To estimate the S&P adjusted leverage trend, we calculate the Net Debt / EBITDA ratio for 2021 and 2022 (based on the reporting dates provided, where 2022/2023 figures correspond to the 2022 financial year).

**1. Calculate Net Debt for 2021 (data as of 2022-01-01):**
*   Financial Liabilities: 4791979000 (Non-current) + 285222000 (Current) = 5077201000 EUR
*   Less Cash and Cash Equivalents: 680820000 EUR
*   Net Debt 2021 = 4396381000 EUR

**2. Calculate Net Debt for 2022 (data as of 2023-01-01):**
*   Financial Liabilities: 4722263000 (Non-current) + 619418000 (Current) = 5341681000 EUR
*   Less Cash and Cash Equivalents: 559908000 EUR
*   Net Debt 2022 = 4781773000 EUR

**3. Calculate EBITDA:**
*   Profit Loss from Operating Activities: 565851000 (2022), 581101000 (2021)
*   Add: Amortisations and Provisions (Ammortamenti EAccantonamenti): 625799000 (2022), 588768000 (2021)
*   EBITDA 2022 = 565851000 + 625799000 = 1191650000 EUR
*   EBITDA 2021 = 581101000 + 588768000 = 1169869000 EUR

**4. Calculate Ratio (Net Debt / EBITDA):**
*   Ratio 2021 = 4396381000 / 1169869000 ≈ 3.758x
*   Ratio 2022 = 4781773000 / 1191650000 ≈ 4.013x

**5. Evaluate Trend:**
*   Difference = 4.013 - 3.758 = 0.255x
*   The difference of 0.255x is within the ± 0.3x range defined as "Stable".

<answer>Stable</answer>