To estimate the S&P adjusted leverage trend, we need to calculate the Net Debt / EBITDA ratio for the years ending 2022-01-01 (representing the 2021 fiscal year or start of 2022) and 2023-01-01 (representing the 2022 fiscal year or end of 2022). The prompt asks for the trend for "2022", which typically compares the current period (2022 data) to the prior period (2021 data). In the provided data, the labels "2022-01-01" and "2023-01-01" correspond to the balance sheet dates. The income statement and cash flow data are labeled with periods "2021-01-01 - 2022-01-01" (FY2021) and "2022-01-01 - 2023-01-01" (FY2022).

Standard leverage ratios use the Net Debt at the end of the period and the EBITDA generated during that period.

**Step 1: Identify Net Debt**
*   Net Debt at 2022-01-01 (End of FY2021): 941,000,000 EUR
*   Net Debt at 2023-01-01 (End of FY2022): 7,440,000,000 EUR

**Step 2: Calculate EBITDA**
EBITDA is generally calculated as Profit from Operating Activities + Depreciation & Amortization.
*   **For the period 2021-01-01 to 2022-01-01 (FY2021):**
    *   Profit Loss From Operating Activities: 1,733,000,000 EUR
    *   Depreciation And Amortisation Expense: 2,065,000,000 EUR
    *   EBITDA (FY2021) = 1,733,000,000 + 2,065,000,000 = 3,798,000,000 EUR

*   **For the period 2022-01-01 to 2023-01-01 (FY2022):**
    *   Profit Loss From Operating Activities: 1,872,000,000 EUR
    *   Depreciation And Amortisation Expense: 2,228,000,000 EUR
    *   EBITDA (FY2022) = 1,872,000,000 + 2,228,000,000 = 4,100,000,000 EUR

**Step 3: Calculate Leverage Ratios**
*   **Leverage Ratio for 2021 (using Net Debt at 2022-01-01 and EBITDA FY2021):**
    *   Ratio = Net Debt (2022-01-01) / EBITDA (FY2021)
    *   Ratio = 941,000,000 / 3,798,000,000 ≈ 0.25x

*   **Leverage Ratio for 2022 (using Net Debt at 2023-01-01 and EBITDA FY2022):**
    *   Ratio = Net Debt (2023-01-01) / EBITDA (FY2022)
    *   Ratio = 7,440,000,000 / 4,100,000,000 ≈ 1.81x

**Step 4: Determine the Trend**
*   Change in Ratio = Ratio (2022) - Ratio (2021)
*   Change = 1.81 - 0.25 = 1.56x

The definition provided states:
*   **Stable**: Gap is among ± 0.3x (i.e., between -0.3 and +0.3).
*   **Improving**: Gap is lower than 0.3x (This phrasing is slightly ambiguous, but typically "improving" leverage means the ratio decreases. However, the prompt says "if the gap ... is lower than 0.3x is improving". Let's re-read carefully: "Consequently if the gap of the ratio Net Debt / EBITDA calculated for the years 2022 and 2023 is among ± 0.3x and ± 0.3x year on year. Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving. If higher is Deteriorating."
    *   Usually, an increase in leverage (Net Debt/EBITDA) is deteriorating. A decrease is improving.
    *   The gap here is +1.56x.
    *   1.56x is significantly higher than 0.3x.
    *   Regardless of the specific "lower than 0.3x" phrasing which might imply a negative gap (improvement) or just a small magnitude, a massive increase in leverage from 0.25x to 1.81x is clearly a deterioration of the credit profile. The prompt explicitly says "If higher [than 0.3x] is Deteriorating". Since 1.56 > 0.3, it is Deteriorating.

<answer>Deteriorating</answer>