To estimate the S&P-adjusted FFO-to-debt ratio for ENGIE for the fiscal year ended December 31, 2022, we follow the workflow based on the provided facts and industry methodologies.

### Step 1: Identify the Relevant Industry

ENGIE is a global energy and services group. Its activities span regulated utilities (electricity and gas distribution), unregulated power generation (renewables, nuclear, thermal), and energy services.
*   **Regulated Utilities:** ENGIE has significant regulated network activities, particularly in France and other European countries.
*   **Unregulated Power and Gas:** ENGIE has a large portfolio of merchant power generation and retail supply activities.
*   **Oil and Gas:** While ENGIE has upstream activities, they are not the primary driver compared to its utility and power generation segments.

S&P typically classifies diversified energy companies like ENGIE under **Unregulated Power and Gas** or a hybrid approach depending on the proportion of regulated vs. unregulated earnings. The provided text for "Unregulated Power and Gas" notes that if a company derives a significant proportion of cash flow from regulated activities with strong regulatory advantage, it might use the medial volatility table, but the core ratio calculation (FFO/Debt) remains standard. The "Regulated Utilities" section applies if the company is predominantly a regulated utility. Given ENGIE's significant exposure to merchant power markets and commodity trading (evidenced by the large "Purchases And Operating Derivatives" and volatility in operating income), it is best analyzed using the **Unregulated Power and Gas** methodology, or generally as a diversified utility where standard FFO/Debt adjustments apply. The prompt asks to estimate based on the facts. We will calculate FFO and Adjusted Debt using standard S&P corporate/utility adjustments derived from the provided line items.

### Step 2: Estimate Adjusted EBITDA

First, we reconstruct EBITDA from the Income Statement data provided for 2022 (2022-01-01 to 2023-01-01).

**Reported Data (in EUR millions):**
*   Profit Loss From Operating Activities (Operating Income): 1,127
*   Depreciation Amortization And Provisions: 5,187
*   Impairment Loss Reversal...: 2,774 (This is a gain/reversal, so it increases operating income but is non-cash/non-recurring in nature for EBITDA add-back purposes usually, but let's look at the structure).
*   Current Operating Income Including Operating Mtm: 4,309
*   Share Of Profit Loss Of Associates...: 1,059
*   Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities: 5,367

Let's calculate EBITDA starting from Operating Income (Profit Loss From Operating Activities):
Operating Income = 1,127
Add: Depreciation, Amortization, and Provisions = 5,187
Add: Impairment Losses (Net): The line item is "Impairment Loss Reversal...". A positive value indicates a net reversal (gain). In standard EBITDA calculations, we add back impairment *losses* and subtract impairment *reversals*. However, S&P Adjusted EBITDA often adds back non-recurring items. Let's look at the "Non Recurring Items".
"Other Non Recurring Items": -1,328 (Loss/Expense)
"Impairment Loss Reversal...": 2,774 (Gain)

Standard EBITDA = Operating Income + D&A + Net Impairment (if loss) - Net Impairment Reversal (if gain).
However, a more robust way for utilities is often:
EBITDA = Operating Income + D&A + Impairment (net).
Here, Operating Income (1,127) already includes the impact of the 2,774 reversal and the -1,328 non-recurring expense.
Let's verify the composition of Operating Income.
Usually: Operating Income = Gross Margin - OpEx - D&A - Impairment/Non-recurring.
So, EBITDA (unadjusted) = Operating Income + D&A + Net Impairment/Non-recurring adjustments to get to a cash-operating level.

Let's use the "Current Operating Income" metrics which are often closer to the recurring operational performance before specific non-recurring/MTM volatilities.
"Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities" = 5,367.
This metric includes Share of Associates (1,059). S&P FFO usually includes dividends from associates or proportionate share. Let's stick to the consolidated view.

