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

**1. Financial Data (in EUR):**
*   **Net Debt:** Total Financial Liabilities - Cash and Cash Equivalents
    *   **2021 (at 2022-01-01):**
        *   Noncurrent Financial Liabilities: 5,953,434,000
        *   Current Financial Liabilities: 2,144,425,000
        *   Cash and Cash Equivalents: 1,574,427,000
        *   Net Debt 2021: (5,953,434,000 + 2,144,425,000) - 1,574,427,000 = 6,523,432,000
    *   **2022 (at 2023-01-01):**
        *   Noncurrent Financial Liabilities: 5,543,755,000
        *   Current Financial Liabilities: 1,705,277,000
        *   Cash and Cash Equivalents: 794,824,000
        *   Net Debt 2022: (5,543,755,000 + 1,705,277,000) - 794,824,000 = 6,454,208,000

*   **EBITDA:** Profit Loss from Operating Activities + Depreciation and Amortisation Expense
    *   **2021 (2021-01-01 - 2022-01-01):**
        *   Profit Loss from Operating Activities: 991,970,000
        *   Depreciation and Amortisation: 522,114,000
        *   EBITDA 2021: 1,514,084,000
    *   **2022 (2022-01-01 - 2023-01-01):**
        *   Profit Loss from Operating Activities: 961,554,000
        *   Depreciation and Amortisation: 544,992,000
        *   EBITDA 2022: 1,506,546,000

**2. Ratio Calculation (Net Debt / EBITDA):**
*   **Ratio 2021:** 6,523,432,000 / 1,514,084,000 ≈ 4.308
*   **Ratio 2022:** 6,454,208,000 / 1,506,546,000 ≈ 4.284

**3. Trend Assessment:**
*   Difference: 4.284 - 4.308 = -0.024
*   Since the gap is within the ± 0.3x range, the trend is Stable.

<answer>Stable</answer>