**Step 1: Identify the relevant industry for "EDP, S.A."**

EDP, S.A. (Energias de Portugal) is a Portuguese utility operating in generation, transmission, distribution, and supply of electricity, and supply of gas. The facts show items like "Extraordinary Contribution To The Energy Sector CESE" and "Institutional Partnerships", pointing to integrated utility operations. EDP has significant regulated networks and renewable generation. It fits best into the **Regulated Utilities** and **Unregulated Power And Gas** methodologies provided. However, as an integrated utility with substantial regulated activities, the S&P methodology that applies is likely a hybrid. For the purpose of this calculation, I will primarily apply the **Regulated Utilities** methodology, noting that EDP also has unregulated power activities (renewables). I will look for specific adjustments to debt and EBITDA from both sections as they apply.

**Step 2: Estimate the "Adjusted_Debt"**

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

1.  **Reported Debt**:
    *   Long-term borrowings (2023-01-01): 15,782,604,000 EUR
    *   Current borrowings and current portion of noncurrent borrowings (2023-01-01): 4,239,869,000 EUR
    *   Total reported debt = 15,782,604,000 + 4,239,869,000 = 20,022,473,000 EUR

2.  **Leases**:
    *   Right-of-use assets (2023-01-01): 1,320,270,000 EUR (This is a proxy for lease liabilities; we'll add this to debt).

3.  **Pension Deficit**:
    *   Noncurrent provisions for employee benefits (2023-01-01): 644,299,000 EUR
    *   Current provisions for employee benefits (2023-01-01): 126,767,000 EUR
    *   Total pension provisions = 644,299,000 + 126,767,000 = 771,066,000 EUR

4.  **Other debt-like items (Institutional Partnerships)**:
    *   The methodology mentions debt-like obligations from power contracts and securitizations.
    *   "Institutional Partnerships In North America" (2023-01-01): 2,212,162,000 EUR. (This is a financial liability that can be considered debt-like).
    *   "Other noncurrent financial liabilities" (2023-01-01): 5,159,496,000 EUR. (Could include derivatives, but we lack detail. I will not assume all of this is debt. I'll only include the specifically named Institutional Partnerships).
    *   Let's add Institutional Partnerships: 2,212,162,000 EUR.

5.  **Eligible Cash**:
    *   Cash and cash equivalents (2023-01-01): 4,900,205,000 EUR.
    *   No surplus cash adjustment indicated in the facts.

**Adjusted Debt Calculation**:
*   Total Debt = 20,022,473,000
*   Leases = 1,320,270,000
*   Pension Deficit = 771,066,000
*   Institutional Partnerships = 2,212,162,000
*   Surplus Cash = -4,900,205,000
*   **Adjusted_Debt** = 20,022,473,000 + 1,320,270,000 + 771,066,000 + 2,212,162,000 - 4,900,205,000 = **19,425,766,000 EUR**

**Step 3: Estimate the "Adjusted_EBITDA"**

To get EBITDA from the provided data, I can use:
`Revenue - Cost of Energy Sales + Other Income - Services Expense - Employee Benefits - Other Expense + Joint Ventures`

Or, more directly from the provided income statement structure:
`Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE` is essentially EBITDA before provisions and JV adjustments.

1.  **Reconstruct EBITDA**:
    Let's use the provided subtotal:
    "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" 2022 = 4,523,539,000 EUR.
    This figure already includes:
    *   "Net Of Revenue And Cost Of Energy Sales And Other": 6,121,051,000
    *   "Other Income": 927,450,000
    *   "Services Expense": -1,103,668,000
    *   "Employee Benefits Expense": -770,800,000
    *   "Other Expense By Nature": -829,724,000
    *   "Impairment Loss... IFRS9": -60,199,000
    *   "Joint Ventures And Associates": 239,429,000
    Sum = 6,121,051 + 927,450 - 1,103,668 - 770,800 - 829,724 - 60,199 + 239,429 = 4,523,539,000 EUR. Perfect.

2.  **Adjustments**:
    *   **Leases**: EBITDA under IFRS 16 is already adjusted for lease depreciation/interest, but we added lease liability to debt, so we add back lease depreciation.
        *   Depreciation, Amortisation and Impairment = 1,979,007,000. We don't have a specific split for lease depreciation. I'll use the standard proxy: rent expense or right-of-use depreciation. Without a specific figure, I'll add back 1/3 of lease payments as interest and the rest as depreciation, or simply add back the full operating lease equivalent. Wait, S&P usually adds back the *lease depreciation* to EBITDA, or simply assumes lease liability = right-of-use asset and adds back the *rent expense*.
        *   Since we have "Payments Of Lease Liabilities" (133,696,000 EUR), S&P standard adjustment is often to add back the implied depreciation/interest to avoid double penalization. A common simplification is adding back the lease payment (133,696,000). Let's add this.

    *   **Pension Adjustments**: Add back non-cash pension costs if significant, or use the actual cash costs. The facts don't provide the specific service cost vs. interest cost vs. contributions. I'll assume the provision change reflects the cost, but we'll keep it simple; EBITDA already excludes pension interest cost, which is in finance costs. No further adjustment needed unless we want to offset the cash vs. P&L difference. Let's assume nil.

    *   **Non-recurring items**:
        *   "Gains Losses On Disposal And Scope Effects Except Asset Rotation" 2022 = -4,377,000 EUR. (Loss)
        *   "Provisions Expenses" 2022 = 14,539,000 EUR.
        *   "Impairment Loss... IFRS9" = 60,199,000 EUR (already in operating costs). We can add this back as a non-cash, non-recurring item.
        *   Let's add back Impairment Losses on Trade Receivables (60,199,000), Provisions (14,539,000), and Disposal Losses (4,377,000).

    *   **Joint Venture EBITDA**: The "Joint Ventures And Associates" line (239,429,000) is the equity income. We need proportional EBITDA.
        *   We don't have proportional JV EBITDA. The facts state "Joint Ventures And Associates: 239,429,000 EUR". This is likely the net profit. We leave it as is, or apply a standard multiple. S&P typically deducts equity income and adds back proportional EBITDA. Lacking proportional EBITDA data, I will not make further adjustments to avoid guessing.

    *   **Other Adjustments**:
        *   The methodology mentions adjustments for purchased power obligations. None are explicitly provided.

**Adjusted EBITDA Calculation**:
*   Starting EBITDA = 4,523,539,000
*   Add back Lease Payments (proxy for rent) = +133,696,000
*   Add back Provisions Expenses = +14,539,000
*   Add back Impairment Loss (IFRS 9) = +60,199,000
*   Add back Disposal Loss = +4,377,000
*   **Adjusted_EBITDA** = 4,523,539,000 + 133,696,000 + 14,539,000 + 60,199,000 + 4,377,000 = **4,736,350,000 EUR**

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

*   Adjusted_Debt = 19,425,766,000 EUR
*   Adjusted_EBITDA = 4,736,350,000 EUR
*   Ratio = 19,425,766,000 / 4,736,350,000 = 4.1014...

Rounding to two decimal places: 4.10

<answer>4.10</answer>