To estimate S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both 2022 and 2021, then compare the year-on-year change to the ± 0.3x threshold. 

1. **Calculate Net Debt for each year:**
Net Debt = Total Financial Liabilities - Cash and Cash Equivalents - Current Financial Assets
- For 2022 (using data from 2022-01-01):
  Total Financial Liabilities = Noncurrent Financial Liabilities (3,716,000,000) + Current Financial Liabilities (499,700,000) = 4,215,700,000 EUR
  Net Debt 2022 = 4,215,700,000 - 885,600,000 - 29,300,000 = 3,300,800,000 EUR
- For 2023 (using data from 2023-01-01):
  Total Financial Liabilities = Noncurrent Financial Liabilities (5,689,900,000) + Current Financial Liabilities (650,100,000) = 6,340,000,000 EUR
  Net Debt 2023 = 6,340,000,000 - 1,942,400,000 - 77,700,000 = 4,319,900,000 EUR

2. **Calculate EBITDA for each year:**
EBITDA = Profit Loss From Operating Activities + Amortisation Depreciation And Provisions
- For 2021-2022: EBITDA = 611,700,000 + 612,100,000 = 1,223,800,000 EUR
- For 2022-2023: EBITDA = 533,800,000 + 667,100,000 = 1,200,900,000 EUR

3. **Calculate the Net Debt / EBITDA ratio:**
- For 2022: 3,300,800,000 / 1,223,800,000 ≈ 2.70x
- For 2023: 4,319,900,000 / 1,200,900,000 ≈ 3.60x

4. **Determine the trend:**
The ratio increased from 2.70x in 2022 to 3.60x in 2023. 
The gap year-on-year is 3.60x - 2.70x = +0.90x. 
Since the gap is higher than +0.3x, the leverage trend is Deteriorating.

<answer>Deteriorating</answer>