To estimate S&P's adjusted leverage trend, we must calculate the Net Debt to EBITDA ratio for 2021 and 2022.

**1. Calculate Net Debt:**
S&P adjusted Net Debt usually consists of Total Debt minus Cash and Cash Equivalents.
*   **2022-01-01 (End of 2021):**
    *   Debt: Current Borrowings (1,096M) + Noncurrent Borrowings (9,513M) = 10,609M EUR.
    *   Cash: Cash and Cash Equivalents = 5,536M EUR.
    *   Net Debt 2021: 10,609M - 5,536M = 5,073M EUR.
*   **2023-01-01 (End of 2022):**
    *   Debt: Current Borrowings (877M) + Noncurrent Borrowings (10,776M) = 11,653M EUR.
    *   Cash: Cash and Cash Equivalents = 5,130M EUR.
    *   Net Debt 2022: 11,653M - 5,130M = 6,523M EUR.

**2. Calculate EBITDA:**
Operating Income (Profit Loss from Operating Activities) + Depreciation/Amortization + Impairment.
*   **2021 (2021-01-01 to 2022-01-01):**
    *   Operating Profit: 1,479M EUR.
    *   Depreciation & Amortization: 270M EUR.
    *   Impairment/Disposal Gains: -1,139M (loss/gain adjustment). Note: "Profit From Operations Before Impairment And Disposals" was 340M.
    *   EBITDA = 340M (Profit before impairment) + 270M (Depreciation) = 610M EUR.
*   **2022 (2022-01-01 to 2023-01-01):**
    *   Operating Profit: 423M EUR.
    *   Depreciation & Amortization: 299M EUR.
    *   EBITDA = 429M (Profit before impairment) + 299M (Depreciation) = 728M EUR.

**3. Ratio Calculation:**
*   Ratio 2021: 5,073M / 610M ≈ 8.32x
*   Ratio 2022: 6,523M / 728M ≈ 8.96x

**4. Trend Analysis:**
The change in the ratio is 8.96 - 8.32 = 0.64x. Since 0.64x is greater than 0.3x, the leverage is considered to be deteriorating.

<answer>Deteriorating</answer>