To estimate S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both 2022 and 2021 and compare the year-on-year change.

**Step 1: Calculate Net Debt for 2022 and 2021**
Net Debt = Total Debt - Cash & Cash Equivalents.
We use "Other Noncurrent Financial Liabilities" + "Other Current Financial Liabilities" as the primary interest-bearing debt, along with the margin liabilities.
- **2022 Net Debt:**
  Other Noncurrent Financial Liabilities: 8,701,000,000 EUR
  Other Current Financial Liabilities: 8,519,000,000 EUR
  Margin Liabilities: 985,000,000 EUR
  Total Debt 2022 = 8,701 + 8,519 + 985 = 18,205,000,000 EUR
  Cash & Cash Equivalents (Liquid Funds): 7,592,000,000 EUR
  **Net Debt 2022** = 18,205 - 7,592 = 10,613,000,000 EUR

- **2021 Net Debt:**
  Other Noncurrent Financial Liabilities: 3,658,000,000 EUR
  Other Current Financial Liabilities: 4,127,000,000 EUR
  Margin Liabilities: 352,000,000 EUR
  Total Debt 2021 = 3,658 + 4,127 + 352 = 8,137,000,000 EUR
  Cash & Cash Equivalents (Liquid Funds): 2,308,000,000 EUR
  **Net Debt 2021** = 8,137 - 2,308 = 5,829,000,000 EUR

**Step 2: Identify EBITDA for 2022 and 2021**
S&P typically uses the reported Comparable EBITDA for its adjusted leverage calculations.
- **2022 Comparable EBITDA:** 2,436,000,000 EUR
- **2021 Comparable EBITDA:** 2,016,000,000 EUR

**Step 3: Calculate Net Debt / EBITDA for each year**
- **2022 Ratio:** 10,613 / 2,436 ≈ 4.36x
- **2021 Ratio:** 5,829 / 2,016 ≈ 2.89x

**Step 4: Determine the trend**
Change in ratio = 4.36x - 2.89x = 1.47x
The gap of the ratio Net Debt / EBITDA year-on-year is +1.47x. Since an increase in leverage represents higher relative debt, and the gap is significantly higher than the ±0.3x threshold for Stable (and > 0.3x), the trend is Deteriorating.

<answer>Deteriorating</answer>