Let's calculate EBITDA from the bottom up using the provided "Profit Loss From Operating Activities":
Operating Income: 1,127
Add: Depreciation, Amortization, and Provisions: 5,187
Add: Net Impairment/Non-recurring items included in Operating Income?
The "Impairment Loss Reversal" (2,774) is a positive item in the P&L. To get to EBITDA, we typically add back D&A. Do we add back impairment? Yes, usually. But since it's a reversal, it boosted income. So we subtract it to normalize? Or do we treat it as a non-recurring gain?
S&P Adjusted EBITDA adds back non-recurring losses and subtracts non-recurring gains.
Non-recurring items:
1. Impairment Reversal: 2,774 (Gain) -> Subtract from EBITDA? Or is it part of core? S&P often treats impairments as non-recurring. A reversal is a non-recurring gain.
2. Other Non Recurring Items: -1,328 (Loss) -> Add back to EBITDA.
3. Restructuring: 230 (Expense) -> Add back.
4. Other Income Expense From Subsidiaries...: 91.

Let's try a different path: **EBITDA = Revenue - Operating Expenses (excluding D&A, Impairment, Non-recurring)**.
We don't have a clean "Operating Expenses" line. We have "Purchases And Operating Derivatives" (74,535) and "Employee Benefits" (8,078).
Gross Profit approx = Revenue (93,865) - Purchases (74,535) = 19,330.
Operating Expenses = Employee Benefits (8,078) + Other OpEx?
We know Operating Income = 1,127.
Operating Income = Gross Profit - Employee Benefits - Other OpEx - D&A - Impairment/Non-recurring.
1,127 = 19,330 - 8,078 - Other OpEx - 5,187 - (Net Non-Recurring/Impairment).
Let's assume "Other OpEx" is embedded or small.
Actually, let's use the **Cash Flow from Operations** approach to derive FFO directly, as S&P FFO is often derived from CFO with adjustments, or from EBITDA - Cash Interest - Cash Taxes.

Let's calculate **Adjusted EBITDA**:
Start with **Operating Income**: 1,127
Add **D&A**: 5,187
Add **Impairment/Non-recurring adjustments**:
The "Impairment Loss Reversal" of 2,774 is a gain. We subtract it to normalize?
The "Other Non Recurring Items" of -1,328 is a loss. We add it back.
Restructuring: 230. Add back.
So, Normalized Operating Income before D&A = 1,127 + 5,187 - 2,774 (reversal) + 1,328 (loss) + 230 (restructuring) = 5,098.
Wait, this seems low compared to "Current Operating Income" of 4,309 (which excludes some non-recurring but includes MTM).
Let's look at **Current Operating Income Including Operating Mtm**: 4,309.
Add D&A: 5,187.
EBITDA (Current) = 4,309 + 5,187 = 9,496.
This metric "Current Operating Income" typically excludes non-recurring items like impairments and restructuring but includes Mark-to-Market (MTM) on derivatives. S&P often adjusts for MTM volatility in utilities/energy.
The "Adjustments For Gains Losses On Change In Fair Value Of Derivatives" in the Cash Flow statement is -3,661. This suggests a large non-cash gain or loss adjustment.
In 2022, energy prices were volatile. ENGIE likely had significant MTM gains/losses.
S&P methodology for Unregulated Power/Gas often normalizes MTM.
However, without explicit instruction to remove MTM, and given the complexity, let's look at the **FFO** definition: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.

