Okay, let’s proceed step-by-step.

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**Step 1 – Identify the relevant industry for Fortum Oyj**

Fortum Oyj is a Nordic energy company, involved in electricity generation (hydro, nuclear, thermal), district heating, and energy trading.  
A significant part of its operations is in power generation and sales, without full cost-of-service regulation for all segments.  

Given the description, the most fitting methodology is **Unregulated Power and Gas**, as it applies to generation companies that don’t benefit from protective rate regulation.

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**Step 2 – Estimate Adjusted Debt**

Baseline formula:

> Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) − eligible_cash

From the data:

- **Reported debt**:  
  We sum interest-bearing debt:  
  - Other noncurrent financial liabilities (2022): €3,658M  
  - Other current financial liabilities (2022): €4,127M  
  - Noncurrent derivative financial liabilities (2022): €756M  
  - Current derivative financial liabilities (2022): €3,973M  
  (Derivatives may be operational, but reported here as per balance sheet; in S&P adjustments they could be partly excluded, but we’ll include all financial liabilities except trade payables).  
  However, trade payables and margin liabilities are excluded from reported debt.  

  So, reported debt ≈ 3,658 + 4,127 + 756 + 3,973 = €12,514M.

- **Leases**: Not separately itemized, likely within other financial liabilities; assume already captured.

- **Pension deficit**:  
  Noncurrent defined benefit plan liability = €13M (2022). This is small.

- **Guarantees**: No mention in data.

- **Hybrid debt portion**:  
  No hybrid bonds are explicitly mentioned; assume 0.

- **Other debt-like items**:  
  - Nuclear provisions: €966M (backed by nuclear waste fund asset, but liability remains).  
  - Other long-term provisions: €118M (might be partly debt-like).  
  We’ll include nuclear provisions (net of fund asset is a separate analysis; here simplify).  

- **Eligible cash**:  
  Liquid funds = €3,919M (2022).

**Adjusted Debt** estimate:

= 12,514 + 13 + 966 + 118 − 3,919  
= €9,692M

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**Step 3 – Estimate Adjusted EBITDA**

Baseline formula:

> Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases + nonrecurring_losses − nonrecurring_gains ± pension_adjustments ± JV_proportional_EBITDA ± other_normalizations

- **Reported EBITDA**:  
  Operating profit before depreciation (EBITDA) for 2022 = €1,842M.

- **Lease adjustment**: Already included.

- **Nonrecurring items**:  
  “Items Affecting Comparability” = −€593M (loss).  
  This is a nonrecurring loss, so we add it back.

- **Pension adjustment**:  
  Pension expense is small; assume included in employee benefits.

- **Joint venture EBITDA**:  
  Share of profit/loss of associates = −€629M (loss), so this is a negative contribution.  
  In S&P methodology, proportional EBITDA from JVs may be added back. Here we remove the equity-method loss and add proportional EBITDA if known. Since only net income is given, we’ll adjust by reversing the loss.

- **Other adjustments**:  
  None from given data.

**Adjusted EBITDA** estimation:

= 1,842 + 593 + 629  
= €3,064M

(Note: if JV proportional EBITDA itself is lower/higher, adjustments could change; here, we approximate by adding back the equity loss.)

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**Step 4 – Ratio**

Adjusted Debt / Adjusted EBITDA = 9,692 / 3,064 ≈ **3.16**

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<answer>3.16</answer>