To estimate the S&P-adjusted debt-to-EBITDA ratio for REN - REDES ENERGÉTICAS NACIONAIS, SGPS, S.A. for 2022, we follow the prescribed workflow:

### 1. Identify the Industry
REN is a regulated electricity and gas transmission utility. Under the S&P methodologies, it is categorized as a **Regulated Utility**.

### 2. Estimate Adjusted_Debt
*   **Reported Debt (2022):** 
    *   Long-term Borrowings: 2,390,852,000 EUR
    *   Current Borrowings and current portion of noncurrent borrowings: 375,221,000 EUR
    *   Total Reported Debt = 2,766,073,000 EUR
*   **Pension Deficit:** Noncurrent Provisions for Employee Benefits (2022) = 94,109,000 EUR.
*   **Eligible Cash:** Cash and Cash Equivalents (2022) = 398,759,000 EUR.
*   **Adjusted Debt Calculation:** 
    *   Adjusted_Debt = (2,766,073,000 + 94,109,000) - 398,759,000
    *   Adjusted_Debt = 2,461,423,000 EUR

### 3. Estimate Adjusted_EBITDA
*   **Reported EBITDA (2022):** 
    *   Profit Loss from Operating Activities: 239,721,000 EUR
    *   Plus: Depreciation and Amortisation Expense: 241,940,000 EUR
    *   Total EBITDA = 481,661,000 EUR
*   **Adjustments:** In the absence of specific non-recurring items or lease adjustments provided, we use the reported operational EBITDA.
    *   Adjusted_EBITDA = 481,661,000 EUR

### 4. Calculate Ratio
*   Ratio = Adjusted_Debt / Adjusted_EBITDA
*   Ratio = 2,461,423,000 / 481,661,000
*   Ratio ≈ 5.11027...

Rounding to two decimal places, we get 5.11.

<answer>5.11</answer>