To estimate the S&P-adjusted debt-to-EBITDA ratio for EDP, S.A., we apply the S&P methodology for Corporate and Regulated Utilities, which involves computing Adjusted Debt and Adjusted EBITDA using the provided financial facts.

**1. Adjusted EBITDA Calculation**
S&P typically starts with reported EBITDA and adjusts for items such as equity earnings from joint ventures (JVs) by replacing them with actual cash dividends received, and removing non-recurring items.
* **Reported EBIT** (Profit Loss Before Financial Income And Financial Expenses, Income Tax Expense And CESE): €2,529,993,000
* **+ D&A** (Depreciation, Amortisation And Impairment Loss...): €1,979,007,000
* **Reported EBITDA**: €4,509,000,000 *(Note: Expected credit losses (IFRS 9 impairments) and operating provisions are considered regular operating expenses and appropriately remain deducted from this figure).*
* **- JV Equity Income** (Joint Ventures And Associates): -€239,429,000
* **+ JV Dividends** (Dividends Received): €81,394,000

*Adjusted EBITDA* = 4,509,000,000 - 239,429,000 + 81,394,000 = **€4,350,965,000**

**2. Adjusted Debt Calculation**
S&P Adjusted Debt includes reported financial debt, tax equity (especially common in utilities with US wind partnerships), pension deficits, and other debt-like items such as Asset Retirement Obligations (AROs), minus highly liquid eligible cash and tied collateral.
* **Reported Borrowings**: Long-term (€15,782,604,000) + Short-term (€4,239,869,000) = €20,022,473,000 *(Under IFRS 16, lease liabilities are typically included inside financial borrowings).*
* **+ Pension Deficit**: Noncurrent (€644,299,000) + Current (€126,767,000) = €771,066,000 
* **+ Tax Equity**: Institutional Partnerships In North America = €2,212,162,000
* **+ AROs & Other Provisions** (Other debt-like items): Long-term (€922,059,000) + Short-term (€51,285,000) = €973,344,000
* **- Eligible Cash**: Cash And Cash Equivalents = -€4,900,205,000
* **- Collateral Deposits Associated To Financial Debt**: Noncurrent (€23,765,000) + Current (€29,336,000) = -€53,101,000

*Adjusted Debt* = 20,022,473,000 + 771,066,000 + 2,212,162,000 + 973,344,000 - 4,900,205,000 - 53,101,000 = **€19,025,739,000**

**3. Ratio Calculation**
*Adjusted Debt / Adjusted EBITDA* = 19,025,739,000 / 4,350,965,000 = 4.3727...

<answer>4.37</answer>