To estimate S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for the years ending 2022-01-01 (representing the 2021 fiscal year) and 2023-01-01 (representing the 2022 fiscal year), and then compare the change.

**Step 1: Calculate EBITDA for both periods.**
EBITDA is typically calculated as Profit from Operating Activities + Depreciation, Amortization, and Impairment.

*   **For the period 2021-01-01 to 2022-01-01 (FY 2021):**
    *   Profit Loss From Operating Activities: 583,231,000 EUR
    *   Depreciation Amortisation And Impairment Loss Reversal...: 445,251,000 EUR
    *   EBITDA 2021 = 583,231,000 + 445,251,000 = **1,028,482,000 EUR**

*   **For the period 2022-01-01 to 2023-01-01 (FY 2022):**
    *   Profit Loss From Operating Activities: 641,338,000 EUR
    *   Depreciation Amortisation And Impairment Loss Reversal...: 479,186,000 EUR
    *   EBITDA 2022 = 641,338,000 + 479,186,000 = **1,120,524,000 EUR**

**Step 2: Calculate Net Debt for both periods.**
Net Debt is typically calculated as Total Financial Debt (Current + Non-Current) minus Cash and Cash Equivalents. We must identify financial liabilities and assets from the provided facts.

*   **For 2022-01-01 (End of FY 2021):**
    *   *Financial Liabilities:*
        *   Short Term Financial Liabilities Excluding Other Current Financial Liabilities: 591,188,000 EUR
        *   Other Current Financial Liabilities: 290,000 EUR
        *   Long Term Financial Liabilities Excluding Other Non Current Financial Liabilities: 5,785,707,000 EUR
        *   Other Noncurrent Financial Liabilities: 6,283,000 EUR
        *   Total Financial Debt = 591,188,000 + 290,000 + 5,785,707,000 + 6,283,000 = 6,383,468,000 EUR
    *   *Cash and Cash Equivalents:*
        *   Cash And Cash Equivalents: 1,391,763,000 EUR
    *   *Net Debt 2021* = 6,383,468,000 - 1,391,763,000 = **4,991,705,000 EUR**

*   **For 2023-01-01 (End of FY 2022):**
    *   *Financial Liabilities:*
        *   Short Term Financial Liabilities Excluding Other Current Financial Liabilities: 142,437,000 EUR
        *   Other Current Financial Liabilities: 290,000 EUR
        *   Long Term Financial Liabilities Excluding Other Non Current Financial Liabilities: 6,402,913,000 EUR
        *   Other Noncurrent Financial Liabilities: 34,000 EUR
        *   Total Financial Debt = 142,437,000 + 290,000 + 6,402,913,000 + 34,000 = 6,545,674,000 EUR
    *   *Cash and Cash Equivalents:*
        *   Cash And Cash Equivalents: 451,946,000 EUR
    *   *Net Debt 2022* = 6,545,674,000 - 451,946,000 = **6,093,728,000 EUR**

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

*   **Leverage 2021:** 4,991,705,000 / 1,028,482,000 ≈ **4.85x**
*   **Leverage 2022:** 6,093,728,000 / 1,120,524,000 ≈ **5.44x**

**Step 4: Determine the Trend.**
*   Change in Leverage = Leverage 2022 - Leverage 2021
*   Change = 5.44x - 4.85x = **+0.59x**

The definition states:
*   Stable: Gap is between -0.3x and +0.3x.
*   Improving: Gap is lower than -0.3x (leverage decreases significantly).
*   Deteriorating: Gap is higher than +0.3x (leverage increases significantly).

Since the leverage increased by 0.59x, which is greater than 0.3x, the trend is Deteriorating.

<answer>Deteriorating</answer>