**Step 1: Identify the relevant industry for "ENEL - SPA"**
Enel SpA is a multinational energy company that operates across the electricity and gas value chains, including generation, distribution, and sale. Based on the provided industry methodologies, Enel fits the **Regulated Utilities** and/or **Unregulated Power And Gas** sectors. For both sectors, S&P uses the standard corporate methodology baseline formulas for ratios and adjustments, without introducing unique industry-specific adjustments for debt or EBITDA beyond the standard ones (except for specific pass-through revenues which are not present here). Therefore, we will use the baseline formulas.

**Step 2: Estimate "Adjusted_Debt"**
Formula: `Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

*   **Reported Debt:** We sum the long-term and short-term borrowings, plus the current portion of long-term borrowings.
    *   Longterm Borrowings (2022-12-31): 68,191,000,000 EUR
    *   Shortterm Borrowings (2022-12-31): 18,392,000,000 EUR
    *   Current Portion Of Longterm Borrowings (2022-12-31): 2,835,000,000 EUR
    *   Total Reported Debt = 68,191,000,000 + 18,392,000,000 + 2,835,000,000 = 89,418,000,000 EUR
*   **Leases:** Under IFRS 16, Right-of-Use assets are reported. To estimate lease liabilities from the balance sheet data provided, we use the difference between "Other Noncurrent Liabilities" and "Other Current Liabilities" and the standard non-lease components (Provisions, Derivatives, Contract Liabilities, Financial Liabilities) to isolate the lease portion. 
    *   Other Noncurrent Liabilities (2022-12-31): 4,246,000,000
    *   Minus: Noncurrent Provisions for Employee Benefits (2,202,000,000) + Other Longterm Provisions (6,055,000,000) + Noncurrent Derivative Financial Liabilities (5,895,000,000) + Noncurrent Contract Liabilities (5,747,000,000) = 19,899,000,000. This results in a deficit, indicating "Other Noncurrent Liabilities" primarily holds non-lease items. 
    *   Looking at the change in Equity, "Hybrid Bonds Issued" were recognized under "Equity Instruments Perpetual Hybrid Bonds Member". The balance in this account is 5,567,000,000 EUR. For S&P ratings, perpetual hybrid bonds are typically treated as 50% equity and 50% debt if certain criteria are met, but without explicit step-up or cumulative deferral details to guarantee full equity treatment, standard S&P methodology often classifies the full amount as debt-like or applies a 50/50 split. Given typical S&P treatment for sub-perpetuals with optional deferral, we'll apply a 50% debt classification.
    *   Hybrid Debt Portion = 5,567,000,000 * 50% = 2,783,500,000 EUR.
*   **Eligible Cash:** Cash And Cash Equivalents (2022-12-31) = 11,041,000,000 EUR. 
*   **Adjusted_Debt Calculation:**
    Adjusted_Debt = 89,418,000,000 + 2,783,500,000 - 11,041,000,000 = 81,160,500,000 EUR.

**Step 3: Estimate "Adjusted_EBITDA"**
Formula: `Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments`

*   **EBITDA:** Reported EBITDA is reconstructed by adding Depreciation, Amortisation, and Impairment back to Profit Loss From Operating Activities.
    *   Profit Loss From Operating Activities (2022): 11,193,000,000 EUR
    *   Depreciation Amortisation And Impairment Loss (2022): 7,447,000,000 EUR
    *   Reconstructed EBITDA = 11,193,000,000 + 7,447,000,000 = 18,640,000,000 EUR.
    *(Note: The cash flow statement shows "Adjustments For Depreciation... And Impairment Loss" of 8,809,000,000 EUR, which includes an impairment on trade receivables of 1,288,000,000 EUR. The P&L shows the corresponding expense lines as 7,447,000,000 (D&A) + 1,278,000,000 (Impairment on Receivables) = 8,725,000,000 EUR. Using the P&L operating profit of 11,193M + the P&L D&A + Receivables Impairment (8,725M) gives 19,918,000,000 EUR. Let's use the exact P&L figures: Operating Profit + D&A + Trade Impairment = 11,193 + 7,447 + 1,278 = 19,918,000,000 EUR).*
*   **Nonrecurring Adjustments:** Profit Loss From Discontinued Operations is -2,298,000,000 EUR. Discontinued operations are excluded from the ongoing EBITDA of the group. The 2,298M loss is a nonrecurring/item from discontinued ops, but typically we start with the P&L "Profit Loss From Operating Activities" which already excluded the Discontinued Operations net loss. Thus, the base EBITDA is unaffected and no further nonrecurring adjustment is required for discontinued operations.
*   **Hybrid Bond Adjustment:** To match the 50% equity treatment on Adjusted Debt, S&P adds back 50% of the hybrid coupon to EBITDA. Coupon Paid Hybrid Bonds for 2022 were 123,000,000 EUR. Add back 50% = 61,500,000 EUR.
*   **Adjusted_EBITDA Calculation:**
    Adjusted_EBITDA = 19,918,000,000 + 61,500,000 = 19,979,500,000 EUR.

**Step 4: Calculate the "Adjusted_Debt / Adjusted_EBITDA" ratio**
Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = 81,160,500,000 / 19,979,500,000 ≈ 4.0621

Rounding to two decimal places: 4.06

<answer>4.06</answer>