Step 1 — Relevant industry  
ENEL SpA is a large integrated electric utility with regulated networks and unregulated generation/supply activities. Among the supplied methodologies, the closest fit is Regulated Utilities, with some exposure to Unregulated Power and Gas. For this ratio estimate, I apply the utility/corporate S&P-style baseline: reported financial debt adjusted for cash, pensions, and hybrid equity/debt treatment; EBITDA reconstructed from operating profit plus depreciation/amortization/impairment.

Step 2 — Estimate Adjusted_Debt  

Reported debt at Dec. 31, 2022 / Jan. 1, 2023:
- Long-term borrowings: €68.191bn
- Short-term borrowings: €18.392bn
- Current portion of long-term borrowings: €2.835bn

Reported gross debt:
- €68.191bn + €18.392bn + €2.835bn = €89.418bn

Hybrid adjustment:
- Equity instruments / perpetual hybrid bonds at Jan. 1, 2023: €5.567bn
- S&P often gives partial equity credit to hybrids; a simplified common estimate is 50% debt / 50% equity.
- Hybrid debt portion = 50% × €5.567bn = €2.784bn

Pension deficit:
- Noncurrent provisions for employee benefits: €2.202bn
- No plan assets are provided, so use the liability as a pension-like debt adjustment.
- Pension adjustment = €2.202bn

Eligible cash:
- Cash and cash equivalents: €11.041bn
- For simplicity, treat reported cash as eligible cash.

Estimated Adjusted_Debt:
- €89.418bn + €2.784bn + €2.202bn − €11.041bn = €83.363bn

Step 3 — Estimate Adjusted_EBITDA  

Reconstruct EBITDA from operating profit:
- Profit from operating activities: €11.193bn
- Depreciation, amortisation and impairment: €7.447bn

Reported/reconstructed EBITDA:
- €11.193bn + €7.447bn = €18.640bn

Nonrecurring / normalization adjustment:
- Profit/loss from discontinued operations: −€2.298bn
- This loss is below operating profit, so it is not included in the EBITDA reconstruction above. No further EBITDA adjustment is made from the supplied facts.
- No lease capitalization or JV proportional EBITDA data is provided.

Estimated Adjusted_EBITDA:
- €18.640bn

Step 4 — Adjusted_Debt / Adjusted_EBITDA  

- €83.363bn / €18.640bn = 4.4723

Rounded to two decimals:

<answer>4.47</answer>