Let's estimate **Cash Interest** and **Cash Taxes**.
**Cash Interest**:
Finance Costs: 3,700
Finance Income: 697
Net Financial Income Loss: -3,003.
Interest Paid Classified As Financing Activities: 822.
Interest Received On Cash And Cash Equivalents: -194 (This is likely an inflow, presented as negative in some cash flow formats or just a label quirk? Usually "Interest Received" is an inflow. In the cash flow section: "Interest Received Classified As Investing Activities" is -370. "Interest Received On Cash And Cash Equivalents" is -194.
Wait, looking at the signs in the Cash Flow section:
"Dividends Paid...": 2,665 (Outflow, positive number in this report's convention? No, usually outflows are negative. Let's check "Cash Flows From Used In Operating Activities": 8,586 (Positive, so Inflow).
"Purchase Of Property...": 6,379 (Positive? No, "Cash Flows Used In...").
Let's check the sum:
CFO Continuing: 8,488.
CFO Discontinued: 98.
Total CFO: 8,586.
CFI Continuing: -1,167.
CFI Discontinued: -3,123.
Total CFI: -4,290.
CFF Continuing: -5,997.
CFF Discontinued: 3,019.
Total CFF: -2,979.
Net Change in Cash = 8,586 - 4,290 - 2,979 + FX (363) = 1,680. Matches "Increase Decrease In Cash...": 1,680.
So, positive numbers are inflows, negative are outflows?
"Purchase Of Property...": 6,379. This is listed under Investing. But the total CFI is -4,290.
Let's look at the components of CFI Continuing: -1,167.
Components:
Purchase PPE: 6,379 (Should be outflow).
Cash Flows Used In Obtaining Control: 289 (Outflow).
Purchase Interests Equity: 407 (Outflow).
Other Cash Payments...: -175 (Inflow?).
Proceeds Disposals: 173 (Inflow).
Cash Flows From Losing Control: 6,728 (Inflow).
Proceeds Sales Equity: 1,461 (Inflow).
Other Cash Receipts: 268 (Inflow).
Interest Received Investing: -370 (Inflow?).
Dividends Received Investing: 18 (Inflow).
Change In Loans...: 2,877 (Inflow?).
Sum: -6379 - 289 - 407 + 175 + 173 + 6728 + 1461 + 268 - 370 + 18 + 2877 = ?
-7075 + 11623 = 4548. This does not match -1,167.
The signs in the provided text for Cash Flow items seem inconsistent or specific to the report's presentation (e.g., expenses might be positive numbers in the list but treated as outflows in the sum).
However, "Interest Paid Classified As Financing Activities" is 822. Since it's a cost, it's an outflow.
"Cash Interest" for FFO is typically the cash interest paid.
Cash Interest Paid = 822 (Financing) + potentially some operating?
S&P usually takes **Interest Paid** from the cash flow statement.
Total Interest Paid = Interest Paid Classified As Financing (822) + Interest Paid Classified As Operating (if any).
The text lists "Interest Paid Classified As Financing Activities": 822.
It does not list Interest Paid in Operating.
So, **Cash Interest ≈ 822**. (Note: This seems low relative to Finance Costs of 3,700. This might be due to capitalized interest, non-cash interest, or timing. However, FFO uses *cash* interest. We will use 822).
Wait, ENGIE is a large company. 822M interest paid on ~40B debt is ~2%. This is very low.
Let's re-read the Cash Flow labels.
"Finance Costs": 3,700.
"Interest Paid Classified As Financing Activities": 822.
Is it possible the number is 3,700? No, that's accrual.
Maybe the 822 is net?
Let's look at "Net Financial Income Loss": -3,003.
If we use the accrual Finance Costs (3,700) minus Finance Income (697) = 3,003 net cost.
S&P FFO definition: `FFO = Adjusted EBITDA - Cash Interest - Cash Taxes`.
If Cash Interest is truly 822, we use that. If the data implies a different convention, we must be careful.
However, often "Interest Paid" in cash flows for utilities might be netted or presented differently.
Let's look at "Income Taxes Paid".
"Income Taxes Paid Refund Classified As Operating Activities": 1,504.
Positive number. In the context of "Cash Flows From Used In Operating Activities" being positive (inflow), a tax *payment* would be an outflow (negative). A tax *refund* would be an inflow (positive).
The label says "Paid Refund".
"Income Tax Expense Continuing Operations": -83 (Benefit).
If tax expense is a benefit, they might have received a refund.
So Cash Tax = -1,504 (Inflow/Refund)? Or is 1,504 the payment?
Given the Expense is -83 (a credit), it is likely a net refund situation or deferred tax asset recognition.
If "Income Taxes Paid...": 1,504 is a positive number in a list where Outflows are usually negative (like CFI/CFF totals), but CFO is positive...
Let's check the CFO calculation again.
"Cash Flows From Used In Operations Before Changes In Working Capital": 12,415.
"Income Taxes Paid...": 1,504.
"Increase Decrease In Working Capital": 2,424.
"Cash Flows From Used In Operating Activities Continuing Operations": 8,488.
12,415 + 2,424 = 14,839.
14,839 - 8,488 = 6,351 difference.
Where is the tax?
Usually: CFO = EBITDA - Cash Interest - Cash Taxes - Change in WC.
If 12,415 is "Before WC" and "Before Tax/Interest"?
The label is "Cash Flows From Used In Operations Before Changes In Working Capital". This usually means after interest and taxes? Or before?
Standard indirect method: Net Income + D&A ... = CFO before WC.
If 12,415 is the subtotal before WC, and the final CFO is 8,488, and WC change is 2,424...
12,415 + 2,424 = 14,839. This is higher than 8,488.
There must be other outflows not listed in the summary lines, or the signs are mixed.
Actually, "Income Taxes Paid" is often a separate line item subtracted.
If 1,504 is a payment (outflow), it should be subtracted.
12,415 - 1,504 (Tax) - Interest? + 2,424 (WC) = 8,488?
12,415 - 1,504 + 2,424 = 13,335. Still not 8,488.
Missing ~4,800.
Perhaps "Interest Paid" is also subtracted.
13,335 - 822 (Interest) = 12,513. Still not 8,488.
There are likely other adjustments (e.g., dividends from associates, etc.) included in the "Before WC" figure or the WC figure is net of something else.

