To estimate the S&P-adjusted debt-to-EBITDA ratio for IBERDROLA SA for the fiscal year 2022, we follow the steps outlined:

### 1. Industry Identification
Iberdrola, S.A. is a multinational utility company focused on electricity and gas production and distribution. It falls under the **Regulated Utilities** industry methodology.

### 2. Estimate Adjusted_Debt
Based on the provided balance sheet data for December 31, 2022:
*   **Reported Debt (Noncurrent + Current):**
    *   Noncurrent financial liabilities: 44,216,000,000
    *   Current financial liabilities: 25,079,000,000
    *   *Note: S&P guidelines for utilities include lease liabilities in debt.*
    *   Noncurrent lease liabilities: 2,287,000,000
    *   Current lease liabilities: 151,000,000
    *   Total Reported Debt (Financial + Lease): 71,733,000,000
*   **Pension Deficit:** Noncurrent provisions for employee benefits: 1,226,000,000
*   **Eligible Cash:** Cash and cash equivalents: 4,608,000,000
*   **Adjusted_Debt Calculation:**
    *   Adjusted_Debt = (71,733,000,000 + 1,226,000,000) - 4,608,000,000
    *   Adjusted_Debt = 68,351,000,000

### 3. Estimate Adjusted_EBITDA
*   **Reported EBITDA:** 13,228,000,000
*   **Lease Adjustment:** Under S&P methodology, when leases are included in debt, the lease payments are removed from EBITDA (as they were previously treated as operating expenses).
    *   Payments of principal (175,000,000) and interest (61,000,000) = 236,000,000.
    *   Adjusted_EBITDA = 13,228,000,000 + 236,000,000 = 13,464,000,000

### 4. Calculate Ratio
*   Adjusted_Debt / Adjusted_EBITDA = 68,351,000,000 / 13,464,000,000
*   Ratio = 5.07657...

Rounding to two decimal places, we get 5.08.

<answer>5.08</answer>