Step 1 — Relevant industry

ELECTRICITE DE FRANCE (EDF) is an integrated electricity utility with regulated network/concession activities and significant power generation/supply exposure. Among the provided methodologies, the closest fit is Regulated Utilities / Unregulated Power and Gas. For the requested ratio, the provided sector text does not give a complete EDF-specific adjustment formula beyond the general S&P corporate adjusted-debt and adjusted-EBITDA framework, so I apply the baseline formulas using available annual report facts.

Step 2 — Estimate Adjusted_Debt

Baseline:

Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items − eligible_cash

Available balance sheet items:

- Other Noncurrent Financial Liabilities, 2023-01-01 = €71.058bn
- Other Current Financial Liabilities, 2023-01-01 = €71.844bn
- Cash And Cash Equivalents, 2023-01-01 = €10.948bn
- Noncurrent Provisions For Employee Benefits, 2023-01-01 = €16.231bn

Approximation:

- reported_debt ≈ other noncurrent financial liabilities + other current financial liabilities  
  = 71.058 + 71.844  
  = €142.902bn
- pension_deficit ≈ noncurrent employee benefit provisions  
  = €16.231bn
- eligible_cash ≈ cash and cash equivalents  
  = €10.948bn
- leases, guarantees, hybrid debt portion, and other debt-like items: not separately disclosed in the provided facts, so assumed €0 for this estimate.

Adjusted_Debt ≈ 142.902 + 16.231 − 10.948  
= €148.185bn

Step 3 — Estimate Adjusted_EBITDA

EDF reports:

- Operating Profit Before Depreciation And Amortisation, 2022 = −€4.986bn

This is effectively reported EBITDA / EBE before depreciation and amortisation.

S&P-style EBITDA often excludes nonrecurring or noncash valuation effects where identifiable. The facts separately disclose:

- Net Changes In Fair Value On Energy And Commodity Derivatives Excluding Trading Activities, 2022 = −€0.849bn

Because this is a fair-value loss and noncash/valuation-related, I add it back as a nonrecurring/nonoperating normalization adjustment.

Adjusted_EBITDA ≈ reported EBITDA + fair-value loss add-back  
= −4.986 + 0.849  
= −€4.137bn

No lease adjustment, JV proportional EBITDA, or other normalization is available from the provided facts.

Step 4 — Calculate Adjusted_Debt / Adjusted_EBITDA

Adjusted_Debt / Adjusted_EBITDA  
= 148.185 / −4.137  
= −35.82

<answer>-35.82</answer>