I'll work through this step-by-step for Ferrovial SA.

## Step 1: Identify the Relevant Industry

Ferrovial SA is a transportation infrastructure company (toll roads, airports, etc.). The relevant methodology is **Transportation Infrastructure**.

## Step 2: Estimate Adjusted Debt

Let me identify the components from the financial data (using 2023-01-01 balance sheet dates, which represent fiscal year-end 2022):

**Reported Debt:**
- Noncurrent borrowings: 10,776,000,000 EUR
- Current borrowings: 877,000,000 EUR
- Total reported debt = 10,776 + 877 = 11,653,000,000 EUR

**Lease Liabilities:**
- Noncurrent lease liabilities: 120,000,000 EUR
- Current lease liabilities: 64,000,000 EUR
- Total leases = 184,000,000 EUR

**Pension Deficit:**
- Noncurrent provisions for employee benefits: 2,000,000 EUR

**Other Noncurrent Financial Liabilities:**
- 838,000,000 EUR (could include debt-like items)

**Hybrid Debt (Perpetual Subordinated Bonds):**
- Other Equity Securities: 508,000,000 EUR
- S&P typically treats 50% as debt for hybrid instruments
- Hybrid debt portion = 508 × 50% = 254,000,000 EUR

**Cash Adjustment:**
- Total cash: 5,130,000,000 EUR
- For transportation infrastructure, S&P typically allows netting of surplus cash. However, infrastructure project cash is often restricted.
- Restricted cash (noncurrent): 597,000,000 EUR
- Current restricted cash for infrastructure: 38,000,000 EUR
- Unrestricted corporate cash (ex-infrastructure): 4,962,000,000 EUR
- S&P typically does not net all cash. For infrastructure companies, a conservative approach nets modest amounts. I'll assume S&P would not net infrastructure project cash but might consider a portion of ex-infrastructure cash as surplus. A reasonable approach: net minimal cash, perhaps keeping operational needs. I'll estimate eligible cash conservatively at approximately 0 (S&P is conservative on netting cash for leveraged infrastructure companies with project finance debt).

**Adjusted Debt Calculation:**
Adjusted_Debt = 11,653 + 184 + 2 + 838 + 254 - 0
= 12,931,000,000 EUR

Actually, reconsidering: S&P often allows some cash netting for companies with significant unrestricted cash. Let me be more moderate and not include "other noncurrent financial liabilities" fully as debt (these may include derivatives). I'll include them partially.

Adjusted_Debt = 11,653 + 184 + 2 + 254 + 838 = 12,931,000,000 EUR

## Step 3: Estimate Adjusted EBITDA

**From the income statement (2022-01-01 to 2023-01-01, i.e., fiscal year 2022):**

- Gross Profit: 728,000,000 EUR
- This is after operating expenses but before D&A
- Amortisation Expense: 299,000,000 EUR
- EBIT (before impairment): 429,000,000 EUR
- EBITDA = EBIT + D&A = 429 + 299 = 728,000,000 EUR (which equals Gross Profit, confirming structure)

**Adjustments:**
- Lease adjustment (add back lease depreciation component): ~72M (from cash outflow for leases, approximation for lease expense)
- Discontinued operations EBITDA: From cash flow, gross profit from discontinued ops = 155,000,000 EUR
- Equity method income included: 165,000,000 EUR (share of associates) - S&P often replaces with dividends received: 284,000,000 EUR

Adjusted_EBITDA = 728 + 72 + 155 - 165 + 284 = 1,074,000,000 EUR

Actually, let me simplify: S&P typically uses consolidated EBITDA including lease adjustments.

Adjusted_EBITDA = 728 (reported EBITDA) + 72 (lease add-back) + 155 (discontinued ops) = 955,000,000 EUR

Replacing equity income with dividends: -165 + 284 = +119
Adjusted_EBITDA = 955 + 119 = 1,074,000,000 EUR

## Step 4: Calculate the Ratio

Adjusted_Debt / Adjusted_EBITDA = 12,931 / 1,074 ≈ 12.04

This seems high. Let me reconsider - much of the debt is infrastructure project debt (non-recourse). S&P may still consolidate it. The ratio for infrastructure companies with heavy project finance tends to be high.

Adjusted_Debt / Adjusted_EBITDA = 12,931 / 1,074 = 12.04

<answer>12.04</answer>