Step 1 — Relevant industry

Ørsted A/S is primarily a renewable power generation and energy company, with offshore wind and other power/gas-related activities. It is not best classified as a regulated utility under the provided facts, since the data does not indicate that most cash flows come from regulated network/distribution activities. The closest provided methodology is therefore Unregulated Power And Gas.

The methodology notes possible adjustments for PPAs and strongly protected revenues, but the provided facts do not include enough detail to quantify purchased-power/PPA obligations or deconsolidation adjustments. I therefore apply the baseline S&P-style adjusted debt and EBITDA approach using the reported financial statement items provided.

Step 2 — Estimate Adjusted_Debt

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

Reported debt:
- Long-term borrowings = DKK 60.451bn
- Short-term borrowings = DKK 2.830bn

Leases:
- Noncurrent lease liabilities = DKK 7.697bn
- Current lease liabilities = DKK 0.569bn

Hybrid capital:
- Hybrid capital = DKK 19.793bn

S&P typically gives intermediate equity content to many corporate hybrids, often treating 50% as debt when eligible. The detailed terms are not provided, so I estimate the debt portion at 50%.

Hybrid debt portion:
- 50% × 19.793 = DKK 9.897bn

Gross adjusted debt before cash:
- 60.451 + 2.830 + 7.697 + 0.569 + 9.897
- = DKK 81.444bn

Eligible cash:
- Cash = DKK 16.178bn

Adjusted_Debt:
- 81.444 − 16.178
- = DKK 65.266bn

Step 3 — Estimate Adjusted_EBITDA

Reported EBITDA:
- Profit/loss from operating activities before interest, taxes, depreciation and amortisation = DKK 32.057bn

Nonrecurring gains/losses:
- Other income includes substantial gains, and cash flow statement shows adjustments for losses/gains on disposal of noncurrent assets = -DKK 10.885bn, indicating gains included in earnings.
- To normalize EBITDA, subtract these disposal gains.

Adjusted_EBITDA:
- 32.057 − 10.885
- = DKK 21.172bn

No additional quantified pension deficit, guarantees, JV proportional EBITDA, or PPA adjustments are available from the provided facts.

Step 4 — Adjusted_Debt / Adjusted_EBITDA

- Adjusted_Debt / Adjusted_EBITDA = 65.266 / 21.172
- = 3.0826

Rounded to two decimals:

<answer>3.08</answer>