To estimate the S&P adjusted leverage trend, we calculate the ratio of Net Debt to EBITDA for the years 2021 and 2022 (using the 2022 and 2023 financial reports provided).

**1. EBITDA Calculation:**
EBITDA is typically calculated as: Profit/Loss from Operating Activities + Depreciation, Amortisation, and Impairment.
*   **2021:**
    *   Operating Profit: 1,200,400,000 EUR
    *   Depreciation/Amortization: 654,400,000 EUR
    *   **EBITDA 2021: 1,854,800,000 EUR**
*   **2022:**
    *   Operating Profit: 1,333,500,000 EUR
    *   Depreciation/Amortization: 725,700,000 EUR
    *   **EBITDA 2022: 2,059,200,000 EUR**

**2. Net Debt Calculation:**
Net Debt is calculated as: (Long-term Borrowings + Short-term Borrowings + Current Portion of Long-term Borrowings) - Cash and Cash Equivalents.
*   **2022 (End of 2021 period):**
    *   Debt: 8,835,000,000 + 1,947,000,000 + 1,640,000,000 = 12,422,000,000 EUR
    *   Cash: 1,566,800,000 EUR
    *   **Net Debt 2022: 10,855,200,000 EUR**
*   **2023 (End of 2022 period):**
    *   Debt: 8,416,700,000 + 444,100,000 + 1,909,300,000 = 10,770,100,000 EUR
    *   Cash: 2,155,100,000 EUR
    *   **Net Debt 2023: 8,615,000,000 EUR**

**3. Leverage Ratio (Net Debt / EBITDA):**
*   **Ratio 2022:** 10,855,200,000 / 1,854,800,000 ≈ 5.85x
*   **Ratio 2023:** 8,615,000,000 / 2,059,200,000 ≈ 4.18x

**4. Trend Analysis:**
The difference (Gap) = 4.18 - 5.85 = -1.67x.
Since the gap is -1.67x, which is significantly lower than -0.3x, the leverage is Improving.

<answer>Improving</answer>