Let's rely on the standard S&P FFO approximation for Utilities:
**FFO ≈ Funds From Operations**.
S&P often defines FFO as:
`Net Income + D&A + Deferred Taxes + Non-Cash Items - Gains on Sales of Assets`.
Or `EBITDA - Cash Interest - Cash Taxes`.

Let's try calculating FFO from Net Income.
Net Income (Profit Loss): 390.
Add: D&A: 5,187.
Add: Deferred Taxes?
"Income Tax Expense": -83.
"Deferred Tax Liabilities" change: 7,738 (2021) -> 6,408 (2022). Decrease of 1,330.
"Deferred Tax Assets" change: 1,181 (2021) -> 2,029 (2022). Increase of 848.
Net Deferred Tax Expense/Benefit?
Change in Net DTL = -1,330. Change in Net DTA = +848.
Total Deferred Tax Benefit (increase in liability is expense, decrease is benefit; increase in asset is benefit, decrease is expense).
Decrease in DTL = Benefit (add back to NI? No, DTL decrease means we paid less tax than expense? Or we reversed a liability).
Let's use the Cash Tax paid directly if possible.
If we assume the "Income Taxes Paid" line of 1,504 is a refund (inflow) because Tax Expense was negative (-83), then Cash Tax = -1,504.
If Cash Interest = 822 (outflow).
FFO = Adjusted EBITDA - 822 - (-1,504) = Adjusted EBITDA + 682.

Let's estimate **Adjusted EBITDA** more carefully.
Using "Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities": 5,367.
This includes Share of Associates (1,059).
S&P FFO typically includes **Dividends from Associates**, not the full equity pick-up, unless it's a proportionate consolidation (which S&P doesn't do, but adjusts).
However, for FFO, we often start with EBITDA.
EBITDA = Operating Income + D&A.
Operating Income (Reported): 1,127.
D&A: 5,187.
Reported EBITDA = 6,314.
Adjustments:
1. **Non-recurring items**:
   - Impairment Reversal (2,774): This is a gain included in Operating Income. We should subtract it to normalize.
   - Other Non-Recurring (-1,328): This is a loss. Add it back.
   - Restructuring (230): Add back.
   - Other Income/Expense from Subsidiaries (91): Likely non-operating/non-recurring? Add back if expense, subtract if gain. It's positive 91, so gain? Or expense? "Other Income Expense...". Usually positive is income. Subtract 91.
   
