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 then compare the year-on-year change to the ± 0.3x threshold. 

**1. Calculate the ratios:**
We use the reported figures from the annual report. For EBITDA, we use the "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense". For Net Debt, we use the standard calculation: Total Financial Debt - Cash & Cash Equivalents. 

*Note on Financial Debt:* Under IFRS 16, Right-of-Use assets and Lease Liabilities are recognized on the balance sheet. Since the EBITDA metric already includes the lease expense (implicitly in the operating profit buildup), standard S&P leverage calculations add the lease liabilities back to financial debt to avoid double-counting the lease impact. We will use the debt figures excluding lease liabilities for our primary calculation.

**For 2022 (period ending 2022-12-31 / 2023-01-01):**
- EBITDA 2022: 499,430,000 EUR
- Cash & Cash Equivalents 2022: 392,811,000 EUR
- Noncurrent Financial Liabilities 2022 (excluding lease liabilities): 1,751,255,000 EUR
- Current Financial Liabilities 2022 (excluding lease liabilities): 766,440,000 + 389,716,000 = 466,160,000 EUR
- Total Financial Debt 2022: 1,751,255,000 + 466,160,000 = 2,217,415,000 EUR
- Net Debt 2022: 2,217,415,000 - 392,811,000 = 1,824,604,000 EUR
- Net Debt / EBITDA 2022 = 1,824,604,000 / 499,430,000 ≈ **3.65x**

**For 2021 (period ending 2021-12-31 / 2022-01-01):**
- EBITDA 2021: 396,680,000 EUR
- Cash & Cash Equivalents 2021: 860,352,000 EUR
- Noncurrent Financial Liabilities 2021 (excluding lease liabilities): 2,064,088,000 EUR
- Current Financial Liabilities 2021 (excluding lease liabilities): 170,857,000 + 1,342,688,000 = 1,513,545,000 EUR
- Total Financial Debt 2021: 2,064,088,000 + 1,513,545,000 = 3,577,633,000 EUR
- Net Debt 2021: 3,577,633,000 - 860,352,000 = 2,717,281,000 EUR
- Net Debt / EBITDA 2021 = 2,717,281,000 / 396,680,000 ≈ **6.85x**

*(Even if we were to include lease liabilities in the debt, the 2022 ratio would be 4.23x and the 2021 ratio 7.35x, leading to the same trend conclusion.)*

**2. Compare the year-on-year gap:**
Gap = Ratio 2022 - Ratio 2021 = 3.65x - 6.85x = -3.20x

The Net Debt / EBITDA ratio dropped significantly by 3.20x year-over-year. Because the decrease in the ratio is substantially larger than the 0.3x threshold, the leverage position has strongly improved.

<answer>Improving</answer>