To estimate the S&P adjusted leverage trend, we calculate the Net Debt / EBITDA ratio for the years 2022 and 2023 based on the provided data.

**1. Calculate Net Debt for 2022:**
*   Total Financial Liabilities (current + noncurrent):
    *   Other Noncurrent Financial Liabilities (2022): 4,322,000,000 EUR
    *   Other Current Financial Liabilities (2022): 746,000,000 EUR
    *   Total Gross Financial Debt (2022): 5,068,000,000 EUR
*   Cash and Cash Equivalents (2022): 964,000,000 EUR
*   Net Debt (2022) = 5,068,000,000 - 964,000,000 = 4,104,000,000 EUR
*   EBITDA (2021-2022, reported for 2022 context): 1,428,000,000 EUR
*   Ratio (2022) = 4,104,000,000 / 1,428,000,000 ≈ 2.87x

**2. Calculate Net Debt for 2023:**
*   Total Financial Liabilities (current + noncurrent):
    *   Other Noncurrent Financial Liabilities (2023): 5,867,000,000 EUR
    *   Other Current Financial Liabilities (2023): 1,022,000,000 EUR
    *   Total Gross Financial Debt (2023): 6,889,000,000 EUR
*   Cash and Cash Equivalents (2023): 2,584,000,000 EUR
*   Net Debt (2023) = 6,889,000,000 - 2,584,000,000 = 4,305,000,000 EUR
*   EBITDA (2022-2023, reported for 2023 context): 1,505,000,000 EUR
*   Ratio (2023) = 4,305,000,000 / 1,505,000,000 ≈ 2.86x

**3. Analyze the Trend:**
*   Ratio 2022: 2.87x
*   Ratio 2023: 2.86x
*   Difference: 2.86 - 2.87 = -0.01x
*   The difference of -0.01x is within the range of ± 0.3x, which is defined as "Stable".

<answer>Stable</answer>