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

**1. Definitions & Data:**
*   **Net Debt:** Total financial liabilities (including current and noncurrent) minus Cash and cash equivalents.
    *   **2021 (Year-end 2021/Start 2022):**
        *   Noncurrent financial liabilities: 56,543,000,000 EUR
        *   Current financial liabilities: 45,014,000,000 EUR
        *   Cash/Equivalents: 9,919,000,000 EUR
        *   Net Debt 2021 = (56,543 + 45,014) - 9,919 = 91,638,000,000 EUR
    *   **2022 (Year-end 2022/Start 2023):**
        *   Noncurrent financial liabilities: 71,058,000,000 EUR
        *   Current financial liabilities: 71,844,000,000 EUR
        *   Cash/Equivalents: 10,948,000,000 EUR
        *   Net Debt 2022 = (71,058 + 71,844) - 10,948 = 131,954,000,000 EUR

*   **EBITDA (Operating Profit Before Depreciation and Amortisation):**
    *   2021 EBITDA: 18,005,000,000 EUR
    *   2022 EBITDA: -4,986,000,000 EUR

**2. Ratio Calculation:**
*   **Ratio 2021:** 91.638 / 18.005 ≈ 5.09x
*   **Ratio 2022:** Because EBITDA is negative, the ratio is mathematically negative or considered infinitely high, representing a severe deterioration in the company's ability to cover debt via operating cash flows.

**3. Trend Assessment:**
The change in the ratio is drastic and far exceeds the 0.3x threshold for stability. The move from a positive leverage ratio to a scenario involving a negative EBITDA (resulting in an inability to service debt through operating income) indicates a clear deterioration in the leverage profile.

<answer>Deteriorating</answer>