To determine S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both 2022 and 2021 and compare the year-on-year change. S&P typically defines EBITDA as Operating Profit before Depreciation and Amortisation (EBITDA). Net Debt is calculated as Total Financial Debt minus Cash and Cash Equivalents. 

**For the period 2022-01-01 to 2023-01-01 (FY 2022):**
- EBITDA = Operating Profit Before Depreciation And Amortisation = -4,986,000,000 EUR
- Total Financial Debt = Other Noncurrent Financial Liabilities (71,058,000,000) + Other Current Financial Liabilities (71,844,000,000) = 142,902,000,000 EUR
- Cash and Cash Equivalents = 10,948,000,000 EUR
- Net Debt = 142,902,000,000 - 10,948,000,000 = 131,954,000,000 EUR
- Net Debt / EBITDA = 131,954,000,000 / -4,986,000,000 = -26.45x

**For the period 2021-01-01 to 2022-01-01 (FY 2021):**
- EBITDA = Operating Profit Before Depreciation And Amortisation = 18,005,000,000 EUR
- Total Financial Debt = Other Noncurrent Financial Liabilities (56,543,000,000) + Other Current Financial Liabilities (45,014,000,000) = 101,557,000,000 EUR
- Cash and Cash Equivalents = 9,919,000,000 EUR
- Net Debt = 101,557,000,000 - 9,919,000,000 = 91,638,000,000 EUR
- Net Debt / EBITDA = 91,638,000,000 / 18,005,000,000 = 5.09x

**Comparison:**
The leverage ratio has moved from 5.09x in 2021 to -26.45x in 2022. The gap between these ratios is massive (well over ± 0.3x). Even though the 2022 ratio is mathematically negative (indicating negative EBITDA), the absolute change and the shift from a positive leverage ratio to a severely negative one demonstrate a substantial deterioration in the company's ability to service its debt with operating earnings. Therefore, the trend is Deteriorating.

<answer>Deteriorating</answer>