I need to calculate the Net Debt / EBITDA ratio for 2022 and 2023 to determine the leverage trend.

## Step 1: Calculate Net Debt for both years

**Net Debt = Total Debt - Cash and Cash Equivalents**

### For 2023-01-01:
- Long-term Borrowings: 12,689 million EUR
- Current Borrowings: 2,110 million EUR
- Noncurrent Lease Liabilities: 1,309 million EUR
- Current Lease Liabilities: 177 million EUR
- Total Debt: 12,689 + 2,110 + 1,309 + 177 = 16,285 million EUR
- Cash and Cash Equivalents: 3,985 million EUR
- **Net Debt 2023 = 16,285 - 3,985 = 12,300 million EUR**

### For 2022-01-01:
- Long-term Borrowings: 13,786 million EUR
- Current Borrowings: 1,493 million EUR
- Noncurrent Lease Liabilities: 1,325 million EUR
- Current Lease Liabilities: 196 million EUR
- Total Debt: 13,786 + 1,493 + 1,325 + 196 = 16,800 million EUR
- Cash and Cash Equivalents: 3,965 million EUR
- **Net Debt 2022 = 16,800 - 3,965 = 12,835 million EUR**

## Step 2: Extract EBITDA for both years

From the data:
- **EBITDA 2023 (for period 2022-01-01 to 2023-01-01): 4,954 million EUR**
- **EBITDA 2022 (for period 2021-01-01 to 2022-01-01): 3,529 million EUR**

## Step 3: Calculate Net Debt / EBITDA ratios

**Net Debt / EBITDA 2023 = 12,300 / 4,954 = 2.48x**

**Net Debt / EBITDA 2022 = 12,835 / 3,529 = 3.64x**

## Step 4: Calculate the year-on-year gap

**Gap = 2.48x - 3.64x = -1.16x**

The absolute value of the gap is 1.16x, which is significantly larger than 0.3x.

## Step 5: Interpret the trend

Since the gap is -1.16x (negative), this means the ratio decreased from 3.64x to 2.48x, which represents an **improvement** in leverage. The company's leverage position improved substantially.

However, I need to clarify which year we're measuring. The question asks about "S&P's adjusted leverage trend for 2022." The comparison should be:
- 2022 ratio: 3.64x (calculated from 2021 to 2022 data)
- 2023 ratio: 2.48x (calculated from 2022 to 2023 data)

The change from 2022 to 2023 is -1.16x, which is much greater than 0.3x in absolute terms, indicating the leverage trend is **Improving** (the ratio decreased significantly).

<answer>Improving</answer>