I'll work through this step-by-step.

## Step 1: Identify the relevant industry

Bouygues is a diversified French industrial group with activities in construction, real estate, media (TF1), and telecommunications (Bouygues Telecom). The massive increase in assets in 2022 (from €44.6B to €60.6B) and goodwill jump (from €7.4B to €12.6B) suggests a major acquisition - likely the Equans acquisition. Bouygues does not fit neatly into regulated utilities, oil & gas E&P, unregulated power & gas, or transportation infrastructure. I'll apply the **general corporate baseline methodology**.

## Step 2: Estimate Adjusted Debt

**Reported Debt:**
- Long-term borrowings: €11,586M
- Current borrowings: €1,361M
- Current overdrafts: €418M
- Total reported debt = 11,586 + 1,361 + 418 = **€13,365M**

**Lease Liabilities (already on balance sheet under IFRS 16):**
- Noncurrent lease liabilities: €2,107M
- Current lease liabilities: €498M
- Total leases = 2,107 + 498 = **€2,605M**

Under S&P methodology, IFRS 16 leases are already reported as debt. S&P typically includes these in adjusted debt.

**Pension Deficit:**
The data doesn't provide explicit pension deficit figures. The noncurrent provisions of €2,250M likely include pension obligations among other items. Without specific pension data, I'll estimate a modest pension component. However, since we don't have specific pension data, I'll note this but not add a large separate amount. The provisions line may partially capture this, but S&P wouldn't add all provisions. I'll assume pension-related adjustments are minimal/not separately identifiable, so I'll not add extra here.

**Cash deduction:**
- Cash and cash equivalents: €5,736M
- S&P typically allows netting of excess/surplus cash. For a diversified industrial/construction company, S&P might consider some cash as operational. A common approach is to deduct cash minus some operational minimum. For a company with €44B+ revenue, operational cash might be ~2-3% of revenue. Let's use a conservative approach and assume S&P deducts most but not all cash. I'll use a typical surplus cash deduction approach: subtract cash but keep some for operations. Let's assume ~€1,000M is operational cash, so eligible cash = 5,736 - 1,000 = ~€4,736M. However, many S&P analyses for European diversified groups deduct a larger portion. I'll use a more standard approach of deducting most cash, approximately €5,000M.

**Adjusted_Debt = 13,365 + 2,605 - 5,000 = €10,970M**

Wait - S&P already includes lease liabilities in reported debt under IFRS 16, so I should be careful not to double count. The reported borrowings (13,365M) don't include leases. Adding leases:

**Adjusted_Debt = 13,365 + 2,605 - 5,000 ≈ €10,970M**

## Step 3: Estimate Adjusted EBITDA

**Reported EBITDA (reconstructed):**
- Operating profit (recurring): €1,962M
- Depreciation & amortisation: €2,228M
- Depreciation ROU assets: €446M (this is part of total D&A or separate)

Looking at the D&A line: €2,228M appears to include ROU depreciation of €446M based on the separate line.

EBITDA = Operating profit (recurring) + D&A = 1,962 + 2,228 = €4,190M

But wait - I need to check if ROU depreciation is included in the €2,228M. The separate line suggests it may be additional. Let me check: if total D&A is €2,228M and ROU depreciation is €446M separately, then EBITDA without lease adjustments = 1,962 + 2,228 + 446 = €4,636M. But this seems high. More likely, D&A of €2,228M already includes ROU of €446M.

EBITDA = 1,962 + 2,228 = **€4,190M**

**S&P lease adjustment:** Under S&P methodology, add back ROU depreciation and interest on leases to EBITDA (they're already in EBITDA if D&A includes them). The lease depreciation (€446M) is already added back via D&A. S&P adds lease interest (€62M) too if not already included.

**Adjusted_EBITDA ≈ €4,190M + €62M = €4,252M**

## Step 4: Calculate ratio

**Adjusted_Debt / Adjusted_EBITDA = 10,970 / 4,252 ≈ 2.58**

<answer>2.58</answer>