Step 1: Identify the relevant industry
Based on the description of EDP, S.A. ("generation, transmission, distribution and supply of electricity and supply of gas"), the relevant industry is "Regulated Utilities" (specifically Multi-utilities/Electricity).

Step 2: Estimate Adjusted EBITDA
The baseline formula is:
Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

For Regulated Utilities, S&P typically adjusts for operating leases (adding back an imputed interest and depreciation, or using 8x rent), and proportionally consolidates joint ventures/associates. 
- EBITDA: We use the reported "Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" (EBIT) and add "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss".
EBIT = 2,529,993,000 EUR
Depreciation & Amortization = 1,979,007,000 EUR
Reported EBITDA = 4,509,000,000 EUR (2,529,993,000 + 1,979,007,000).
- Lease adjustment: "Rightofuse Assets" increased from 1,007,029,000 EUR to 1,320,270,000 EUR. Under IFRS 16, leases are capitalized, meaning rent expense is replaced by depreciation and interest, which are already in EBITDA. Thus, no further operating lease adjustment is required. 
- JVs/Associates proportional EBITDA: "Investment Accounted For Using Equity Method" is 1,605,743,000 EUR, and equity income is 239,429,000 EUR. S&P typically assumes a 50% EBITDA margin on equity method investments to estimate proportional EBITDA. 
Proportional EBITDA = 239,429,000 * 2 = 478,858,000 EUR.
Adjusted EBITDA = 4,509,000,000 + 478,858,000 = 4,987,858,000 EUR.

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

- Cash interest: We use "Interest And Similar Costs Of Financial Debt Including Hedge Derivatives" (716,454,000 EUR) + "Interest And Similar Costs Relating To Loans From Non Controlling Interests" (12,885,000 EUR) + "Interest And Similar Costs Of Loans From Related Parties Including Hedge Derivatives" (111,000 EUR) + 1/3 of Lease Interest (imputed from Right-of-Use assets: 1,320,270,000 * 5% / 3 ≈ 22,000,000 EUR). 
Total Cash Interest = 751,450,000 EUR.
- Cash taxes: We use "Income Tax And CESE" from the cash flow statement: -258,849,000 EUR (outflow).
FFO = 4,987,858,000 - 751,450,000 - 258,849,000 = 3,977,559,000 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

- Reported debt: "Longterm Borrowings" (15,782,604,000) + "Current Borrowings And Current Portion Of Noncurrent Borrowings" (4,239,869,000) = 20,022,473,000 EUR.
- Leases: Under IFRS 16, lease liabilities are recognized on the balance sheet. "Rightofuse Assets" are 1,320,270,000 EUR, implying lease liabilities are similarly capitalized. We add lease liabilities, but we deduct the short-term and long-term lease liabilities from reported debt to avoid double counting if they were embedded there, or treat them as the lease adjustment. The standard approach is adding the present value of lease liabilities. Assuming standard terms, lease liabilities roughly equal the ROU assets. 1,320,270,000 EUR. (Note: a portion of this may be in other financial liabilities, but we'll add the full lease adjustment).
- Pension deficit: "Noncurrent Provisions For Employee Benefits" (644,299,000) + "Current Provisions For Employee Benefits" (126,767,000) = 771,066,000 EUR. S&P typically adds the net unfunded deficit. Assuming the reported provisions represent the deficit.
- Eligible cash: "Cash And Cash Equivalents" (4,900,205,000 EUR).
Adjusted Debt = 20,022,473,000 + 1,320,270,000 + 771,066,000 - 4,900,205,000 = 17,213,604,000 EUR.

Step 5: Calculate FFO / Adjusted Debt
FFO / Adjusted_Debt = 3,977,559,000 / 17,213,604,000 = 0.231034...

<answer>0.2310</answer>