   Adjusted Operating Income = 1,127 - 2,774 + 1,328 + 230 - 91 = -180.
   Adjusted EBITDA = -180 + 5,187 = 5,007.

2. **Share of Associates**:
   Reported Operating Income (1,127) *excludes* the share of associates?
   "Current Operating Income Including Operating Mtm" (4,309) vs "Current Operating Income... And Share In Net Income Of Equity Method Entities" (5,367).
   Difference is 1,058 (matches Share of Profit 1,059).
   So Reported Operating Income (1,127) likely *excludes* the equity pick-up?
   Let's check: "Profit Loss From Operating Activities" is usually before equity income.
   If so, we need to add the **Cash Dividends from Associates** to FFO.
   "Adjustments For Dividend Income": -713.
   This line in Cash Flow usually adjusts Net Income to CFO. If it's negative, it might mean dividends received were higher than income recognized? Or vice versa.
   Actually, in Indirect Cash Flow: Net Income includes Equity Pick-up (non-cash). We subtract Equity Pick-up and add Dividends Received.
   If "Adjustments For Undistributed Profits..." is 1,059 (same as income), it implies 0 dividends?
   No, "Adjustments For Dividend Income" is -713.
   This suggests Dividends Received = 713?
   S&P FFO adds **Dividends from Associates**.
   So, FFO = Adjusted EBITDA (from ops) + Dividends from Associates - Cash Interest - Cash Taxes.
   
   Let's refine Adjusted EBITDA from Core Operations.
   Core Operating Income (excluding equity, excluding non-recurring, excluding MTM?):
   The "Current Operating Income Including Operating Mtm" is 4,309.
   This excludes the non-recurring items (Impairment, Restructuring, etc.) which are in the "Non Recurring" lines below it in the P&L structure usually.
   So, 4,309 is a good proxy for Recurring Operating Income before D&A?
   No, "Current Operating Income" is usually *after* D&A.
   So, Recurring EBITDA = 4,309 + 5,187 = 9,496.
   
   Now, adjust for MTM?
   S&P often normalizes MTM for utilities.
   "Adjustments For Gains Losses On Change In Fair Value Of Derivatives" in Cash Flow is -3,661.
   This implies the MTM gain/loss in P&L was reversed in Cash Flow.
   If the MTM was a gain, it's subtracted. If loss, added.
   In 2022, with high volatility, ENGIE likely had large MTM swings.
   If we assume S&P removes MTM volatility, we should look at the "Operating Mtm" part of the label.
   However, without a clear "Normalized EBITDA" provided, and given the "Current Operating Income" *includes* Operating MTM, we might need to adjust it.
   But often, for S&P ratings, if the MTM is part of the core trading book (unregulated), it might be kept.
   Let's assume **Adjusted EBITDA = 9,496** (using Current Op Inc + D&A).
   
   Add: Dividends from Associates.
   From Cash Flow: "Dividends Received Classified As Investing Activities": 18.
   "Adjustments For Dividend Income": -713.
   This is confusing. Let's look at "Share Of Profit...": 1,059.
   If Undistributed Profits adjustment is 1,059, it means all profits were undistributed?
   Then Dividends = 0?
   But "Dividends Received" is 18.
   Let's assume **Dividends from Associates = 18**.
   
   So, **FFO Pre-Interest/Tax** = 9,496 + 18 = 9,514.
   
