Step 1: Identify the industry for Bouygues. Based on the revenue of €44.3 billion and the diverse operations implied by the large goodwill and asset base, Bouygues is a large French conglomerate with significant construction, media, and telecom segments. None of the provided specific industry methodologies (Regulated Utilities, Oil & Gas E&P, Unregulated Power & Gas, Transportation Infrastructure) fit Bouygues's primary business as a whole. Therefore, the general corporate baseline approach should be applied.

Step 2: Estimate Adjusted_Debt.
Baseline formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash.

Based on the 2022 balance sheet data (as of 2023-01-01):
- Reported Debt (Long-term borrowings + Current borrowings and current portion of noncurrent borrowings + Current overdrafts and short term borrowings from banks):
  Long-term borrowings: 11,586,000,000
  Current borrowings: 1,361,000,000
  Current overdrafts: 418,000,000
  Total Reported Debt = 11,586,000,000 + 1,361,000,000 + 418,000,000 = 13,365,000,000 EUR.
- Leases (Noncurrent lease liabilities + Current lease liabilities):
  Noncurrent lease liabilities: 2,107,000,000
  Current lease liabilities: 498,000,000
  Total Leases = 2,605,000,000 EUR.
- Pension Deficit: Not explicitly provided in a way to calculate a deficit. The equity section shows "Accumulated Other Comprehensive Income" but no separate pension liability. I will assume none for this baseline calculation unless derivable.
- Guarantees: Not provided.
- Hybrid debt portion: Not provided.
- Other debt-like items: Not provided.
- Eligible Cash (Cash and Cash Equivalents):
  Cash and cash equivalents: 5,736,000,000 EUR.

Adjusted_Debt = 13,365,000,000 + 2,605,000,000 + 0 + 0 + 0 + 0 - 5,736,000,000
Adjusted_Debt = 15,970,000,000 - 5,736,000,000 = 10,234,000,000 EUR.

Step 3: Estimate Adjusted_EBITDA.
Baseline formula: Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases (if any) + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments.

First, reconstruct EBITDA from the income statement (period 2022-01-01 to 2023-01-01):
- Profit/Loss from Operating Activities (EBIT) = 1,872,000,000 EUR.
- Depreciation and Amortisation Expense = 2,228,000,000 EUR.
- Depreciation Right-of-Use Assets = 446,000,000 EUR (included in the above Depreciation and Amortisation).
- Impairment Loss and Provision Expense = 172,000,000 EUR.
- Reversal of Unutilised Provisions and Impairment Loss = 364,000,000 EUR (this is usually a reduction in expense, but the P&L line "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" is already a net amount? Wait, "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" for 2022 is 172,000,000. The "Reversal Of Unutilised Provisions And Impairment Loss Recognised In Profit Or Loss And Other Items" is 364,000,000. To avoid double counting, I'll start from EBIT).
EBITDA = EBIT + Depreciation and Amortisation + Impairment/Provisions.
The reported "Profit Loss From Operating Activities" already includes all depreciation, amortisation, impairment, and provisions.
EBITDA = 1,872,000,000 + 2,228,000,000 + 172,000,000 = 4,272,000,000 EUR.
Check: Raw materials + Employee benefits + Services expense + Other Taxes + Other expense recurring - Other income recurring - Change in inventories = 19,372 + 10,381 + 10,572 + 639 + 1,252 - 2,565 - (-61) = 39,712,000,000.
Revenue: 44,322 + 76 = 44,398,000,000.
44,398 - 39,712 = 4,686,000,000. This doesn't match EBIT directly. The reported "Profit Loss From Operating Activities" is 1,872,000,000. The difference includes items like Other Operating Income Non Recurring (93) and Other Operating Expense Non Recurring (183). I will trust the reported EBIT.

Now, adjustments:
- Nonrecurring Losses: "Other Operating Expense Non Recurring" = 183,000,000 EUR.
- Nonrecurring Gains: "Other Operating Income Non Recurring" = 93,000,000 EUR.
- Adjustment for Leases: S&P typically adds back operating lease expenses if they were deducted above EBIT, and then subtracts depreciation. But under IFRS 16, the rent expense is split into depreciation and interest. We added back Depreciation of Right-of-Use Assets (446M) and the interest portion (62M) is below EBIT. S&P's "Adjustment_leases" might refer to capitalizing operating leases if they were off-balance sheet. Since IFRS 16 brings them on balance sheet, no further EBITDA adjustment is typically needed for the baseline calculation, as the rent is already in EBITDA via D&A add-back. I will not adjust EBITDA for leases further.

Adjusted_EBITDA = 4,272,000,000 + 183,000,000 - 93,000,000
Adjusted_EBITDA = 4,362,000,000 EUR.

Step 4: Calculate the ratio.
Adjusted_Debt / Adjusted_EBITDA = 10,234,000,000 / 4,362,000,000 = 2.34617...

Rounding to two decimal places: 2.35.

<answer>2.35</answer>