To estimate the S&P-adjusted debt-to-EBITDA ratio for Red Eléctrica Corporación, S.A. (Redeia) for fiscal year 2022, we follow the provided steps:

### 1. Identify Industry
Redeia (Red Eléctrica) is a national electricity transmission grid operator. Based on the provided methodology, it falls under **Regulated Utilities**.

### 2. Estimate Adjusted_Debt
*   **Reported Debt:** Includes non-current and current financial liabilities.
    *   Noncurrent financial liabilities (2022): 5,953,434,000 EUR
    *   Current financial liabilities (2022): 2,144,425,000 EUR
    *   Total Reported Debt: 8,097,859,000 EUR
*   **Eligible Cash:** Cash and cash equivalents (2022) = 1,574,427,000 EUR. 
*   **Adjustments:** In standard utility methodology, S&P often nets cash only to the extent it is not required for operations. However, using the provided definition:
    *   Adjusted_Debt = 8,097,859,000 - 1,574,427,000 = 6,523,432,000 EUR.

### 3. Estimate Adjusted_EBITDA
*   **Reported EBITDA:**
    *   Profit Loss from Operating Activities: 961,554,000 EUR
    *   Depreciation And Amortisation Expense: 544,992,000 EUR
    *   Reported EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000 EUR.
*   **Adjustments:**
    *   "Other Work Performed By Entity And Capitalised" (62,903,000) and "Imputacion De Subvenciones" (15,780,000) are typically included in utility EBITDA calculations as part of the regulatory cost recovery/remuneration model.
    *   S&P utilities methodology often includes the share of profit from equity-accounted investments (if they act as subsidiaries). Here, "Participacion En Beneficios" (50,405,000) is added.
    *   Adjusted_EBITDA ≈ 1,506,546,000 + 50,405,000 = 1,556,951,000 EUR.

### 4. Calculate Ratio
*   Ratio = Adjusted_Debt / Adjusted_EBITDA
*   Ratio = 6,523,432,000 / 1,556,951,000 = 4.190...

Rounding to two decimal places: 4.19

<answer>4.19</answer>