Step 1: Identify the relevant industry for "ITALGAS S.P.A."

Based on the provided data, Italgas S.p.A. is a gas utility headquartered in Italy. The facts show "Core Business Revenue" related to gas, and the entity is described as a natural gas distribution utility in the provided methodology (under Accounting characteristics for Regulated Utilities).
The relevant industry methodology is **Regulated Utilities**.

Step 2: Estimate the "Adjusted_Debt"

Formula: `Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

We will use the balance sheet as of 2023-01-01 (end of FY 2022). All values in EUR.

**Reported Debt:**
- Short Term Financial Liabilities Excluding Other Current Financial Liabilities: 142,437,000
- Other Current Financial Liabilities: 290,000
- Long Term Financial Liabilities Excluding Other Non Current Financial Liabilities: 6,402,913,000
- Other Noncurrent Financial Liabilities: 34,000
Total Reported Debt = 142,437,000 + 290,000 + 6,402,913,000 + 34,000 = 6,545,674,000

**Leases:**
The data provides "Costs For The Use Of Third Party Assets" (102,319,000) and "Cash Outflow For Leases" (27,865,000). We assume these represent leases. We add leases to debt.
Total Leases = 102,319,000 (We will use the expense as a proxy for the liability, but the methodology says "leases". We'll identify if there's a separate lease liability. Not explicitly given as a balance sheet line. "Costs For The Use Of Third Party Assets" is an income statement item. We have property, plant and equipment, but no specific right-of-use asset or lease liability breakdown. Given the data, I will add the "Cash Outflow For Leases" multiplied by a factor (typically 8x for capitalizing operating leases, but for simplicity, or if no explicit lease liability, we might use 8x lease expense). S&P adds 8x annual lease expense for operating leases. Let's use the expense: 102,319,000 * 8 = 818,552,000. Or, just add the lease liability if known. Balance sheet shows no explicit lease liability, so I'll treat operating lease expense * 8 as a debt-like item. Let's use 102,319,000 * 8 = 818,552,000.
Wait, I should check if "Other Noncurrent Financial Liabilities" or similar includes leases. Not specified. I'll add 8 * "Costs For The Use Of Third Party Assets" as lease capitalization.
Lease Adjustment = 818,552,000

**Pension Deficit:**
- Noncurrent Provisions For Employee Benefits: 69,917,000
We assume this is the pension deficit.
Pension Deficit = 69,917,000

**Guarantees:** Not specified, assume 0.

**Hybrid Debt Portion:** Not specified, assume 0.

**Other Debt-Like Items:**
- Other Longterm Provisions: 144,277,000 (We can include this as debt-like).
- Deferred Tax Liabilities: 91,633,000 (Usually not included in debt, excluded per S&P adjustments unless indicated, but sometimes included in other debt. I'll exclude.)
- We'll add just the Other Longterm Provisions: 144,277,000.

**Total Adjusted Debt before eligible cash:**
6,545,674,000 (Debt) + 818,552,000 (Leases) + 69,917,000 (Pension) + 144,277,000 (Other Provisions) = 7,578,420,000

**Eligible Cash:**
S&P typically deducts surplus cash. Cash And Cash Equivalents 2023-01-01: 451,946,000.
We deduct this.
Eligible Cash = 451,946,000.

**Adjusted Debt =** 7,578,420,000 - 451,946,000 = 7,126,474,000

Step 3: Estimate the "Adjusted_EBITDA"

Formula: `Adjusted_EBITDA = EBITDA + adjustment_leases ± nonrecurring ± pension ± JV ± other`

**Revenue And Operating Income:** 2,312,476,000
**Operating Expense:** 1,191,952,000
**Depreciation, Amortisation And Impairment (from Cash Flow):** 478,290,000 + 895,000 = 479,185,000 (Matches P&L figure: 479,186,000, difference of 1k due to rounding. I'll use P&L: 479,186,000).

EBITDA = Revenue And Operating Income + Depreciation Amortisation And Impairment - Operating Expense
Wait, EBITDA = Operating Profit + Depreciation.
Operating Profit (Profit Loss From Operating Activities) = 641,338,000.
Depreciation Amortisation And Impairment = 479,186,000.
EBITDA = 641,338,000 + 479,186,000 = 1,120,524,000.

**Adjustments to EBITDA:**
- **Leases:** S&P adds back lease depreciation and interest, effectively adding back the lease expense to EBITDA. Since we already added leases to debt, we add back the lease expense (Costs For The Use Of Third Party Assets) to EBITDA.
  Lease expense = 102,319,000.
  Adjusted EBITDA = 1,120,524,000 + 102,319,000 = 1,222,843,000.

- **Nonrecurring gains/losses:**
  "Adjustments For Losses Gains On Disposal Of Noncurrent Assets": -25,357,000 (This is a gain, so we subtract it).
  Adjusted EBITDA = 1,222,843,000 - 25,357,000 = 1,197,486,000.
  "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables": -342,000 (gain/reversal, subtract). (Already in operating profit, so already included? Wait, "Profit Loss From Operating Activities" includes this. We didn't add it back separately. It's a gain, we subtract).
  Adjusted EBITDA = 1,197,486,000 - 342,000 = 1,197,144,000.
  (Note: "Impairment Loss Reversal... Trade Receivables" -342,000 means a gain. We should subtract it to normalize.)
  "Net Accrual To Provisions For Risk And Charges": -1,797,000 (negative expense is a gain/reversal, subtract).
  Adjusted EBITDA = 1,197,144,000 - 1,797,000 = 1,195,347,000.

- **Pension adjustments:** We already added lease adjustments. For pension, S&P might use actual cash contributions instead of expense. But "Employee Benefits Expense" is 257,492,000. "Adjustments For Increase Decrease In Employee Benefit Liabilities" -17,574,000. We might adjust EBITDA to reflect cash contributions. If contributions are not explicitly given, we use reported EBITDA. The pension deficit is already in debt.

- **Dividends from associates/valuation using equity method:**
  Profit/Loss from Operating Activities includes dividends and equity method income? No, it's below operating profit: "Effect Of Valuation Using The Equity Method" (662,000) and "Revenue From Dividends" (48,000) and "Other Income Expense From Equity Investments" (2,722,000) and "Share Of Profit Loss Of Associates..." (3,432,000). These are below operating profit. Wait, EBITDA is usually calculated from operating profit. They are not included in operating profit. To get a total cash-flow-based EBITDA, sometimes S&P adds dividends from associates. We will add them.
  Dividends from associates: 3,432,000 + 2,722,000 + 662,000 + 48,000 = 6,864,000? Wait, "Other Income Expense From Equity Investments" 2,722,000, "Effect Of Valuation..." 662,000, "Share Of Profit Loss..." 3,432,000, "Revenue From Dividends" 48,000. These sum to 6,864,000. But "Share Of Profit Loss..." already includes the equity method income. Other income/expense and revenue from dividends might be separate. We add these to EBITDA.
  Standard S&P adjusted EBITDA for regulated utilities might add back dividends from associates.
  Adjusted EBITDA = 1,195,347,000 + 6,864,000 = 1,202,211,000.

So, Adjusted EBITDA = 1,202,211,000.

Step 4: Calculate the "Adjusted_Debt / Adjusted_EBITDA" ratio.

Adjusted_Debt = 7,126,474,000
Adjusted_EBITDA = 1,202,211,000

Ratio = 7,126,474,000 / 1,202,211,000 = 5.9278...

Round to two decimal places: 5.93

<answer>5.93</answer>