**Step 1: Identify the relevant industry**
REN - Redes Energéticas Nacionais, SGPS, S.A. is a Portuguese energy utility company primarily operating in electricity and gas transmission networks. These are essential infrastructure services subject to comprehensive regulation, which fits the "Regulated Utilities" sector under the S&P methodology.

**Step 2: Estimate Adjusted Debt**
Based on the baseline formula: `Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

1. **Reported Debt**: Sum of long-term and current borrowings.
   Long-term borrowings (2022-01-01) = 2,390,852,000 EUR
   Current borrowings (2022-01-01) = 375,221,000 EUR
   Total Reported Debt = 2,766,073,000 EUR
2. **Leases**: Under IFRS 16, leases are typically already included in borrowings. The cash flow statement shows "Payments Of Lease Liabilities Classified As Financing Activities" and "Payments Of Lease Interests", confirming lease liabilities are accounted for within the debt balances. Thus, no additional lease adjustment is needed.
3. **Pension Deficit**: From the balance sheet, Noncurrent Provisions for Employee Benefits = 94,109,000 EUR. Without specific details on the funded status of the plan, we use this as a proxy for the deficit adjustment.
4. **Eligible Cash**: Cash and Cash Equivalents = 398,759,000 EUR. (No restricted cash is explicitly noted that would prevent it from being deducted).
5. Other items (guarantees, hybrid debt) are not indicated in the data.

`Adjusted_Debt` = 2,766,073,000 + 94,109,000 - 398,759,000 = 2,461,423,000 EUR.

**Step 3: Estimate Adjusted EBITDA**
Based on the baseline formula: `Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments`

1. **EBITDA**: Calculated as Profit Loss From Operating Activities + Depreciation And Amortisation Expense.
   Profit Loss From Operating Activities = 239,721,000 EUR
   Depreciation And Amortisation Expense = 249,276,000 EUR
   EBITDA = 239,721,000 + 249,276,000 = 488,997,000 EUR
2. **Adjustment for Leases**: To match the lease liability added to debt, we add the lease interest and principal repayment (or simply the lease interest expense to be consistent with standard S&P additions if rent expense was previously in EBITDA, but here under IFRS 16, depreciation and interest are already separated. We add the lease interest back to EBITDA to match the debt inclusion).
   From the cash flow statement: Interest paid on leases = 26,000 EUR.
   Adjusted EBITDA = 488,997,000 + 26,000 = 489,023,000 EUR.
3. **Joint Venture Proportional EBITDA**: The company has "Investment Accounted For Using Equity Method" of 169,283,000 EUR and "Share Of Profit Loss Of Associates And Joint Ventures" of 11,812,000 EUR. Under S&P methodologies, for regulated utilities, proportional consolidation of JVs/Associates is typically required if they are material. Estimating the JV's EBITDA: Assuming the JV's EBITDA margin aligns closely with the parent's robust utility margin, we can approximate JV EBITDA by scaling the JV profit by the parent's EBITDA-to-Profit ratio (489,023,000 / 111,771,000 ≈ 4.37x). 
   Estimated JV EBITDA ≈ 11,812,000 * 4.37 ≈ 51,618,540 EUR.
   We add half of this (proportional to typical S&P application or standard adjustment if not fully consolidated) to represent the operating cash flow of the unconsolidated portion, yielding an adjustment of ~25,809,270 EUR. (Note: alternative interpretations may differ, but proportional consolidation dictates adding back the share of JV EBITDA). 
   Adjusted EBITDA = 489,023,000 + 25,809,270 = 514,832,270 EUR.
4. **Nonrecurring items**: "Energy Sector Extraordinary Contribution" of 28,019,000 EUR is a nonrecurring tax-like charge mandated by the government (Decree Law). S&P typically adds back such extraordinary, non-operating statutory contributions to normalize EBITDA.
   Adjusted EBITDA = 514,832,270 + 28,019,000 = 542,851,270 EUR.

**Step 4: Calculate the Adjusted Debt / Adjusted EBITDA ratio**
`Ratio` = Adjusted_Debt / Adjusted_EBITDA
`Ratio` = 2,461,423,000 / 542,851,270 ≈ 4.53

<answer>4.53</answer>