To estimate S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both 2022 and 2023, then compare the change year-over-year based on the provided definition. 

**1. Calculate 2022 Net Debt / EBITDA:**
- **Net Debt 2022:** Total Financial Debt - Cash & Cash Equivalents. 
  From the balance sheet at 2022-01-01:
  - Short-Term Financial Liabilities: 591,188,000 EUR
  - Long-Term Financial Liabilities: 5,785,707,000 EUR
  - Other Current Financial Liabilities: 290,000 EUR
  - Other Noncurrent Financial Liabilities: 6,283,000 EUR
  - **Total Financial Debt 2022** = 591,188,000 + 5,785,707,000 + 290,000 + 6,283,000 = 6,383,468,000 EUR
  - Cash And Cash Equivalents 2022 = 1,391,763,000 EUR
  - **Net Debt 2022** = 6,383,468,000 - 1,391,763,000 = 4,991,705,000 EUR

- **EBITDA 2022:** 
  EBITDA is typically calculated as Operating Profit (EBIT) + Depreciation & Amortization (D&A).
  From the income statement for 2021-01-01 to 2022-01-01:
  - Profit Loss From Operating Activities (EBIT) = 583,231,000 EUR
  - D&A = 445,251,000 EUR (or 444,387,000 from cash flow adjustments)
  - **EBITDA 2022** = 583,231,000 + 445,251,000 = 1,028,482,000 EUR

- **Net Debt / EBITDA 2022** = 4,991,705,000 / 1,028,482,000 ≈ **4.85x**

**2. Calculate 2023 Net Debt / EBITDA:**
- **Net Debt 2023:**
  From the balance sheet at 2023-01-01:
  - Short-Term Financial Liabilities: 142,437,000 EUR
  - Long-Term Financial Liabilities: 6,402,913,000 EUR
  - Other Current Financial Liabilities: 290,000 EUR
  - Other Noncurrent Financial Liabilities: 34,000 EUR
  - **Total Financial Debt 2023** = 142,437,000 + 6,402,913,000 + 290,000 + 34,000 = 6,545,674,000 EUR
  - Cash And Cash Equivalents 2023 = 451,946,000 EUR
  - **Net Debt 2023** = 6,545,674,000 - 451,946,000 = 6,093,728,000 EUR

- **EBITDA 2023:**
  From the income statement for 2022-01-01 to 2023-01-01:
  - Profit Loss From Operating Activities (EBIT) = 641,338,000 EUR
  - D&A = 479,186,000 EUR (or 478,290,000 from cash flow adjustments)
  - **EBITDA 2023** = 641,338,000 + 479,186,000 = 1,120,524,000 EUR

- **Net Debt / EBITDA 2023** = 6,093,728,000 / 1,120,524,000 ≈ **5.44x**

**3. Determine the Trend:**
- The difference year-over-year is 5.44x - 4.85x = **+0.59x**.
- The gap is higher than the ±0.3x threshold. Consequently, as the leverage has increased by more than 0.3x, the trend is Deteriorating.

<answer>Deteriorating</answer>