**Step 1 – Identify the industry**  
A2A Energia S.p.A. operates as a multi‑utility (electricity distribution, gas distribution, waste management) in Italy. This falls under the **Regulated Utilities** sector in the S&P methodology.

**Step 2 – Estimate Adjusted EBITDA**  

- Reported EBITDA (Gross Operating Income) for 2022: **€1,505 million**.  
- Adjust for non‑recurring items (gains are subtracted):  
  - Result from non‑recurring transactions: €157 million (gain) → subtract.  
  - Adjustments for losses/gains on disposal of non‑current assets: –€191 million (gain) → subtract.  
  - Adjustments for impairment loss reversal: €10 million (gain) → subtract.  

\[
\text{Adjusted EBITDA}=1,505-157-191-10 = \mathbf{1,147\;million\;EUR}
\]

**Step 3 – Estimate FFO**  

FFO = Adjusted EBITDA – cash interest – cash taxes  

- Cash interest paid (operating activities): **€75 million**.  
- Cash taxes paid (operating activities): **€201 million**.  

\[
\text{FFO}=1,147-75-201 = \mathbf{871\;million\;EUR}
\]

**Step 4 – Estimate Adjusted Debt**  

\[
\text{Adjusted Debt}= \text{Total financial liabilities} + \text{Pension liability} - \text{eligible cash}
\]

- Other non‑current financial liabilities (2022): €4,322 million.  
- Other current financial liabilities (2022): €746 million.  
- Total financial liabilities = €5,068 million.  
- Non‑current provisions for employee benefits (pension liability): €294 million.  
- Cash and cash equivalents (2022): €964 million (eligible cash).  

\[
\text{Adjusted Debt}=5,068+294-964 = \mathbf{4,398\;million\;EUR}
\]

**Step 5 – Calculate the ratio**  

\[
\text{FFO/Adjusted Debt}= \frac{871}{4,398}=0.198045\;\text{(approx.)}
\]

Rounded to four decimal places: **0.1980**.

<answer>0.1980</answer>