Step 1 — Relevant industry

VINCI is a diversified infrastructure and construction group, but a major part of its credit profile is driven by concessions, especially toll roads and airports. Among the provided S&P methodologies, the closest fit is Transportation Infrastructure. However, the data provided is consolidated group financial statement data and does not separate concession debt/EBITDA from contracting debt/EBITDA, so I apply the baseline adjusted debt and EBITDA approach using available consolidated figures.

Step 2 — Estimate Adjusted_Debt

Use year-end 2022 balance sheet values, i.e. 2023-01-01.

Reported financial debt components:
- Noncurrent bonds issued: €20,425m
- Noncurrent other borrowings: €3,205m
- Short-term borrowings: €6,368m

Reported debt before leases:
= 20,425 + 3,205 + 6,368
= €29,998m

Leases:
- Noncurrent lease liabilities: €1,580m
- Current lease liabilities: €522m

Total lease liabilities:
= 1,580 + 522
= €2,102m

Pension deficit / employee benefit obligation:
- Noncurrent provisions for employee benefits: €1,149m

Gross adjusted debt before cash:
= 29,998 + 2,102 + 1,149
= €33,249m

Eligible cash:
- Cash and cash equivalents: €12,578m
- Current cash management financial assets: €755m

Eligible cash:
= 12,578 + 755
= €13,333m

Adjusted_Debt:
= 33,249 - 13,333
= €19,916m

Step 3 — Estimate Adjusted_EBITDA

Reconstruct EBITDA from operating profit plus depreciation and amortisation.

Operating profit:
- Profit from operating activities: €6,489m

Depreciation and amortisation:
- Adjustments for depreciation and amortisation expense: €3,613m

EBITDA:
= 6,489 + 3,613
= €10,102m

Nonrecurring items:
- Other operating income/expense non-recurring: +€8m gain

Subtract nonrecurring gain:
Adjusted_EBITDA:
= 10,102 - 8
= €10,094m

Step 4 — Adjusted_Debt / Adjusted_EBITDA

= 19,916 / 10,094
= 1.9734

Rounded to two decimals:

<answer>1.97</answer>