Step 1: Identify the relevant industry
Based on the provided facts, "Fortum Oyj" is a major energy company involved in power generation (including nuclear and hydro), heat, and electricity sales. According to the S&P sector descriptions, this fits the "Unregulated Power And Gas" industry (or a hybrid with Regulated Utilities). For the S&P-adjusted FFO-to-debt calculation, we follow the Unregulated Power and Gas / Regulated Utilities guidelines, which typically rely on standard corporate ratio adjustments, plus any industry-specific adjustments such as purchased power adjustments (not explicitly detailed here beyond general mention) or lease/PPA debt adjustments. We will use the standard baseline formulas provided, incorporating the reported financials and relevant adjustments.

Step 2: Estimate Adjusted EBITDA
The baseline formula is: Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments.

From the facts:
- "Operating Profit Before Depreciations Ebitda" (Reported EBITDA) for 2022 = 1,842,000,000 EUR
- "Comparable Ebitda" for 2022 = 2,436,000,000 EUR
- "Items Affecting Comparability" for 2022 = -593,000,000 EUR (This represents nonrecurring losses/gains. Since it's a net negative (loss), it was subtracted to reach reported EBITDA. To reconstruct EBITDA by removing nonrecurring items, we add back the net loss: 1,842,000,000 + 593,000,000 = 2,435,000,000 EUR, which closely aligns with the provided Comparable EBITDA of 2,436,000,000 EUR). We will use the explicitly stated "Comparable Ebitda" as the normalized EBITDA before lease adjustments: 2,436,000,000 EUR.
- Adjustment for leases (operating lease interest and depreciation add-back): The finance cost is -193,000,000 EUR. Assuming a standard split of 1/3 interest and 2/3 depreciation for lease liabilities (per S&P methodology when specific depreciation isn't separated), lease interest ≈ 64,333,333 EUR and lease depreciation ≈ 128,666,667 EUR. The total lease adjustment to EBITDA is the sum of interest and depreciation, which equals the full lease expense ≈ 193,000,000 EUR.
- Other adjustments: No specific pension deficit, joint venture proportional EBITDA add-back, or other normalizing adjustments are extracted from the data. Uniper's massive losses are classified under discontinued operations, which S&P typically separates from the continuing operations' going-concern credit metrics unless specified otherwise; we calculate the continuing operations metric.

Adjusted_EBITDA = 2,436,000,000 + 193,000,000 = 2,629,000,000 EUR.

Step 3: Estimate FFO
The baseline formula is: FFO = Adjusted_EBITDA - cash_interest - cash_taxes.

From the facts:
- Cash interest: "Interest Paid Classified As Operating Activities" for 2022 = 201,000,000 EUR.
- Cash taxes: "Income Taxes Paid Refund Classified As Operating Activities" for 2022 = 167,000,000 EUR.

FFO = 2,629,000,000 - 201,000,000 - 167,000,000 = 2,261,000,000 EUR.

Step 4: Estimate Adjusted Debt
The baseline formula is: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash.

From the facts:
- Reported debt (Financial liabilities): "Other Noncurrent Financial Liabilities" (3,658,000,000) + "Other Current Financial Liabilities" (4,127,000,000) = 7,785,000,000 EUR.
- Leases: Under S&P methodology, the debt-like value of operating leases is capitalized, typically estimated as Rent Expense × 6x (or 8x depending on sector). The lease expense is the finance cost attributable to leases (approx 193,000,000 EUR). Using the standard 6x multiplier for utilities/industrials: 193,000,000 × 6 = 1,158,000,000 EUR.
- Pension deficit, guarantees, hybrids, other debt-like items: None are explicitly identified or quantifiable from the provided facts to add.
- Eligible cash: S&P typically allows the deduction of highly liquid cash and cash equivalents up to the amount of reported debt. "Liquid Funds" at 2023-01-01 = 3,919,000,000 EUR.

Adjusted_Debt = (7,785,000,000 + 1,158,000,000) - 3,919,000,000 = 5,024,000,000 EUR.

Step 5: Calculate FFO / Adjusted_Debt
FFO / Adjusted_Debt = 2,261,000,000 / 5,024,000,000 ≈ 0.44994.

Rounding to four decimal places: 0.4499.

<answer>0.4499</answer>