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

**1. Calculate Net Debt for 2021 and 2022**
Net Debt = Total Financial Debt - Cash & Cash Equivalents
*2022 (values as of 2023-01-01):*
- Current Financial Debt = 1,139,000,000 + 553,000,000 = 1,692,000,000 EUR
- Noncurrent Financial Debt = 3,101,000,000 + 2,624,000,000 = 5,725,000,000 EUR
- Total Financial Debt = 1,692,000,000 + 5,725,000,000 = 7,417,000,000 EUR
- Cash & Cash Equivalents = 2,360,000,000 EUR
- **Net Debt 2022** = 7,417,000,000 - 2,360,000,000 = 5,057,000,000 EUR

*2021 (values as of 2022-01-01):*
- Current Financial Debt = 1,666,000,000 + 280,000,000 = 1,946,000,000 EUR
- Noncurrent Financial Debt = 2,364,000,000 + 2,073,000,000 = 4,437,000,000 EUR
- Total Financial Debt = 1,946,000,000 + 4,437,000,000 = 6,383,000,000 EUR
- Cash & Cash Equivalents = 2,318,000,000 EUR
- **Net Debt 2021** = 6,383,000,000 - 2,318,000,000 = 4,065,000,000 EUR

**2. Calculate EBITDA for 2021 and 2022**
EBITDA = Operating Profit + Depreciation, Amortization, and Impairment
*2022:*
- Operating Profit = 1,334,000,000 EUR
- D&A and Provisions = 762,000,000 EUR
- Impairment reversal = -15,000,000 EUR
- **EBITDA 2022** = 1,334,000,000 + 762,000,000 - 15,000,000 = 2,081,000,000 EUR

*2021:*
- Operating Profit = 829,000,000 EUR
- D&A and Provisions = 714,000,000 EUR
- Impairment reversal = -67,000,000 EUR
- **EBITDA 2021** = 829,000,000 + 714,000,000 - 67,000,000 = 1,476,000,000 EUR

**3. Calculate Net Debt / EBITDA ratio**
- **Ratio 2022** = 5,057,000,000 / 2,081,000,000 ≈ 2.43x
- **Ratio 2021** = 4,065,000,000 / 1,476,000,000 ≈ 2.75x

**4. Determine the trend**
- Change in ratio = 2.43x - 2.75x = -0.32x
The leverage ratio has decreased by 0.32x. According to the criteria, a decrease of more than 0.3x indicates an "Improving" trend.

<answer>Improving</answer>