Let’s work through this step-by-step.

---

**1. Identify the relevant industry**

Enel SpA is a large integrated electricity and gas utility with both regulated and unregulated operations, operating across multiple countries. It clearly fits within the **Regulated Utilities** and **Unregulated Power And Gas** methodologies. Based on the supplied S&P methodology, such multi-utility operators are assessed under the **Regulated Utilities** framework for their core regulated activities, but their unregulated activities (like renewables or merchant generation) could also be considered.  

For the purpose of debt and EBITDA adjustments, the most relevant sector-specific methodology would likely be **Regulated Utilities**, but we should also check for any special adjustments in **Unregulated Power And Gas**. The key adjustment highlighted is the treatment of purchased power obligations and long-term contracts as debt-like items—but no specific data on that is provided.  

Given the inputs, we’ll apply the baseline formulas with any possible sector-specific reasoning.

---

**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 (interest-bearing debt, end of 2022):**  
  - Long-term borrowings: 68,191M EUR  
  - Short-term borrowings: 18,392M EUR  
  - Current portion of long-term borrowings: 2,835M EUR  
  **Total reported debt = 68,191 + 18,392 + 2,835 = 89,418M EUR**

- **Leases:** No explicit lease data provided, so assumed 0.

- **Pension deficit:**  
  Noncurrent provisions for employee benefits = 2,202M EUR (2023-01-01).  
  We’ll treat this as a pension-like liability, adding it fully.

- **Guarantees:** No data, assume 0.

- **Hybrid bonds (equity credit):**  
  From equity section, "Equity Instruments Perpetual Hybrid Bonds" = 5,567M EUR (end of 2022). Usually S&P adds 50% to debt.  
  So hybrid_debt_portion = 50% × 5,567 = 2,783.5M EUR.

- **Other debt-like items:** None identifiable from data.

- **Eligible cash:**  
  Cash and cash equivalents = 11,041M EUR (end of 2022). S&P typically caps eligible cash at a certain level; without guidance, we use full amount.

So:

```
Adjusted_Debt = 89,418 + 0 + 2,202 + 0 + 2,783.5 + 0 - 11,041
              = 83,362.5M EUR
```

---

**3. Estimate Adjusted EBITDA**

Baseline formula:

```
Adjusted_EBITDA = EBITDA + lease_adjustments + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± JV_proportional_EBITDA ± other
```

**Step 3a: Calculate reported EBITDA**

From income statement:

- Revenue = 140,517M EUR  
- Operating expense = 131,689M EUR  
- Profit from operating activities = 11,193M EUR

Add back D&A:

- D&A from income statement = 7,447M EUR

So:

```
EBITDA = Profit from operating activities + D&A
       = 11,193 + 7,447 = 18,640M EUR
```

**Step 3b: Adjustments**

- **Lease adjustment:** none (no data).

- **Nonrecurring items (gains/losses):**  
  Discontinued operations loss = -2,298M EUR (nonrecurring loss, so we add back).  
  Other income includes possible nonrecurring items but not identifiable.

- **Pension adjustment:** No breakdown of service cost vs. interest cost—skip.

- **JV proportional EBITDA:** Share of profit of associates = 4M EUR—immaterial.

So:

```
Adjusted_EBITDA = 18,640 + 2,298 = 20,938M EUR
```

---

**4. Calculate ratio**

```
Adjusted_Debt / Adjusted_EBITDA = 83,362.5 / 20,938 ≈ 3.98
```

---

<answer>3.98</answer>