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

**1. Definitions & Data Extraction:**
*   **Net Debt** = (Noncurrent portion of noncurrent bonds issued + Noncurrent portion of other noncurrent borrowings + Shortterm borrowings) - (Cash and cash equivalents + Current cash management financial assets). *Note: The provided data does not include lease liabilities in standard "Net Debt" definitions for S&P adjustments unless specified, but we focus on the provided components.*
*   **EBITDA** = Operating Profit + Depreciation and Amortization + Share-based payments + (Other operating income/expense non-recurring if adjusted out). Based on standard adjustments from the provided data: Profit Loss from Operating Activities + Depreciation and Amortisation + Sharebased payments.

**2. Calculations:**
*   **2021 Calculations:**
    *   Net Debt 2021: (22,212 + 2,757 + 5,769) - (11,065 + 200) = 30,738 - 11,265 = 19,473 million EUR.
    *   EBITDA 2021: 4,438 (Profit from Ops) + 3,219 (Depreciation) + 288 (Share-based) = 7,945 million EUR.
    *   Ratio 2021: 19,473 / 7,945 ≈ **2.45x**

*   **2022 Calculations:**
    *   Net Debt 2022: (20,425 + 3,205 + 6,368) - (12,578 + 755) = 29,998 - 13,333 = 16,665 million EUR.
    *   EBITDA 2022: 6,489 (Profit from Ops) + 3,613 (Depreciation) + 356 (Share-based) = 10,458 million EUR.
    *   Ratio 2022: 16,665 / 10,458 ≈ **1.59x**

**3. Trend Analysis:**
*   Change = 1.59 - 2.45 = -0.86x.
*   Since the gap is -0.86x, which is lower than -0.3x (meaning the leverage ratio has decreased significantly, indicating an improvement in credit strength), the trend is Improving.

<answer>Improving</answer>