To estimate the S&P-adjusted debt-to-EBITDA ratio for Électricité de France (EDF) for the fiscal year ended December 31, 2022, we apply the standard S&P Global Ratings methodology for corporate issuers, with attention to specific adjustments standard for utilities.

**1. Adjusted EBITDA Calculation**
S&P bases its Adjusted EBITDA on reported operating profit before depreciation and amortization, excluding non-recurring items, impairments, and mark-to-market derivative fluctuations, and adds back the proportional EBITDA of joint ventures (often proxied by equity earnings if actual proportional EBITDA is unavailable).

*   **Operating Profit Before D&A (Reported EBITDA):** -€4,986 million
    *(Note: This already excludes the €1,762 million impairment loss and the -€849 million mark-to-market fair value changes on energy derivatives, which are reported further down the P&L).*
*   **Joint Venture Proportional EBITDA Proxy (Share of Profit of Associates):** +€759 million

*Adjusted EBITDA = -4,986 + 759 = -€4,227 million*

**2. Adjusted Debt Calculation**
S&P’s Adjusted Debt incorporates reported financial debt, adds debt-like obligations such as pension deficits and Asset Retirement Obligations (AROs), and deducts eligible cash/liquid assets. Notably, for AROs (such as nuclear decommissioning liabilities), S&P adds the provision *net* of dedicated assets. Furthermore, we must net "Other Current Financial Assets" against "Other Current Financial Liabilities" to accurately eliminate the massive inflation from matched short-term energy derivative assets/liabilities typical for European utilities in 2022.

*   **Reported Financial Liabilities:**
    *   Other Noncurrent Financial Liabilities: €71,058 million
    *   Other Current Financial Liabilities: €71,844 million
    *   *Total Reported Financial Liabilities = €142,902 million*
*   **Less Eligible Cash & Liquid/Derivative Assets:**
    *   Cash and Cash Equivalents: -€10,948 million
    *   Other Current Financial Assets (Derivatives/ST Investments): -€58,033 million
*   **Add Pension Deficit:**
    *   Noncurrent Provisions For Employee Benefits: +€16,231 million
*   **Add Net Asset Retirement Obligations (AROs):**
    *   Nuclear Generation & Decommissioning Provisions: €56,021 million
    *   Other Decommissioning Provisions: €4,671 million
    *   *Less* Dedicated Assets (Other Noncurrent Financial Assets): -€48,512 million
    *   *Net ARO = 60,692 - 48,512 = +€12,180 million*

*Adjusted Debt = 142,902 - 10,948 - 58,033 + 16,231 + 12,180 = €102,332 million*
*(Note: Standard non-debt liabilities like the "Special French Public Electricity Distribution Concession Liabilities" are excluded per methodology).*

**3. Adjusted Debt-to-EBITDA Ratio**
*   **Ratio = Adjusted Debt / Adjusted EBITDA**
*   Ratio = 102,332 / -4,227 = -24.2091...

<answer>-24.21</answer>