To estimate the S&P-adjusted debt-to-EBITDA ratio for ENGIE for the fiscal year 2022, we systematically apply the S&P Global Ratings methodology for Corporate and Regulated Utilities.

**1. Adjusted EBITDA Calculation:**
S&P’s adjusted EBITDA reflects the company's true recurring cash-generating capacity. Thus, we start with the reported operating income, add back depreciation & amortization, eliminate non-recurring or non-cash items (such as unrealized mark-to-market [MtM] derivative impacts), and replace the share of equity method earnings with the actual cash dividends received from those investments. 

* **Current Operating Income Including MtM:** 4,309,000,000 EUR
* **Add back Depreciation Amortization And Provisions:** 5,187,000,000 EUR
* *Reported EBITDA equivalent (including MtM):* 4,309 + 5,187 = 9,496,000,000 EUR
* **Exclude Unrealized Derivative Losses (MtM):** We can deduce this from the cash flow "Adjustments For Gains Losses On Change In Fair Value Of Derivatives" (-3,661,000,000 EUR). Operating cash flows exclude this non-cash loss, meaning the initial operating profit was depressed by this 3,661,000,000 EUR unrealized loss. We add it back.
* **Add Dividends Received from Equity Investments:** S&P replaces equity-method earnings with distributed cash. The "Adjustments For Dividend Income" line is 713,000,000 EUR.

*Adjusted EBITDA* = 9,496,000,000 (Reported incl. MtM) + 3,661,000,000 (MtM Loss) + 713,000,000 (Dividends) = 13,870,000,000 EUR

**2. Adjusted Debt Calculation:**
For utilities, S&P adjusts reported debt to include non-traditional debt-like obligations—chiefly 50% of subordinated hybrid capital, post-retirement obligations, and asset retirement obligations (AROs) such as nuclear decommissioning liabilities (added net of associated dedicated assets and deferred tax assets). We subtract highly liquid accessible cash and investments. 

* **Reported Borrowings:** 28,083,000,000 (Long-term) + 12,508,000,000 (Current) = 40,591,000,000 EUR
* **Hybrid Capital Treatment:** 50% of "Deeply Subordinated Perpetual Notes" (3,393,000,000) = 1,696,500,000 EUR
* **Add Provisions (AROs, Pensions, etc.):** 24,663,000,000 (Noncurrent) + 2,365,000,000 (Current) = 27,028,000,000 EUR
* **Less Cash & Cash Equivalents:** -15,570,000,000 EUR
* **Less Dedicated/Liquid Financial Assets:** -10,599,000,000 (Other Noncurrent Financial Assets, predominantly nuclear dedicated assets) - 2,394,000,000 (Other Current Financial Assets) = -12,993,000,000 EUR
* **Less Deferred Tax Assets (DTA offset against provisions):** -2,029,000,000 EUR

*Adjusted Debt* = 40,591 + 1,696.5 + 27,028 - 15,570 - 12,993 - 2,029 = 38,723,500,000 EUR
*(Note: This ties almost exactly to ENGIE's internally reported standard "Economic Net Debt" of €38.8 billion for 2022, which is generally used as a parallel for credit agency adjustments.)*

**3. Ratio Calculation:**
*Adjusted Debt / Adjusted EBITDA* = 38,723,500,000 / 13,870,000,000 = 2.7918...

<answer>2.79</answer>