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

**1. Calculate Net Debt:**
*   **2021 (Start of 2022):**
    *   Financial Liabilities (Noncurrent + Current) = 3716000000 + 499700000 + 53200000 + 43400000 = 4312300000 EUR
    *   Cash and Cash Equivalents = 885600000 EUR
    *   Net Debt = 4312300000 - 885600000 = 3426700000 EUR
*   **2022 (Start of 2023):**
    *   Financial Liabilities (Noncurrent + Current) = 5689900000 + 650100000 + 55100000 + 21300000 = 6416400000 EUR
    *   Cash and Cash Equivalents = 1942400000 EUR
    *   Net Debt = 6416400000 - 1942400000 = 4474000000 EUR

**2. Calculate EBITDA:**
*   **2021:**
    *   Operating Profit: 611700000 EUR
    *   Add: Amortisation, Depreciation and Provisions: 612100000 EUR
    *   EBITDA = 1223800000 EUR
*   **2022:**
    *   Operating Profit: 533800000 EUR
    *   Add: Amortisation, Depreciation and Provisions: 667100000 EUR
    *   EBITDA = 1200900000 EUR

**3. Calculate Net Debt / EBITDA Ratio:**
*   **2021:** 3426700000 / 1223800000 ≈ 2.80x
*   **2022:** 4474000000 / 1200900000 ≈ 3.73x

**4. Trend Analysis:**
*   Difference = 3.73 - 2.80 = 0.93x
*   Since 0.93x is greater than 0.3x, the leverage ratio has increased significantly.

The trend is Deteriorating.

<answer>Deteriorating</answer>