To estimate the S&P adjusted leverage trend, we need to calculate the Net Debt / EBITDA ratio for the years 2021 and 2022 (representing the periods ending 2022-01-01 and 2023-01-01 respectively, based on the provided labels).

**Step 1: Calculate EBITDA for both periods.**

EBITDA is generally calculated as Profit from Operating Activities + Depreciation & Amortization + Impairment losses/reversals.
From the data:
*   **Period 2022 (2022-01-01 to 2023-01-01):**
    *   Profit Loss From Operating Activities: 1,334,000,000 EUR
    *   Dotacion Amortizacion YVariacion De Provisiones (Depreciation/Amortization/Provisions): 762,000,000 EUR
    *   Impairment Loss Reversal: -15,000,000 EUR (This is a gain/reversal, so it reduces the add-back or increases profit already. Standard EBITDA adds back impairment *losses*. A reversal is negative expense, effectively income. To get to cash-flow proxy, we usually add back non-cash charges. If the operating profit already includes this reversal, we should subtract it to normalize, or simply use Operating Profit + D&A. Let's look at the components. "Dotacion..." usually includes depreciation and provision changes. Impairment is listed separately.
    *   Standard S&P EBITDA approximation: Operating Profit + Depreciation & Amortization + Impairment (if loss) - Impairment Reversal (if gain).
    *   EBITDA 2022 = 1,334,000,000 + 762,000,000 - (-15,000,000)? No, if it's a reversal, it's a negative expense in the P&L, boosting operating profit. To get to a pre-impairment figure, we subtract the reversal.
    *   Let's check the sign convention. "Impairment Loss Reversal ... -15,000,000". Usually, expenses are positive in these XBRL tags if they reduce income, or negative if they are income. Given "Other Expense" is positive 4814M, expenses are positive. So a negative Impairment value means a reversal (income).
    *   EBITDA = Operating Profit + D&A + Impairment Losses - Impairment Reversals.
    *   EBITDA 2022 = 1,334,000,000 + 762,000,000 + 0 (no loss) - 15,000,000 (reversal included in Op Profit, so remove it to get recurring?) Or simply add back non-cash items. Reversal is non-cash? Not necessarily, but often treated as such in leverage. Let's assume standard definition: EBITDA = Op Profit + D&A + Impairment.
    *   EBITDA 2022 = 1,334 + 762 + (-15) = 2,081 Million EUR. (Note: Adding a negative number reduces the total).
    *   Alternatively, simple sum: 1334 + 762 = 2096. The impairment reversal is small. Let's use **2,081 Million EUR**.

*   **Period 2021 (2021-01-01 to 2022-01-01):**
    *   Profit Loss From Operating Activities: 829,000,000 EUR
    *   Dotacion Amortizacion YVariacion De Provisiones: 714,000,000 EUR
    *   Impairment Loss Reversal: -67,000,000 EUR
    *   EBITDA 2021 = 829 + 714 + (-67) = **1,476 Million EUR**.

**Step 2: Calculate Net Debt for both periods.**

Net Debt = Total Financial Debt - Cash and Cash Equivalents.
Financial Debt includes Current and Non-current loans, lease liabilities, and other financial instruments classified as debt (like "Participaciones Preferentes..." if considered debt-like, but typically S&P adjusts for hybrid equity. However, standard Net Debt usually takes Interest-bearing debt. Let's look at the liability items:
*   "Participaciones Preferentes Obligaciones YOtros Valores Negociables" (Preferred shares, bonds, etc.)
*   "Loans Received"
*   "Lease Liabilities"

Let's sum the interest-bearing liabilities:

*   **As of 2023-01-01 (End of 2022 period):**
    *   Noncurrent Financial Debt:
        *   Participaciones Preferentes... Noncurrent: 3,101,000,000
        *   Noncurrent Loans: 2,624,000,000
        *   Noncurrent Lease Liabilities: 439,000,000
    *   Current Financial Debt:
        *   Participaciones Preferentes... Current: 1,139,000,000
        *   Current Loans: 553,000,000
        *   Current Lease Liabilities: 72,000,000
    *   Total Gross Debt 2022 = 3,101 + 2,624 + 439 + 1,139 + 553 + 72 = **7,928 Million EUR**.
    *   Cash and Cash Equivalents 2022: **2,360 Million EUR**.
    *   Net Debt 2022 = 7,928 - 2,360 = **5,568 Million EUR**.

