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, as per the provided data labels).

**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 (Year 2021):**
    *   Profit Loss From Operating Activities: 1,200,400,000 EUR
    *   Depreciation Amortisation And Impairment: 654,400,000 EUR
    *   EBITDA 2021 = 1,200,400,000 + 654,400,000 = **1,854,800,000 EUR**

*   **For the period 2022-01-01 to 2023-01-01 (Year 2022):**
    *   Profit Loss From Operating Activities: 1,333,500,000 EUR
    *   Depreciation Amortisation And Impairment: 725,700,000 EUR
    *   EBITDA 2022 = 1,333,500,000 + 725,700,000 = **2,059,200,000 EUR**

**Step 2: Calculate Net Debt for both periods.**
Net Debt is typically calculated as Total Borrowings (Short-term + Long-term) minus Cash and Cash Equivalents. We use the balance sheet figures at the end of each period.

*   **At 2022-01-01 (End of Year 2021):**
    *   Long-term Borrowings: 8,835,000,000 EUR
    *   Short-term Borrowings: 1,947,000,000 EUR
    *   Current Portion of Long-term Borrowings: 1,640,000,000 EUR
    *   Total Debt = 8,835,000,000 + 1,947,000,000 + 1,640,000,000 = 12,422,000,000 EUR
    *   Cash and Cash Equivalents: 1,566,800,000 EUR
    *   Net Debt 2021 = 12,422,000,000 - 1,566,800,000 = **10,855,200,000 EUR**

*   **At 2023-01-01 (End of Year 2022):**
    *   Long-term Borrowings: 8,416,700,000 EUR
    *   Short-term Borrowings: 444,100,000 EUR
    *   Current Portion of Long-term Borrowings: 1,909,300,000 EUR
    *   Total Debt = 8,416,700,000 + 444,100,000 + 1,909,300,000 = 10,770,100,000 EUR
    *   Cash and Cash Equivalents: 2,155,100,000 EUR
    *   Net Debt 2022 = 10,770,100,000 - 2,155,100,000 = **8,615,000,000 EUR**

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

*   **Leverage 2021:**
    *   Ratio = 10,855,200,000 / 1,854,800,000 ≈ **5.85x**

*   **Leverage 2022:**
    *   Ratio = 8,615,000,000 / 2,059,200,000 ≈ **4.18x**

**Step 4: Determine the Trend.**
*   Change in Leverage = Leverage 2022 - Leverage 2021
*   Change = 4.18 - 5.85 = **-1.67x**

The leverage ratio decreased by approximately 1.67x.
According to the prompt's definition:
*   "Stable" is a gap among ± 0.3x.
*   "Improving" is if the gap is lower than 0.3x (Note: In leverage contexts, a *decrease* in the ratio is an improvement in credit quality. The prompt phrasing "gap ... is lower than 0.3x is improving" is slightly ambiguous syntactically, but standard financial interpretation of "Improving Leverage" means the ratio goes down. However, let's look at the magnitude. The change is -1.67x. The absolute gap is 1.67x.
*   Usually, "Improving" trend in leverage means the ratio decreases significantly. "Deteriorating" means it increases significantly.
*   Let's re-read the specific constraint: "if the gap of the ratio ... year on year is lower than 0.3x is improving. If higher is Deteriorating." This phrasing is tricky. Usually, a *large* decrease is good (improving). A *large* increase is bad (deteriorating). A *small* change is stable.
*   However, strictly interpreting the provided text: "Consequently if the gap ... is lower than 0.3x is improving. If higher is Deteriorating." This implies that *any* change larger than 0.3x (in absolute terms) is classified as "Deteriorating" based on a literal reading of "If higher [than 0.3x] is Deteriorating". But this contradicts financial logic where a drop from 5.85 to 4.18 is a massive improvement.
*   Let's look at standard S&P methodology interpretation often found in these types of questions. Usually:
    *   Stable: Change is within +/- 0.3x.
    *   Improving: Ratio decreases by more than 0.3x.
    *   Deteriorating: Ratio increases by more than 0.3x.
*   Let's assume the prompt meant: "If the reduction is > 0.3x, it is Improving. If the increase is > 0.3x, it is Deteriorating." Or perhaps it defines the *direction* via the sign.
*   Let's look at the wording again: "the gap ... is among ± 0.3x ... Stable. Consequently if the gap ... is lower than 0.3x is improving." This is grammatically poor. It likely means: If the *change* (2022 - 2021) is < -0.3x, it is Improving. If the change is > +0.3x, it is Deteriorating.
*   Change = -1.67x. This is less than -0.3x. Therefore, the leverage has improved significantly.

Let's double check the "Deteriorating" condition. If the prompt literally means "If the absolute gap is higher than 0.3x, it is Deteriorating", then the answer would be Deteriorating, which makes no financial sense for a company paying down debt and increasing EBITDA. It is highly probable the prompt implies:
- Stable: |Change| <= 0.3
- Improving: Change < -0.3 (Ratio goes down)
- Deteriorating: Change > +0.3 (Ratio goes up)

Given the ratio dropped from 5.85x to 4.18x, the leverage profile has strengthened considerably.

<answer>Improving</answer>