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 compare the year-on-year change.

**1. Calculate the 2021 Ratio:**
- **Net Debt 2021:** Total Financial Liabilities - Cash & Cash Equivalents
  - Noncurrent Financial Liabilities (2022-01-01): 5,953,434,000 EUR
  - Current Financial Liabilities (2022-01-01): 2,144,425,000 EUR
  - Total Financial Liabilities = 5,953,434,000 + 2,144,425,000 = 8,097,859,000 EUR
  - Cash And Cash Equivalents (2022-01-01): 1,574,427,000 EUR
  - **Net Debt 2021** = 8,097,859,000 - 1,574,427,000 = 6,523,432,000 EUR
- **EBITDA 2021:** Profit From Operating Activities + Depreciation And Amortisation Expense
  - Profit Loss From Operating Activities (2021-01-01 to 2022-01-01): 991,970,000 EUR
  - Depreciation And Amortisation Expense (2021-01-01 to 2022-01-01): 522,114,000 EUR
  - **EBITDA 2021** = 991,970,000 + 522,114,000 = 1,514,084,000 EUR
- **Net Debt / EBITDA 2021** = 6,523,432,000 / 1,514,084,000 ≈ 4.31x

**2. Calculate the 2022 Ratio:**
- **Net Debt 2022:** Total Financial Liabilities - Cash & Cash Equivalents
  - Noncurrent Financial Liabilities (2023-01-01): 5,543,755,000 EUR
  - Current Financial Liabilities (2023-01-01): 1,705,277,000 EUR
  - Total Financial Liabilities = 5,543,755,000 + 1,705,277,000 = 7,249,032,000 EUR
  - Cash And Cash Equivalents (2023-01-01): 794,824,000 EUR
  - **Net Debt 2022** = 7,249,032,000 - 794,824,000 = 6,454,208,000 EUR
- **EBITDA 2022:** Profit From Operating Activities + Depreciation And Amortisation Expense
  - Profit Loss From Operating Activities (2022-01-01 to 2023-01-01): 961,554,000 EUR
  - Depreciation And Amortisation Expense (2022-01-01 to 2023-01-01): 544,992,000 EUR
  - **EBITDA 2022** = 961,554,000 + 544,992,000 = 1,506,546,000 EUR
- **Net Debt / EBITDA 2022** = 6,454,208,000 / 1,506,546,000 ≈ 4.28x

**3. Determine the Trend:**
- Gap Year-on-Year = 4.28x - 4.31x = -0.03x
- The absolute change (0.03x) is within the ± 0.3x range, and the gap is lower (less than 0.3x), which means the leverage has slightly decreased (improved).

<answer>Improving</answer>