I need to calculate S&P's adjusted leverage (Net Debt / EBITDA) for both years and compare them.

## Step 1: Identify Net Debt

From the data:
- Net Debt at 2023-01-01 (end of 2022): 7,440,000,000 EUR
- Net Debt at 2022-01-01 (end of 2021): 941,000,000 EUR

## Step 2: Calculate EBITDA

EBITDA is typically calculated as Operating Profit + Depreciation & Amortization. I'll also consider S&P adjustments which typically include lease liabilities.

**For fiscal year 2022 (2022-01-01 to 2023-01-01):**
- Profit from Operating Activities: 1,872,000,000 EUR
- Depreciation and Amortisation: 2,228,000,000 EUR
- Depreciation Right-of-use Assets: 446,000,000 EUR
- Impairment/Provision expense: 172,000,000 EUR

S&P typically adds back D&A and includes lease depreciation in EBITDA:
EBITDA = 1,872 + 2,228 + 446 + 172 = 4,718 million EUR

But S&P also adds back lease-related expenses. For S&P adjusted EBITDA, we add back depreciation of RoU assets and interest on leases (already included in operating profit adjustments). Actually, let me reconsider - the D&A of 2,228m may or may not include the RoU depreciation of 446m. Looking at the income statement structure, they seem to be separate line items, so:

EBITDA (S&P adjusted) ≈ Operating Profit + D&A + RoU Depreciation + Impairment = 1,872 + 2,228 + 446 + 172 = 4,718m

S&P adjusted net debt would include lease liabilities:
- Net Debt end 2022: 7,440m + lease liabilities (2,107 + 498) = 7,440 + 2,605 = 10,045m

**For fiscal year 2021 (2021-01-01 to 2022-01-01):**
- Profit from Operating Activities: 1,733,000,000 EUR
- D&A: 2,065,000,000 EUR
- RoU Depreciation: 353,000,000 EUR
- Impairment/Provision: 405,000,000 EUR

EBITDA = 1,733 + 2,065 + 353 + 405 = 4,556m

S&P adjusted net debt end 2021: 941 + (1,473 + 362) = 941 + 1,835 = 2,776m

## Step 3: Calculate Leverage Ratios

**End 2022 / FY2022:**
S&P Adjusted Leverage = 10,045 / 4,718 = 2.13x

**End 2021 / FY2021:**
S&P Adjusted Leverage = 2,776 / 4,556 = 0.61x

## Step 4: Determine Trend

Change = 2.13x - 0.61x = +1.52x

This is a significant increase (well above +0.3x), indicating **Deteriorating** leverage.

The massive increase in net debt is primarily driven by the large acquisition activity in 2022 (€6.269 billion in cash used for obtaining control of subsidiaries, likely the Equans acquisition).

<answer>Deteriorating</answer>