*   **As of 2022-01-01 (End of 2021 period):**
    *   Noncurrent Financial Debt:
        *   Participaciones Preferentes... Noncurrent: 2,364,000,000
        *   Noncurrent Loans: 2,073,000,000
        *   Noncurrent Lease Liabilities: 430,000,000
    *   Current Financial Debt:
        *   Participaciones Preferentes... Current: 1,666,000,000
        *   Current Loans: 280,000,000
        *   Current Lease Liabilities: 68,000,000
    *   Total Gross Debt 2021 = 2,364 + 2,073 + 430 + 1,666 + 280 + 68 = **6,881 Million EUR**.
    *   Cash and Cash Equivalents 2021: **2,318 Million EUR**.
    *   Net Debt 2021 = 6,881 - 2,318 = **4,563 Million EUR**.

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

*   **Leverage 2021 (Year ending 2022-01-01):**
    *   Net Debt: 4,563 Million EUR
    *   EBITDA: 1,476 Million EUR
    *   Ratio = 4,563 / 1,476 ≈ **3.09x**

*   **Leverage 2022 (Year ending 2023-01-01):**
    *   Net Debt: 5,568 Million EUR
    *   EBITDA: 2,081 Million EUR
    *   Ratio = 5,568 / 2,081 ≈ **2.68x**

**Step 4: Determine the Trend.**

*   Change in Ratio = Ratio 2022 - Ratio 2021 = 2.68 - 3.09 = **-0.41x**.
*   The gap (absolute difference) is 0.41x.
*   The definition states:
    *   Stable: gap is among ± 0.3x (i.e., between -0.3 and +0.3).
    *   Improving: gap is lower than 0.3x? The prompt says "if the gap ... is lower than 0.3x is improving". This phrasing is slightly ambiguous. Usually, "Improving" leverage means the ratio goes *down*. "Deteriorating" means it goes *up*.
    *   Let's re-read carefully: "Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving. If higher is Deteriorating."
    *   This phrasing likely contains a typo or specific logic. Standard interpretation:
        *   If the ratio decreases significantly, it's improving.
        *   If the ratio increases significantly, it's deteriorating.
        *   If the change is small (within ±0.3x), it's stable.
    *   Here, the ratio decreased by 0.41x.
    *   Is a decrease of 0.41x "lower than 0.3x"? Mathematically, -0.41 < 0.3.
    *   However, usually "gap" refers to the absolute magnitude of change or the difference.
    *   Let's look at the "Stable" definition again: "gap ... is among ± 0.3x". This implies the range [-0.3, 0.3].
    *   The change is -0.41. This is outside the stable range.
    *   Is it Improving or Deteriorating?
    *   Leverage went from 3.09x to 2.68x. Lower leverage is better/healthier. Therefore, the credit profile is **Improving**.
    *   The prompt's condition "if the gap ... is lower than 0.3x is improving" might mean "if the change is negative (reduction) and significant" or simply that a reduction is improving. Given the ratio dropped by more than 0.3x, it is a significant improvement. If the prompt meant absolute gap, | -0.41 | = 0.41 > 0.3, so it's not stable. Since the direction is down (better), it is Improving.

Let's double check the "Gap" wording. "If the gap ... is lower than 0.3x is improving." This is grammatically strange. It likely means:
1. Calculate Difference = Current Year - Previous Year.
2. If Difference is in [-0.3, 0.3], then Stable.
3. If Difference < -0.3 (i.e., significantly lower), then Improving.
4. If Difference > 0.3 (i.e., significantly higher), then Deteriorating.

Our Difference is -0.41.
-0.41 < -0.3.
Therefore, it is Improving.

<answer>Improving</answer>