IFRS 16, EBITDA is generally reported after deducting operating expenses but before interest, tax, depreciation, and amortization. The depreciation of ROU assets and interest on lease liabilities are excluded from EBITDA. Therefore, the reported EBITDA is already "pre-lease interest/depreciation". S&P often adds back the *operating lease rent* if using old standards, but with IFRS 16, the reported EBITDA is typically consistent with S&P's definition of EBITDA regarding leases (i.e., no add-back needed for the lease *expense* because it's split into dep/interest, both below EBITDA). However, sometimes S&P adds back the *implied* rent if they view the lease liability adjustment differently, but usually, for IFRS reporters, Reported EBITDA is the starting point and is largely compatible. We will use the reported EBITDA.
    *   **Non-recurring items:** The facts show "Other Gains Losses" of -111m (loss) and "Gains On Disposals" of 8m. "Increase Decrease In Allowance Account For Credit Losses" is -228m. These are likely included in the EBITDA calculation or are operating items. The line "Beneficio Bruto De Explotacion Ebitda" is a standard subtotal. Without specific notes identifying significant non-recurring items to add back or remove, we use the reported figure.
    *   **Joint Ventures:** As noted, we cannot proportionally consolidate without JV financials. We use the consolidated EBITDA.

*   **Adjusted EBITDA Calculation:**
    *   Adjusted EBITDA = 4,954 million EUR.

**Step 4: Calculate the Ratio**

*   Adjusted Debt = 12,316 million EUR
*   Adjusted EBITDA = 4,954 million EUR
*   Ratio = 12,316 / 4,954

Calculation:
12,316 / 4,954 ≈ 2.48607...

Rounding to two decimal places: 2.49

<answer>2.49</answer>