To determine the S&P adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both 2022 and 2023, then compare the year-on-year gap.

**1. Calculate the 2022 Net Debt / EBITDA ratio:**
- **Net Debt 2022**: Total Financial Liabilities (Noncurrent + Current) - Cash & Cash Equivalents
  - Noncurrent Financial Liabilities (2022-01-01): 15,114,000,000 EUR
  - Current Financial Liabilities (2022-01-01): 1,698,000,000 EUR
  - Total Financial Liabilities = 15,114,000,000 + 1,698,000,000 = 16,812,000,000 EUR
  - Cash And Cash Equivalents (2022-01-01): 3,965,000,000 EUR
  - **Net Debt 2022** = 16,812,000,000 - 3,965,000,000 = 12,847,000,000 EUR
- **EBITDA 2022**: Given directly as "Beneficio Bruto De Explotacion Ebitda" for 2021-01-01 to 2022-01-01.
  - **EBITDA 2022** = 3,529,000,000 EUR
- **Ratio 2022** = 12,847,000,000 / 3,529,000,000 ≈ 3.64x

**2. Calculate the 2023 Net Debt / EBITDA ratio:**
- **Net Debt 2023**:
  - Noncurrent Financial Liabilities (2023-01-01): 13,999,000,000 EUR
  - Current Financial Liabilities (2023-01-01): 2,302,000,000 EUR
  - Total Financial Liabilities = 13,999,000,000 + 2,302,000,000 = 16,301,000,000 EUR
  - Cash And Cash Equivalents (2023-01-01): 3,985,000,000 EUR
  - **Net Debt 2023** = 16,301,000,000 - 3,985,000,000 = 12,316,000,000 EUR
- **EBITDA 2023**: Given directly as "Beneficio Bruto De Explotacion Ebitda" for 2022-01-01 to 2023-01-01.
  - **EBITDA 2023** = 4,954,000,000 EUR
- **Ratio 2023** = 12,316,000,000 / 4,954,000,000 ≈ 2.49x

**3. Compare the gap year-on-year:**
- Gap = Ratio 2023 - Ratio 2022 = 2.49x - 3.64x = -1.15x
- The decrease in the leverage ratio is 1.15x, which is significantly lower (better) than the -0.3x threshold. Thus, the leverage is improving.

<answer>Improving</answer>