To estimate the S&P-adjusted FFO-to-debt ratio for Terna S.p.A. for the fiscal year 2022, we follow these steps:

### 1. Industry Identification
Terna S.p.A. is the Italian transmission system operator (TSO) for electricity. Based on the industry descriptions provided, it falls under the **Regulated Utilities** sector.

### 2. Adjusted_EBITDA Estimation
We reconstruct EBITDA using the provided income statement items:
*   **Operating Profit (EBIT):** 1,333,500,000 EUR
*   **Depreciation/Amortization:** 725,700,000 EUR
*   **EBITDA:** 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR
*   **Adjustments:** We include standard operating items. No significant non-recurring items or major lease adjustments provided.
*   **Adjusted_EBITDA = 2,059,200,000 EUR**

### 3. FFO Estimation
*   **Adjusted_EBITDA:** 2,059,200,000 EUR
*   **Cash Interest Paid:** The report specifies "Interest Paid Classified As Operating Activities" as 154,800,000 EUR.
*   **Cash Taxes Paid:** The report specifies "Income Taxes Paid Refund Classified As Operating Activities" as 380,100,000 EUR.
*   **FFO = Adjusted_EBITDA - Cash Interest - Cash Taxes**
*   **FFO = 2,059,200,000 - 154,800,000 - 380,100,000 = 1,524,300,000 EUR**

### 4. Adjusted_Debt Estimation
*   **Reported Debt:** Includes Long-term borrowings (8,835,000,000) + Short-term borrowings (1,947,000,000) + Current portion of long-term (1,640,000,000) = 12,422,000,000 EUR.
*   **Hybrid_debt_portion:** S&P generally treats hybrids as 50% equity/50% debt. Hybrid bonds are 989,000,000 EUR. 50% = 494,500,000 EUR.
*   **Gross Debt:** 12,422,000,000 + 494,500,000 = 12,916,500,000 EUR.
*   **Eligible Cash:** Cash and Cash Equivalents = 1,566,800,000 EUR. (Note: Per S&P utility methodology, cash is typically netted against debt).
*   **Adjusted_Debt = 12,916,500,000 - 1,566,800,000 = 11,349,700,000 EUR**

### 5. Calculation
*   **Ratio = FFO / Adjusted_Debt**
*   **Ratio = 1,524,300,000 / 11,349,700,000 ≈ 0.134303**

<answer>0.1343</answer>