Step 1 — Relevant industry  
IBERDROLA SA is an integrated electric utility group with regulated networks, renewables, generation, and retail activities. The closest provided methodology is Regulated Utilities, with some exposure to unregulated power and gas. The requested ratio, FFO-to-debt, is a core S&P credit metric for utilities, so I apply the regulated-utility/general S&P-style adjustments using the available annual-report facts.

Step 2 — Adjusted EBITDA  
Reported EBITDA for 2022 is given as:

- EBITDA = €13,228 million

Potential S&P-style adjustments:
- Leases: Under S&P, lease expense is typically added back to EBITDA if operating leases are capitalized. However, Iberdrola reports IFRS right-of-use assets and lease liabilities, and no separate operating lease rental expense is provided. To avoid double counting, I make no incremental EBITDA lease adjustment.
- Nonrecurring gains/losses: “Other gains/losses” is positive €911 million, but the facts do not identify this as nonrecurring. No adjustment is made.
- JV proportional EBITDA / pension normalization: insufficient data for a reliable proportional or actuarial adjustment. No adjustment is made.

Therefore:

Adjusted_EBITDA = €13,228 million

Step 3 — FFO  
Baseline formula:

FFO = Adjusted_EBITDA − cash_interest − cash_taxes

Cash taxes:
- Income taxes paid classified as operating activities = €1,055 million

Cash interest:
- Interest paid excluding capitalized interest on debt = €1,495 million
- Interest paid excluding capitalized interest on lease liabilities = €61 million
- Interest paid classified as investing activities / capitalized interest = €189 million

S&P FFO generally deducts cash interest paid, including capitalized interest. Perpetual subordinated notes are treated partly as equity under hybrid criteria, so their coupon is not included in debt cash interest here.

Cash_interest = 1,495 + 61 + 189 = €1,745 million

FFO = 13,228 − 1,745 − 1,055  
FFO = €10,428 million

Step 4 — Adjusted Debt  
Reported debt-like financial liabilities at year-end 2022:

- Noncurrent debt with credit institutions and bonds = €36,129 million
- Current debt with credit institutions and bonds = €10,458 million
- Noncurrent financial instruments with liability characteristics = €576 million
- Current financial instruments with liability characteristics = €87 million

Subtotal reported debt = 36,129 + 10,458 + 576 + 87 = €47,250 million

Leases:
- Noncurrent lease liabilities = €2,287 million
- Current lease liabilities = €151 million

Lease debt = 2,287 + 151 = €2,438 million

Pension deficit:
- Noncurrent provisions for employee benefits = €1,226 million
- Current provisions for employee benefits = €42 million

Pension-related debt-like amount = 1,226 + 42 = €1,268 million

Hybrid debt portion:
- Perpetual subordinated obligations appear in equity/noncontrolling interests. The annual equity movement shows €169 million of accrued interest on perpetual subordinated obligations.
- The principal amount outstanding is not explicitly given, but prior-year issuance of perpetual subordinated obligations was €2,740 million. Under typical S&P treatment, intermediate-equity-content hybrids receive 50% debt treatment.

Hybrid_debt_portion ≈ 50% × 2,740 = €1,370 million

Eligible cash:
- Cash and cash equivalents = €4,608 million

Adjusted_Debt = reported debt + leases + pension deficit + hybrid debt portion − eligible cash  
Adjusted_Debt = 47,250 + 2,438 + 1,268 + 1,370 − 4,608  
Adjusted_Debt = €47,718 million

Step 5 — FFO / Adjusted Debt

FFO / Adjusted_Debt = 10,428 / 47,718  
FFO / Adjusted_Debt = 0.2185

<answer>0.2185</answer>