To assess the adjusted leverage trend for 2022 we calculate the Net Debt / EBITDA ratio for the most recent two years available in the data.

**Step 1 – Compute Net Debt**  
Net Debt = Total Debt – Cash & Cash Equivalents  

For FY 2022 (ending 2023‑01‑01):  
- Long‑term borrowings: €68 191 M  
- Short‑term borrowings: €18 392 M  
- Current portion of long‑term borrowings: €2 835 M  
Total debt = €89 418 M  

Cash & cash equivalents (including short‑term investments): €11 041 M + €78 M = €11 119 M  

Net Debt 2022 = 89 418 – 11 119 = **€78 299 M**  

For FY 2021 (ending 2022‑01‑01):  
- Long‑term borrowings: €54 500 M  
- Short‑term borrowings: €13 306 M  
- Current portion of long‑term borrowings: €4 031 M  
Total debt = €71 837 M  

Cash & cash equivalents (including short‑term investments): €8 858 M + €88 M = €8 946 M  

Net Debt 2021 = 71 837 – 8 946 = **€62 891 M**  

**Step 2 – Compute EBITDA**  
EBITDA = Profit from operating activities + Depreciation, amortisation and impairment loss reversal  

FY 2022:  
- Operating profit: €11 193 M  
- Depreciation & amortisation (incl. impairment reversal): €7 447 M  
EBITDA 2022 = 11 193 + 7 447 = **€18 640 M**  

FY 2021:  
- Operating profit: €7 551 M  
- Depreciation & amortisation (incl. impairment reversal): €8 507 M  
EBITDA 2021 = 7 551 + 8 507 = **€16 058 M**  

**Step 3 – Calculate the ratios**  

- 2022 Net Debt / EBITDA = 78 299 / 18 640 ≈ **4.20×**  
- 2021 Net Debt / EBITDA = 62 891 / 16 058 ≈ **3.91×**  

**Step 4 – Evaluate the change**  

Gap = 4.20 – 3.91 = **0.29×**  

According to the definition, a year‑on‑year change within ± 0.3× is considered “Stable”. Since the gap (0.29×) is less than 0.3×, the adjusted leverage trend is stable.  

<answer>Stable</answer>