**Step 1 — Relevant industry** NATURGY ENERGY GROUP SA is an integrated gas and power utility group with regulated networks and energy supply/generation activities. From the provided methodologies, the closest fit is **Regulated Utilities**, with some exposure to unregulated power and gas activities. For the requested debt-to-EBITDA estimate, I apply the regulated utility / corporate S&P-style adjusted debt framework using reported financial debt, lease liabilities, and surplus cash. --- **Step 2 — Estimate Adjusted_Debt** Use year-end 2022 balance sheet values, shown as 2023-01-01. Reported financial borrowings: - Long-term borrowings = €12,689m - Current borrowings and current portion of noncurrent borrowings = €2,110m Lease liabilities: - Noncurrent lease liabilities = €1,309m - Current lease liabilities = €177m Other financial liabilities: - Other noncurrent financial liabilities = €1m - Other current financial liabilities = €15m Total debt-like financial liabilities: \[ 12{,}689 + 2{,}110 + 1{,}309 + 177 + 1 + 15 = 16{,}301 \text{ million EUR} \] Eligible cash: - Cash and cash equivalents = €3,985m Adjusted debt: \[ 16{,}301 - 3{,}985 = 12{,}316 \text{ million EUR} \] So: \[ \text{Adjusted\_Debt} = €12.316bn \] --- **Step 3 — Estimate Adjusted_EBITDA** Reported EBITDA: - Beneficio Bruto De Explotacion EBITDA = €4,954m Because lease liabilities are already included in adjusted debt, an S&P-style adjustment typically adds back lease-related depreciation/interest or uses EBITDA before lease expense where available. However, the provided data does not disclose lease expense separately. The company-reported EBITDA is therefore used as the best available proxy. No clearly identifiable nonrecurring gains/losses are large enough or sufficiently specified to normalize EBITDA beyond the reported figure. \[ \text{Adjusted\_EBITDA} = €4{,}954m \] --- **Step 4 — Calculate Adjusted_Debt / Adjusted_EBITDA** \[ \frac{12{,}316}{4{,}954} = 2.4853 \] Rounded to two decimals: \[ 2.49 \] 2.49