1.  **Identify the relevant industry for FERROVIAL SA.**
    Based on the provided facts, Ferrovial SA has significant "Investments In Infrastructure Projects", operates toll roads, and has airport interests (e.g., Heathrow). The "Transportation Infrastructure" methodology is the most applicable industry from the provided text.

2.  **Estimate "Adjusted_Debt".**
    *   *Reported Debt*:
        *   Noncurrent borrowings: 10,776
        *   Current borrowings: 877
        *   Total reported debt = 10,776 + 877 = 11,653.
    *   *Leases*:
        *   Noncurrent lease liabilities: 120
        *   Current lease liabilities: 64
        *   Total leases = 120 + 64 = 184.
    *   *Pension deficit*:
        *   Noncurrent Provisions for Employee Benefits: 2
        *   (No current portion mentioned, assuming 0). Total = 2.
    *   *Guarantees*: None specified. = 0.
    *   *Hybrid debt portion*:
        *   "Perpetual Subordinated Bonds" in Other Equity Securities: 508.
        *   Assuming 100% treated as debt. = 508.
    *   *Other debt-like items*: None specified. = 0.
    *   *Eligible cash*:
        *   Cash and Cash Equivalents: 5,130.
        *   S&P methodology typically caps surplus cash.
        *   "Cash And Cash Equivalents Excluding Infrastructure Projects": 4,962. This is often used as the "unrestricted" cash by the parent.
        *   "Cash And Cash Equivalents Infrastructure Projects": 168. This is likely restricted and not "eligible" surplus cash for the corporate level.
        *   Assume eligible cash = 4,962.
    *   *Adjusted_Debt calculation*:
        Adjusted_Debt = (11,653 + 184 + 2 + 0 + 508 + 0) - 4,962
        Adjusted_Debt = 12,347 - 4,962 = 7,385.

3.  **Estimate "Adjusted_EBITDA".**
    *   *Reconstruct EBITDA*:
        *   Profit from Operations before Impairment and Disposals = 429. (This is EBIT before impairment/disposals).
        *   Amortisation Expense = 299.
        *   Impairment and Gains/Losses on Disposal = -6.
        *   Operating EBITDA = 429 + 299 = 728. (Note: Impairment/disposal is below this line in the P&L, so not added back here to get EBITDA).
    *   *Adjustments*:
        *   Lease adjustment: Add back lease depreciation/interest. Since we don't have the split, we usually add back the lease expense. "Cash Outflow For Leases" = 72, but lease expense might be different. Given we added the lease liability to debt, we typically add back the implied lease interest/depreciation. A common proxy is to add back the entire lease payment. Let's just add back the lease payment of 72, assuming the difference between reported EBITDA and cash payment is the lease interest/depreciation.
        *   Pension adjustments: None needed beyond what's in the P&L (likely negligible).
        *   Joint Venture proportional EBITDA: Profit from Associates = 165. This is net income. We need the JV EBITDA. We don't have enough data to convert this precisely. We will assume the JV EBITDA is not directly added, and the S&P methodology focuses on dividends from JVs. "Dividends Received Classified As Operating Activities" = 284. We'll use this as the JV income for cash flow but not add it to EBITDA.
        *   Non-recurring items: The data has "Before Fair Value Adjustments" and "Fair Value Adjustments". Profit from Operations before Impairment and Disposals (Before Fair Value Adjustments) = 428. Fair Value Adjustments = 1. Total = 429. The fair value adjustments are very small (1). We'll use 429.
        *   Adjusted_EBITDA = 728 + (adjustment_leases) = 728 + (184 * estimated interest rate? Let's just assume the lease payment 72 is a proxy for ROU asset amortization + interest). Let's use 72.
        *   Adjusted_EBITDA = 728 + 0 (leases already expensed in operating) = 728.
        *   Wait, the EBITDA from the P&L is Gross Profit 728 - Other Operating Expenses? No, Gross Profit is 728. Then other operating expenses are subtracted. The calculation: Revenue (7,551) - Raw Materials (1,197) - Other Operating Exp (4,182) - Employee Benefits (1,446) = 726. Let's check: 7551 - 1197 - 4182 - 1446 = 726. Then Other Income (2) = 728.
        *   So EBITDA = 728.
        *   Add back Amortization? No, Amortization is below Gross Profit. Profit from Operations before Impairment = 429. EBITDA = 429 + 299 (Amortization) = 728. Correct.
    *   *Adjusted_EBITDA* = 728.

4.  **Calculate the ratio**:
    *   Adjusted_Debt / Adjusted_EBITDA = 7,385 / 728 = 10.14.

<answer>10.14</answer>