To determine the trend for S&P's adjusted leverage, we need to calculate the Net Debt / EBITDA ratio for the years 2022 and 2023, and then compare the year-on-year gap to the ± 0.3x threshold.

**1. Calculate EBITDA for 2022 and 2023**
S&P typically defines EBITDA as Operating Income (EBIT) plus Depreciation, Amortization, and Impairment losses. 
- **2022 EBITDA:** 
  EBIT = 1,317,500,000 EUR ("Resultat Operationnel Apres Quote Part De Resultat Net Dans Les Entites Mises En Equivalence" 2021-01-01 - 2022-01-01)
  D&A = 2,117,200,000 EUR ("Operating Depreciation Amortization Provisions And Impairment Losses" 2021-01-01 - 2022-01-01)
  EBITDA 2022 = 1,317,500,000 + 2,117,200,000 = 3,434,700,000 EUR

- **2023 EBITDA:**
  EBIT = 2,333,300,000 EUR ("Resultat Operationnel Apres Quote Part De Resultat Net Dans Les Entites Mises En Equivalence" 2022-01-01 - 2023-01-01)
  D&A = 3,178,600,000 EUR ("Operating Depreciation Amortization Provisions And Impairment Losses" 2022-01-01 - 2023-01-01)
  EBITDA 2023 = 2,333,300,000 + 3,178,600,000 = 5,511,900,000 EUR

**2. Calculate Net Debt for 2022 and 2023**
Net Debt is calculated as Total Financial Debt minus Cash & Cash Equivalents.
- **2022 Net Debt:**
  Total Debt = Noncurrent Financial Liabilities (10,462,500,000) + Current Financial Liabilities (8,624,300,000) + Noncurrent Lease Liabilities (1,298,100,000) + Current Lease Liabilities (410,600,000) = 20,795,500,000 EUR
  Cash = 10,518,700,000 EUR
  Net Debt 2022 = 20,795,500,000 - 10,518,700,000 = 10,276,800,000 EUR

- **2023 Net Debt:**
  Total Debt = Noncurrent Financial Liabilities (19,692,100,000) + Current Financial Liabilities (6,521,400,000) + Noncurrent Lease Liabilities (1,656,200,000) + Current Lease Liabilities (496,500,000) = 28,366,200,000 EUR
  Cash = 9,012,200,000 EUR
  Net Debt 2023 = 28,366,200,000 - 9,012,200,000 = 19,354,000,000 EUR

**3. Calculate the Net Debt / EBITDA ratios and the trend**
- **Ratio 2022:** 10,276,800,000 / 3,434,700,000 ≈ 2.99x
- **Ratio 2023:** 19,354,000,000 / 5,511,900,000 ≈ 3.51x

**4. Evaluate the gap**
- Gap = 3.51x - 2.99x = +0.52x
The gap of 0.52x is higher than the 0.3x threshold, indicating a Deteriorating trend.

<answer>Deteriorating</answer>