Step 1 — Relevant industry Acciona SA is a diversified infrastructure and renewable energy group. Based on the methodologies provided, the closest fit is primarily Unregulated Power and Gas because Acciona has a significant renewable power generation business, while also having construction/infrastructure activities. However, the data provided is consolidated and does not give sufficient segment-level information to apply sector-specific adjustments such as PPA obligations, regulated utility deconsolidation, or proportional consolidation of joint ventures. Therefore, I apply the baseline S&P-style corporate adjustment formulas using available consolidated figures. Step 2 — Estimate Adjusted_Debt Use the baseline formula: Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items − eligible_cash From the 2022 year-end balance sheet, using 2023-01-01 values: Reported financial debt: - Noncurrent bonds / negotiable debt instruments: €3,101m - Noncurrent loans received: €2,624m - Current bonds / negotiable debt instruments: €1,139m - Current loans received and current portion of noncurrent loans: €553m Reported debt excluding leases: 3,101 + 2,624 + 1,139 + 553 = €7,417m Lease liabilities: - Noncurrent lease liabilities: €439m - Current lease liabilities: €72m Total lease liabilities: 439 + 72 = €511m Gross debt including leases: 7,417 + 511 = €7,928m No separate pension deficit, guarantees, hybrid debt portion, or other debt-like items are provided, so these are assumed to be zero. Eligible cash: - Cash and cash equivalents: €2,360m Adjusted_Debt: 7,928 − 2,360 = €5,568m Step 3 — Estimate Adjusted_EBITDA Use the baseline formula: Adjusted_EBITDA = EBITDA + lease adjustment + nonrecurring losses − nonrecurring gains ± other adjustments Reconstruct EBITDA from operating profit: Profit from operating activities = €1,334m Add back depreciation, amortization and provisions: - “Dotacion Amortizacion Y Variacion De Provisiones”: €762m EBITDA before further adjustments: 1,334 + 762 = €2,096m Consider impairment: - Impairment loss / reversal recognized in profit or loss: -€15m The negative sign likely indicates an impairment reversal or net gain. Since EBITDA reconstructed from operating profit would include this benefit, subtract it as a nonrecurring gain: 2,096 − 15 = €2,081m No reliable separate data is provided for S&P lease EBITDA adjustment, pension adjustments, proportional JV EBITDA, or other normalizations, so these are assumed to be zero. Adjusted_EBITDA = €2,081m Step 4 — Calculate Adjusted_Debt / Adjusted_EBITDA Adjusted_Debt / Adjusted_EBITDA: 5,568 / 2,081 = 2.6756 Rounded to two decimals: 2.68