To estimate S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for the fiscal years ending 2022 (2021-01-01 to 2022-01-01) and 2023 (2022-01-01 to 2023-01-01). Note: In financial reporting contexts, "Year 2022" usually refers to the fiscal year ending in 2022 or the data reported for that period. The prompt provides data for periods ending 2022-01-01 (FY2021) and 2023-01-01 (FY2022). We will calculate the ratios for these two periods to determine the year-on-year change.

**Step 1: Calculate EBITDA for both periods.**
EBITDA is typically calculated as Profit/Loss from Operating Activities + Depreciation & Amortization + Other non-cash items/adjustments if necessary, or derived from Revenue - Operating Expenses + D&A.
Using the provided "Profit Loss From Operating Activities" and "Depreciation And Amortisation Expense":

*   **For the period 2021-01-01 to 2022-01-01 (FY2021):**
    *   Profit Loss From Operating Activities: -275,000,000 EUR
    *   Depreciation And Amortisation Expense: 1,165,000,000 EUR
    *   EBITDA (approx) = -275,000,000 + 1,165,000,000 = **890,000,000 EUR**
    *   *Alternative Check:* Revenue (5,524) - Operating Expense (5,861) + D&A (1,165) = 828 million. The difference comes from "Share of profit... equity method" (62) and "Other Gains/Losses" (-4). Let's stick to the standard EBITDA definition often used in leverage: EBIT + D&A.
    *   EBIT = Profit from Operating Activities + Share of Profit/JV? No, Operating Profit usually includes share of JVs in some definitions or excludes. Let's look at "Profit Loss Before Tax" (-475) + Finance Costs (202) - Finance Income (2) = -275. This matches Operating Profit.
    *   So, EBITDA = Operating Profit + D&A = -275 + 1,165 = **890 million EUR**.

*   **For the period 2022-01-01 to 2023-01-01 (FY2022):**
    *   Profit Loss From Operating Activities: -976,000,000 EUR
    *   Depreciation And Amortisation Expense: 1,233,000,000 EUR
    *   EBITDA (approx) = -976,000,000 + 1,233,000,000 = **257,000,000 EUR**

**Step 2: Calculate Net Debt for both periods.**
Net Debt = Total Debt (Interest-bearing) - Cash and Cash Equivalents.
Total Debt includes Short-term Borrowings, Long-term Borrowings, Lease Liabilities (Current and Non-current), and potentially other financial liabilities. S&P often includes lease liabilities in debt for utilities/infrastructure.

*   **As of 2022-01-01 (Start of FY2022 / End of FY2021):**
    *   Long-term Borrowings: 12,366,000,000 EUR
    *   Short-term Borrowings: 1,339,000,000 EUR
    *   Noncurrent Lease Liabilities: 235,000,000 EUR
    *   Current Lease Liabilities: 169,000,000 EUR
    *   Other Noncurrent Financial Liabilities: 183,000,000 EUR
    *   Other Current Financial Liabilities: 281,000,000 EUR
    *   Current Bank Overdrafts: 64,000,000 EUR
    *   *Total Debt* = 12,366 + 1,339 + 235 + 169 + 183 + 281 + 64 = **14,637 million EUR**
    *   Cash And Cash Equivalents: 3,204,000,000 EUR
    *   *Net Debt* = 14,637 - 3,204 = **11,433 million EUR**

*   **As of 2023-01-01 (End of FY2022):**
    *   Long-term Borrowings: 19,006,000,000 EUR
    *   Short-term Borrowings: 709,000,000 EUR
    *   Noncurrent Lease Liabilities: 574,000,000 EUR
    *   Current Lease Liabilities: 155,000,000 EUR
    *   Other Noncurrent Financial Liabilities: 185,000,000 EUR
    *   Other Current Financial Liabilities: 550,000,000 EUR
    *   Current Bank Overdrafts: 0 EUR
    *   *Total Debt* = 19,006 + 709 + 574 + 155 + 185 + 550 + 0 = **21,179 million EUR**
    *   Cash And Cash Equivalents: 6,547,000,000 EUR
    *   *Net Debt* = 21,179 - 6,547 = **14,632 million EUR**

**Step 3: Calculate Leverage Ratios (Net Debt / EBITDA).**

*   **Ratio 2021 (Period ending 2022-01-01):**
    *   Net Debt: 11,433 million EUR
    *   EBITDA: 890 million EUR
    *   Leverage = 11,433 / 890 ≈ **12.85x**

*   **Ratio 2022 (Period ending 2023-01-01):**
    *   Net Debt: 14,632 million EUR
    *   EBITDA: 257 million EUR
    *   Leverage = 14,632 / 257 ≈ **56.93x**

**Step 4: Determine the Trend.**
*   Change in Ratio = 56.93 - 12.85 = **+44.08x**
*   The gap is significantly higher than 0.3x.
*   An increase in leverage indicates a deterioration in the credit profile regarding debt burden relative to earnings.

The leverage ratio increased drastically from ~12.9x to ~56.9x. This is a massive deterioration. Even if we adjusted EBITDA for one-off items or used a different debt definition, the drop in operating profit (from -275m to -976m) and the increase in net debt (from 11.4bn to 14.6bn) clearly point to a worsening ratio.

Therefore, the trend is Deteriorating.

<answer>Deteriorating</answer>