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

**1. Calculate EBITDA**
*   **2021:** "Gross Operating Income EBITDA" = 1,428,000,000 EUR
*   **2022:** "Gross Operating Income EBITDA" = 1,505,000,000 EUR

**2. Calculate Net Debt**
Net Debt is calculated as Short-Term Financial Liabilities + Long-Term Financial Liabilities - Cash and Cash Equivalents.
*   **2021 (as of 2022-01-01):** 
    Other Noncurrent Financial Liabilities: 4,322,000,000 EUR
    Other Current Financial Liabilities: 746,000,000 EUR
    Cash and Cash Equivalents: 964,000,000 EUR
    *Net Debt (2021) = 4,322 + 746 - 964 = 4,104,000,000 EUR*

*   **2022 (as of 2023-01-01):**
    Other Noncurrent Financial Liabilities: 5,867,000,000 EUR
    Other Current Financial Liabilities: 1,022,000,000 EUR
    Cash and Cash Equivalents: 2,584,000,000 EUR
    *Net Debt (2022) = 5,867 + 1,022 - 2,584 = 4,305,000,000 EUR*

**3. Calculate Net Debt / EBITDA Ratio**
*   **2021:** 4,104,000,000 / 1,428,000,000 ≈ 2.87x
*   **2022:** 4,305,000,000 / 1,505,000,000 ≈ 2.86x

**4. Compute the Gap**
*   **Gap:** 2.86x - 2.87x = -0.01x

Since the year-on-year gap (-0.01x) falls well within the Stable bounds of ± 0.3x, the company's adjusted leverage trend is considered Stable.

<answer>Stable</answer>