Reasoning:

To estimate S&P-style adjusted leverage, use:

Net Debt / EBITDA

Approximate net debt as total borrowings and lease liabilities less cash and cash equivalents.

For 2022 year-end / 2023-01-01:
- Short-term borrowings: 4,446
- Current portion of long-term borrowings: 3,097
- Current lease liabilities: 884
- Long-term borrowings: 19,374
- Noncurrent lease liabilities: 4,067
- Total debt and leases = 31,868
- Cash and cash equivalents = 10,155
- Net debt = 31,868 - 10,155 = 21,713 million EUR

EBITDA approximation:
- Operating profit = 17,510
- Depreciation and amortisation = 7,205
- Impairment = 1,140
- Write-off of tangible and intangible assets = 599
- EBITDA ≈ 17,510 + 7,205 + 1,140 + 599 = 26,454 million EUR

Net Debt / EBITDA 2022 ≈ 21,713 / 26,454 = 0.82x

For prior year-end / 2022-01-01:
- Short-term borrowings: 2,299
- Current portion of long-term borrowings: 1,781
- Current lease liabilities: 948
- Long-term borrowings: 23,714
- Noncurrent lease liabilities: 4,389
- Total debt and leases = 33,131
- Cash and cash equivalents = 8,254
- Net debt = 33,131 - 8,254 = 24,877 million EUR

EBITDA approximation:
- Operating profit = 12,341
- Depreciation and amortisation = 7,063
- Impairment = 167
- Write-off of tangible and intangible assets = 387
- EBITDA ≈ 12,341 + 7,063 + 167 + 387 = 19,958 million EUR

Net Debt / EBITDA prior year ≈ 24,877 / 19,958 = 1.25x

Year-on-year change:
- 2022 ratio: 0.82x
- Prior year ratio: 1.25x
- Change = 0.82 - 1.25 = -0.43x

Since leverage decreased by more than 0.3x, the adjusted leverage trend is Improving.

<answer>Improving</answer>