   **Cash Interest**: 822.
   **Cash Taxes**: 1,504 (Refund, so -1,504 cost).
   
   **FFO** = 9,514 - 822 - (-1,504) = 9,514 - 822 + 1,504 = **10,196**.

### Step 3: Estimate Adjusted Debt

**Reported Debt**:
Long-term Borrowings: 28,083
Current Borrowings: 12,508
Total Reported Debt = 40,591.

**Adjustments**:
1. **Leases**: Not explicitly broken out as "Lease Liabilities". IFRS 16 leases are often in "Other Noncurrent Financial Liabilities" or "Current Borrowings". ENGIE's debt usually includes lease liabilities. We will assume Reported Debt includes leases or they are immaterial relative to the total, or we lack specific data to add.
2. **Pension Deficit**:
   "Other Noncurrent Nonfinancial Liabilities": 3,646.
   "Noncurrent Provisions": 24,663.
   Pension deficits are often in Provisions or Other Liabilities.
   S&P adds the **Underfunded Pension Liability** to Debt.
   We don't have the explicit "Net Pension Deficit".
   However, "Gains Losses On Remeasurements Of Defined Benefit Plans" in OCI is 2,718 (Gain). This suggests the pension position improved.
   Without a specific "Net Pension Deficit" line, we might estimate it or assume it's included in provisions.
   Given the lack of specific pension deficit data, we might skip this adjustment or assume it's small/netted.
3. **Hybrid Debt**:
   "Deeply Subordinated Perpetual Notes": 3,393 (Equity section).
   S&P treats a portion of hybrids as debt. Typically 50% or 100% depending on terms.
   ENGIE's perpetual notes are often treated as 50% debt / 50% equity by rating agencies, or sometimes 100% equity if they are true equity.
   However, for "Adjusted Debt", S&P usually adds **50% of Hybrids** (or the full amount if they are debt-like).
   Let's assume **50% of 3,393 = 1,697** is added to Debt.
4. **Eligible Cash**:
   Cash and Cash Equivalents: 15,570.
   S&P nets **Unrestricted Cash** against Debt.
   Are there restrictions? "Cash And Cash Equivalents" is the line.
   Usually, S&P nets all cash unless restricted.
   So, Eligible Cash = 15,570.

**Adjusted Debt Calculation**:
Reported Debt: 40,591
+ Hybrid Debt Portion: 1,697 (50% of 3,393)
+ Pension Deficit: 0 (Assumed negligible or included)
- Eligible Cash: 15,570

Adjusted Debt = 40,591 + 1,697 - 15,570 = **26,718**.

### Step 4: Calculate FFO / Adjusted Debt

FFO = 10,196
Adjusted Debt = 26,718

Ratio = 10,196 / 26,718 ≈ 0.3816

Let's double check the FFO calculation.
Is "Current Operating Income" the right base?
Reported Operating Income: 1,127.
Non-recurring adjustments:
- Impairment Reversal: -2,774
- Other Non-recurring: +1,328
- Restructuring: +230
- Other Sub/Assoc: -91
Normalized Operating Income = 1,127 - 2,774 + 1,328 + 230 - 91 = -180.
Add D&A: 5,187.
Normalized EBITDA = 5,007.
This is significantly lower than 9,496.
Why the difference?
"Current Operating Income Including Operating Mtm" (4,309) vs "Profit Loss From Operating Activities" (1,127).
The difference is 3,182.
This difference is explained by the Non-recurring items and MTM?
Non-recurring items sum: -2,774 (Rev) + 1,328 (Loss) + 230 (Rest) - 91 (Other) = -1,307.
1,127 - (-1,307) = 2,434.
Still not 4,309.
The remaining difference (4,309 - 2,434 = 1,875) is likely the **Operating MTM**.
So, Current Operating Income (4,309) includes ~1,875 of MTM gains.
S&P methodology for Unregulated Power/Gas: Do we strip MTM?
If we strip MTM, EBITDA drops by 1,875.
Adjusted EBITDA (No MTM) = 5,007 (from Normalized Op Inc) + 5,187 (D&A) = 10,194?
Wait.
Normalized Operating Income (excluding Non-rec) = -180.
This -180 *excludes* the MTM?
No, "Profit Loss From Operating Activities" (1,127) includes EVERYTHING (MTM + Non-rec).
So, to get "Current Operating Income" (4,309), we add back Non-rec (-1,307 net impact? No, we subtracted gains and added losses).
Let's trace:
Op Inc (1,127) = Core Ops + MTM + Non-Rec.
Non-Rec Net Impact = -2,774 (Gain) + 1,328 (Loss) + 230 (Loss) - 91 (Gain) = -1,307.
So, Core Ops + MTM - 1,307 = 1,127.
Core Ops + MTM = 2,434.
But "Current Operating Income" is 4,309.
There is a discrepancy of ~1,875.
This might be due to the "Share of Associates" or other items.
Actually, "Current Operating Income" *excludes* Share of Associates?
No, the label "Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities" is 5,367.
So "Current Operating Income Including Operating Mtm" (4,309) excludes Share of Associates.
So Core Ops + MTM = 4,309?
If Core Ops + MTM = 4,309, and D&A = 5,187.
EBITDA (with MTM) = 9,496.

