To determine the S&P-adjusted debt-to-EBITDA ratio for Ferrovial SA for the fiscal year ended December 31, 2022 (as of the 2023-01-01 balance sheet date), we apply the S&P general corporate criteria along with specifications for the "Transportation Infrastructure" industry. 

**Step 1: Estimate Adjusted EBITDA**
S&P bases its adjusted EBITDA on the company’s operating profit, backing out depreciation and amortization (D&A), and including cash dividends received from equity-accounted associates (since Ferrovial is an infrastructure operator holding significant joint venture stakes, such as its interest in Heathrow and 407 ETR). 

* **Reported EBITDA:** 
Operating Profit (before impairments) = €429 million
(+) D&A expense ("Ajustes Al Resultado Por Gastos Por Depreciacion Y Amortizacion") = €299 million
*EBITDA = €728 million*
*(Note: This matches Revenue of €7,551M + Other Income of €2M - total core OPEX of €6,825M = €728 million)*

* **Adjustments:** 
(+) Dividends Received from Associates (Classified as Operating Activities) = €284 million
*Adjusted EBITDA = €728 million + €284 million = €1,012 million*

**Step 2: Estimate Adjusted Debt**
S&P adjusts reported debt to include lease liabilities, unfunded pension obligations, and standard equity-content adjustments for hybrid instruments, while subtracting eligible unrestricted cash.

* **Reported Financial Debt:**
Noncurrent Borrowings = €10,776 million
(+) Current Borrowings = €877 million
*Total Reported Debt = €11,653 million*

* **Debt-like Additions:**
(+) Total Lease Liabilities = €120 million (Noncurrent) + €64 million (Current) = €184 million
(+) Pension Deficit ("Noncurrent Provisions For Employee Benefits") = €2 million
(+) Hybrid Debt = €508 million ("Other Equity Securities" / Perpetual Subordinated Bonds) × 50% debt-treatment S&P standard = €254 million
*Gross Adjusted Debt = €11,653M + €184M + €2M + €254M = €12,093 million*

* **Eligible Cash Deduction:**
Total Cash & Cash Equivalents = €5,130 million
(-) Restricted Cash & Cash Equivalents (Infrastructure Projects) = €38 million *(Excluded since it is not freely accessible; non-current restricted cash of €597M is already naturally excluded from this line item)*
*Eligible Cash = €5,092 million*

*Net Adjusted Debt = €12,093 million - €5,092 million = €7,001 million*

**Step 3: Calculate the Ratio**
Adjusted Debt / Adjusted EBITDA = €7,001 million / €1,012 million = 6.9179...

<answer>6.92</answer>