To estimate the S&P-adjusted debt-to-EBITDA ratio for VERBUND AG for the fiscal year 2022, we follow the provided workflow:

**Step 1: Industry Identification**
VERBUND AG is an integrated power company. Based on the provided methodologies, it fits into the "Unregulated Power and Gas" industry (as it is a major producer of electricity, including renewables/hydro, and has trading/retail operations) and partially "Regulated Utilities" (due to its grid business). We will apply the relevant S&P corporate methodology adjustments for this type of utility.

**Step 2: Estimate Adjusted_Debt (as of Dec 31, 2022)**
*   **Reported Debt:** Current Financial Liabilities (1,462,453,000) + Noncurrent Financial Liabilities (1,834,155,000) = 3,296,608,000 EUR.
*   **Leases:** The Right-of-use assets (103,826,000) are used as a proxy for lease obligations.
*   **Cash:** Cash and Cash Equivalents = 318,562,000 EUR.
*   **Formula:** Debt + Leases - Cash = 3,296,608,000 + 103,826,000 - 318,562,000 = 3,081,872,000 EUR.

**Step 3: Estimate Adjusted_EBITDA (for 2022)**
*   **Reported EBITDA:** 3,160,679,000 EUR.
*   **Adjustments:** We consider the Valuation and Realisation of energy derivatives (-857,961,000) and Impairments (Net loss of 197,761,000 - 125,973,000 = 71,788,000). S&P often normalizes for non-recurring volatile items like derivative valuation shifts in integrated utility accounts.
*   *Note:* The "Subtotal" in the cash flow statement (2,516,130,000) is often a starting point for S&P cash flow, but we are asked for EBITDA. Adjusting for standard operating EBITDA: 3,160,679,000 EUR.
*   **Lease Adjustment:** Interest paid (36,100,000) and lease payments (11,447,000) are typically part of EBITDA in S&P methodologies, but for simplicity with the provided data, we use the reported EBITDA as the primary base.

**Step 4: Calculation**
*   Adjusted_Debt = 3,081,872,000
*   Adjusted_EBITDA = 3,160,679,000
*   Ratio = 3,081,872,000 / 3,160,679,000 = 0.97506

Rounding to two decimal places: 0.98.

<answer>0.98</answer>