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

**1. Calculate the ratio for the 2023 fiscal year (ending 2023-01-01):**
- **EBITDA 2023:** The facts state "Beneficio Bruto De Explotacion Ebitda" for 2022-01-01 to 2023-01-01 is 13,228,000,000 EUR.
- **Net Debt 2023:** Net Debt is calculated as Total Financial Debt - Cash and Cash Equivalents. 
  - Noncurrent Financial Liabilities (44,216,000,000 EUR) + Current Financial Liabilities (25,079,000,000 EUR) = 69,295,000,000 EUR.
  - Cash and Cash Equivalents = 4,608,000,000 EUR.
  - Net Debt 2023 = 69,295,000,000 - 4,608,000,000 = 64,687,000,000 EUR.
- **Ratio 2023:** 64,687,000,000 / 13,228,000,000 ≈ 4.89x.

**2. Calculate the ratio for the 2022 fiscal year (ending 2022-01-01):**
- **EBITDA 2022:** The facts state "Beneficio Bruto De Explotacion Ebitda" for 2021-01-01 to 2022-01-01 is 12,006,000,000 EUR.
- **Net Debt 2022:** 
  - Noncurrent Financial Liabilities (37,175,000,000 EUR) + Current Financial Liabilities (21,297,000,000 EUR) = 58,472,000,000 EUR.
  - Cash and Cash Equivalents = 4,033,000,000 EUR.
  - Net Debt 2022 = 58,472,000,000 - 4,033,000,000 = 54,439,000,000 EUR.
- **Ratio 2022:** 54,439,000,000 / 12,006,000,000 ≈ 4.53x.

**3. Determine the trend:**
- The gap in the ratio year-on-year is 4.89x - 4.53x = +0.36x.
- The definition of "Stable" requires the gap to be within ± 0.3x. Because the gap of 0.36x is higher than 0.3x, the ratio has worsened, meaning the leverage trend is Deteriorating.

<answer>Deteriorating</answer>