To estimate the S&P-adjusted debt-to-EBITDA ratio for VINCI for the fiscal year ended December 31, 2022, we follow the provided workflow:

### Step 1: Identify Industry
VINCI is a global leader in concessions (highways, airports) and energy/construction. Its core business as a concessionaire of public infrastructure strongly aligns with the **Transportation Infrastructure** sector, while its construction/energy arms fall under the broader corporate methodology. Given the dominance of the Concessions business in VINCI's cash flow profile, we apply the Transportation Infrastructure and Corporate methodology.

### Step 2: Estimate Adjusted_Debt
Reported debt components (as of Dec 31, 2022):
- Noncurrent Bonds: 22,212M
- Noncurrent Other Borrowings: 2,757M
- Short-term Borrowings: 5,769M
- Current/Noncurrent Lease Liabilities: 524M + 1,574M = 2,098M
- Total Reported Debt = 32,836M
- Cash and Cash Equivalents = 11,065M
- Current Cash Management Financial Assets = 200M
- Total Eligible Cash = 11,265M
- **Adjusted_Debt** = 32,836M - 11,265M = **21,571M EUR**

### Step 3: Estimate Adjusted_EBITDA
We reconstruct EBITDA using Operating Profit + D&A + share-based payment expense.
- Profit from Operating Activities (Recurring): 4,464M
- Depreciation and Amortization: 3,219M
- Share-based payments: 288M
- Other adjustments: S&P typically adjusts for non-recurring items. The reported "Profit Loss From Operating Activities" is 4,438M. Recurring is 4,464M.
- **Adjusted_EBITDA** = 4,464M (Operating Profit Recurring) + 3,219M (D&A) + 288M (Share-based) = **7,971M EUR**
*(Note: Using the 2022 full-year figures provided in the prompt: 6,481M + 3,613M + 356M = 10,450M. Since the prompt asks for 2022, we use the 2022 figures).*

Recalculating with 2022 figures:
- EBITDA = 6,481 (Rec. Op. Profit) + 3,613 (D&A) + 356 (Share-based) = 10,450M
- Adjusted_Debt = (20,425 + 3,205 + 6,368 + 1,580 + 522) - (12,578 + 755) = 32,100 - 13,333 = 18,767M

### Step 4: Calculation
Adjusted_Debt / Adjusted_EBITDA = 18,767 / 10,450 ≈ 1.7958

Rounding to two decimal places, we get 1.80.

<answer>1.80</answer>