I need to estimate S&P's adjusted leverage (Net Debt / EBITDA) for 2022 and 2021, then assess the trend.

## Step 1: Estimate EBITDA

EBITDA is approximated by "Operating Profit Before Depreciation And Amortisation" (EBE):
- 2022 (period 2022-01-01 to 2023-01-01): **-4,986M EUR**
- 2021 (period 2021-01-01 to 2022-01-01): **18,005M EUR**

## Step 2: Estimate Net Debt

Net Debt = Total Financial Debt - Cash and Cash Equivalents

For financial debt, I'll use noncurrent and current financial liabilities:

**At end of 2022 (2023-01-01):**
- Other Noncurrent Financial Liabilities: 71,058M
- Other Current Financial Liabilities: 71,844M
- Total Financial Liabilities: 142,902M
- Cash and Cash Equivalents: 10,948M
- Net Debt = 142,902 - 10,948 = **131,954M EUR**

**At end of 2021 (2022-01-01):**
- Other Noncurrent Financial Liabilities: 56,543M
- Other Current Financial Liabilities: 45,014M
- Total Financial Liabilities: 101,557M
- Cash and Cash Equivalents: 9,919M
- Net Debt = 101,557 - 9,919 = **91,638M EUR**

## Step 3: Calculate Net Debt / EBITDA

**For 2022 (using end-2022 net debt and 2022 EBITDA):**
- Net Debt / EBITDA = 131,954 / (-4,986) = **negative (meaningless, effectively infinite leverage)**

Since EBITDA is negative in 2022, the ratio is not meaningful in a traditional sense — it indicates extremely deteriorated leverage. The company went from positive EBITDA of 18B to negative EBITDA of -5B.

**For 2021 (using end-2021 net debt and 2021 EBITDA):**
- Net Debt / EBITDA = 91,638 / 18,005 = **5.1x**

## Step 4: Assess Trend

In 2021, Net Debt/EBITDA was approximately 5.1x. In 2022, EBITDA turned deeply negative (-4,986M), making the leverage ratio effectively undefined/infinitely negative. This represents a massive deterioration — net debt surged from ~92B to ~132B while EBITDA collapsed from +18B to -5B.

The change is far beyond the ±0.3x threshold for "Stable." The leverage has clearly **deteriorated** dramatically.

<answer>Deteriorating</answer>