To estimate S&P's adjusted leverage trend for 2022, we need to compare the Net Debt / EBITDA ratio for the year ending in 2022 (which corresponds to the 2022 annual report figures) with the ratio for the year ending in 2021. 

1. **Calculate EBITDA for 2022 and 2021**:
Standard EBITDA is calculated as Profit From Operating Activities + Depreciation and Amortisation. For 2022:
EBITDA 2022 = Profit Loss From Operating Activities (6,489,000,000) + Adjustments For Depreciation And Amortisation Expense (3,613,000,000) = 10,102,000,000 EUR.
For 2021:
EBITDA 2021 = Profit Loss From Operating Activities (4,438,000,000) + Adjustments For Depreciation And Amortisation Expense (3,219,000,000) = 7,657,000,000 EUR.

2. **Calculate Net Debt for 2022 and 2021**:
Net Debt is typically calculated as Total Financial Debt minus Cash & Cash Equivalents (and often short-term cash management assets).
For 2022 (end of period 2023-01-01):
Total Debt = Noncurrent Bonds (20,425,000,000) + Noncurrent Borrowings (3,205,000,000) + Short-term Borrowings (6,368,000,000) = 29,998,000,000 EUR.
Cash & Equivalents = Cash And Cash Equivalents (12,578,000,000) + Current Cash Management Financial Assets (755,000,000) = 13,333,000,000 EUR.
Net Debt 2022 = 29,998,000,000 - 13,333,000,000 = 16,665,000,000 EUR.

For 2021 (end of period 2022-01-01):
Total Debt = Noncurrent Bonds (22,212,000,000) + Noncurrent Borrowings (2,757,000,000) + Short-term Borrowings (5,769,000,000) = 30,738,000,000 EUR.
Cash & Equivalents = Cash And Cash Equivalents (11,065,000,000) + Current Cash Management Financial Assets (200,000,000) = 11,265,000,000 EUR.
Net Debt 2021 = 30,738,000,000 - 11,265,000,000 = 19,473,000,000 EUR.

3. **Calculate Net Debt / EBITDA ratios**:
Ratio 2022 = 16,665,000,000 / 10,102,000,000 ≈ 1.65x
Ratio 2021 = 19,473,000,000 / 7,657,000,000 ≈ 2.54x

4. **Determine the trend**:
The gap between the 2022 ratio and the 2021 ratio is 1.65x - 2.54x = -0.89x. 
Since the gap is lower than -0.3x (meaning the leverage decreased significantly), the trend is Improving.

<answer>Improving</answer>