To estimate the S&P-adjusted debt-to-EBITDA ratio for Veolia Environnement for the fiscal year 2022, we follow the prescribed workflow:

### 1. Industry Identification
Veolia is a global leader in optimized resource management, providing water, waste, and energy services. It functions largely as a **Regulated Utility / Multi-utility** and infrastructure provider. We apply the S&P methodologies for Regulated Utilities.

### 2. Adjusted Debt Calculation (as of Dec 31, 2022)
*   **Reported Debt (Financial Liabilities):**
    *   Noncurrent financial liabilities (excl. concession): 10,462,500,000
    *   Current financial liabilities (excl. concession): 8,624,300,000
    *   Noncurrent lease liabilities: 1,298,100,000
    *   Current lease liabilities: 410,600,000
    *   Bank overdrafts: 241,900,000
    *   Total Reported Debt: 21,037,400,000
*   **Adjustments:**
    *   Hybrid Debt Portion: The "Titres Super Subordonnés" (Deeply Subordinated Securities) are 2,460,700,000. Under S&P methodology, 50% is typically treated as equity and 50% as debt. We add 1,230,350,000.
    *   Pension Deficit: Not explicitly provided, assumed neutral for this estimation.
    *   Eligible Cash: S&P often deducts "Cash and Cash Equivalents" (10,518,700,000) from debt.
*   **Adjusted_Debt** = 21,037,400,000 + 1,230,350,000 - 10,518,700,000 = **11,749,050,000 EUR**

### 3. Adjusted EBITDA Calculation (2022)
*   **Operating Income (EBIT):** 1,212,700,000
*   **Add back Depreciation/Amortization:** 2,117,200,000
*   **EBITDA (reported):** 3,329,900,000
*   **Adjustments:**
    *   Equity accounted entities (Share of net income): 104,800,000 (included in Operating Income, but often added back for proportional EBITDA).
    *   Non-recurring items: 496,900,000 (Other Operating Income/Expense was a net loss; adding back the absolute loss is standard for normalization).
    *   Lease adjustment: Interest on lease is 28,200,000.
*   **Adjusted_EBITDA** = 3,329,900,000 + 496,900,000 + 104,800,000 = **3,931,600,000 EUR**

### 4. Calculation
Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = 11,749,050,000 / 3,931,600,000 = 2.9883...

Rounding to two decimal places: **2.99**

<answer>2.99</answer>