I'll work through this step-by-step for REDEIA CORPORACION SA (formerly Red Eléctrica Corporación) for fiscal year 2022 (the period 2022-01-01 to 2023-01-01 in the data).

## Step 1: Identify the Relevant Industry

REDEIA CORPORACION SA is Spain's transmission system operator (TSO) for electricity. This is a **Regulated Utility** - specifically an electricity transmission network operator. The Regulated Utilities methodology applies.

## Step 2: Estimate Adjusted Debt

**Reported Debt:**
- Long-term borrowings (2023-01-01): €5,491,124,000
- Current borrowings and current portion of noncurrent borrowings (2023-01-01): €721,845,000
- Total reported debt = €5,491,124,000 + €721,845,000 = **€6,212,969,000**

**Lease obligations:**
- Under IFRS 16, lease liabilities are typically included in borrowings. The "Other Noncurrent Financial Liabilities" (€52,631,000) and "Other Current Financial Liabilities" (€983,432,000) may include lease liabilities, but without specific breakout, the lease liabilities are likely already embedded in the borrowings figures or in "Other Financial Liabilities." S&P typically includes operating lease obligations. Given the data, I'll assume lease liabilities are already captured in the reported debt figures or are relatively immaterial for a utility like this.

**Pension deficit:**
- The data shows provisions ("Other Longterm Provisions"): €139,822,000. Part of this may include pension obligations. The OCI shows remeasurement gains on defined benefit plans (€21,147,000 before tax), suggesting there are pension plans. Without a specific pension deficit breakout, I'll include approximately 50% of long-term provisions as a rough estimate for pension-related items: ~€70,000,000. However, S&P typically adds the net pension deficit. Given limited data, I'll be conservative and add a modest pension adjustment. I'll estimate ~€0 additional since we can't isolate it precisely from the data provided.

**Eligible cash deduction:**
- S&P for regulated utilities typically does not allow significant cash netting. However, some surplus cash may be deducted. Cash and cash equivalents = €794,824,000. S&P often allows limited surplus cash deduction. For regulated utilities, I'll assume no significant cash deduction, or a modest one. Given the large cash balance and short-term financial assets, I'll assume S&P might not net significant cash for a regulated utility. Let me be conservative and not deduct cash.

**Other adjustments:**
- Noncurrent derivative financial liabilities: €22,016,000 (hedging-related, not typically added)
- Current derivative financial liabilities: €7,053,000

**Adjusted Debt estimate:**
Adjusted_Debt ≈ €6,212,969,000 + ~€52,631,000 (other NC financial liabilities, potentially leases) + ~€0 (pension, not isolatable)

Adjusted_Debt ≈ **€6,265,600,000**

For simplicity and given the data limitations, I'll use approximately €6,213,000,000 as the core debt plus lease-like items of ~€53,000,000 = **€6,266,000,000**

## Step 3: Estimate Adjusted EBITDA

**EBITDA Calculation:**
- Operating Profit (Profit Loss From Operating Activities) = €961,554,000
- Add back: Depreciation and Amortisation = €544,992,000
- EBITDA = €961,554,000 + €544,992,000 = **€1,506,546,000**

**S&P Adjustments:**
- Equity method income already in operating profit: €50,405,000. S&P may replace with dividends received. Dividends received from equity investments (operating activities): €7,578,000. Adjustment: -€50,405,000 + €7,578,000 = -€42,827,000
- Lease adjustments: If operating leases are capitalized, the rental expense would be added back. Already under IFRS 16, so D&A includes right-of-use depreciation.
- Government grant amortization (€15,780,000): This is non-cash, typically left as is.
- Capitalized interest or own work capitalized (€62,903,000): Typically excluded from S&P EBITDA adjustments.

Adjusted_EBITDA ≈ €1,506,546,000 - €42,827,000 = **€1,463,719,000**

## Step 4: Calculate Adjusted Debt / Adjusted EBITDA

Ratio = €6,266,000,000 / €1,463,719,000 ≈ **4.28**

Rounding to two decimal places:

<answer>4.28</answer>