If S&P strips MTM:
We need to know the MTM amount.
The difference between "Current Operating Income" (4,309) and a "Normalized" figure?
We don't have a "Normalized excluding MTM" line.
However, the Cash Flow adjustment for "Gains Losses On Change In Fair Value Of Derivatives" is -3,661.
This suggests the P&L included a 3,661 Gain (or Loss) that was reversed.
If it was a Gain, it's subtracted in Cash Flow.
If ENGIE had a 3,661 MTM Gain, then Core Operating Income = 4,309 - 3,661 = 648.
Then Adjusted EBITDA = 648 + 5,187 = 5,835.
FFO = 5,835 + 18 (Divs) - 822 (Int) + 1,504 (Tax Refund) = 6,535.
Ratio = 6,535 / 26,718 = 0.2446.

If S&P *keeps* MTM (as it's part of the trading book for an unregulated player):
FFO = 10,196.
Ratio = 0.3816.

Given ENGIE is a major trader, S&P often views MTM as part of earnings but may cap volatility. However, in 2022, the MTM was likely distorted.
Standard S&P practice for "Unregulated Power and Gas" with significant trading: They often use **Normalized EBITDA** which smooths MTM.
But without explicit normalization factors, the "Current Operating Income" is the management's view of recurring performance *including* MTM.
Let's look at the "FFO" definition again.
If we use the **Cash Flow from Operations** (8,586) as a base?
CFO = 8,586.
S&P FFO = CFO + Cash Taxes + Cash Interest?
No, FFO = CFO + Cash Taxes + Cash Interest - Changes in Working Capital?
Actually, `FFO ≈ CFO + Cash Taxes + Cash Interest` is wrong because CFO already includes interest and taxes paid.
`FFO = Net Income + D&A + Deferred Taxes + Non-Cash Items`.
Let's stick to the EBITDA method.
Most likely, S&P would use the **Adjusted EBITDA** close to the "Current Operating Income" based metric, potentially adjusting for the extreme MTM.
However, 0.38 is a reasonable leverage ratio for a utility. 0.24 is very strong.
ENGIE's actual S&P rating is BBB+ (stable).
Typical FFO/Debt for BBB+ Utilities is ~3.5x - 4.0x? No, FFO/Debt of 0.35-0.40 is consistent with BBB/BBB+.
(FFO/Debt of 0.38x implies Debt/FFO of ~2.6x).
This aligns with BBB+ criteria (FFO/Debt > 0.35x for BBB+).

So, the calculation yielding **0.3816** seems more consistent with the rating profile.

Final Calculation:
FFO = 10,196
Adj Debt = 26,718
Ratio = 0.3816

<answer>0.3816</answer>