To calculate the S&P-adjusted FFO-to-debt ratio for EDP, S.A. for the year 2022, we apply S&P's Corporate Methodology along with specific considerations for the Regulated Utilities / Unregulated Power and Gas industries.

**Step 1: Estimate Adjusted EBITDA**
S&P reconstructs EBITDA to reflect cash-generating operations, which involves stripping out non-cash items, equity earnings, and non-recurring gains/losses.
* **Reported EBITDA:** The reported operating metric "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" is **€4,523,539,000**.
* **Less Non-cash Gains:** We deduct the "Other Adjustments To Reconcile Profit Loss" of **€1,384,104,000**, which mainly captures unrealized non-cash mark-to-market (MTM) gains on energy derivatives. 
* **Less Gains on Disposal:** We deduct the non-recurring "Gains Losses On Disposal And Scope Effects Except Asset Rotation" of **€4,377,000**.
* **Joint Ventures (JV) Adjustment:** S&P excludes equity in earnings of JVs and includes only the cash dividends received. 
  * Less: Equity Earnings ("Joint Ventures And Associates") = **€239,429,000**
  * Add: Cash Dividends Received = **€81,394,000**

*Adjusted EBITDA* = 4,523,539,000 - 1,384,104,000 - 4,377,000 - 239,429,000 + 81,394,000 = **€2,977,023,000**

**Step 2: Estimate Funds From Operations (FFO)**
FFO is calculated as Adjusted EBITDA minus net cash interest paid and cash taxes paid.
* **Net Cash Interest Paid:**
  * Interest paid on financial debt: €716,454,000
  * Interest paid to non-controlling interests: €12,885,000
  * Interest paid to related parties: €111,000
  * Less: Interest received (Investing Activities): -€101,841,000
  * *Net Cash Interest Paid* = **€627,609,000**
* **Cash Taxes Paid:** From the cash flow statement ("Income Tax And CESE") = **€258,849,000**

*Adjusted FFO* = 2,977,023,000 - 627,609,000 - 258,849,000 = **€2,090,565,000**

**Step 3: Estimate Adjusted Debt**
To calculate the S&P-adjusted debt, we start with reported debt and add standard debt-like obligations (like US tax equity and pension deficits), while netting eligible accessible cash.
* **Reported Borrowings:** Long-term Borrowings (€15,782,604,000) + Current Borrowings (€4,239,869,000) = **€20,022,473,000** (This generally includes capitalized IFRS 16 lease liabilities).
* **Add Tax Equity:** S&P treats U.S. institutional partnerships (Tax Equity) as a debt-like obligation = **€2,212,162,000**
* **Add Pension Deficit:** Noncurrent (€644,299,000) + Current (€126,767,000) = **€771,066,000**
* **Less Cash & Cash Equivalents:** **-€4,900,205,000**
* **Less Restricted Cash (Collateral):** S&P nets collateral deposits tied to financial debt: Noncurrent (€23,765,000) + Current (€29,336,000) = **-€53,101,000**

*Adjusted Debt* = 20,022,473,000 + 2,212,162,000 + 771,066,000 - 4,900,205,000 - 53,101,000 = **€18,052,395,000**

**Step 4: Calculate the FFO-to-Debt Ratio**
*FFO / Adjusted Debt* = €2,090,565,000 / €18,052,395,000 = 0.115805...

<answer>0.1158</answer>