To determine the S&P adjusted leverage trend, we first calculate the Net Debt and EBITDA for the relevant years (2021-2022 and 2022-2023).

**1. Definitions:**
*   **Net Debt** = (Longterm Borrowings + Current Borrowings) - Cash and Cash Equivalents
*   **EBITDA** = Operating Profit + Depreciation and Amortisation Expense (adjustments for extraordinary items or provisions are often considered, but based on the provided data, we use the core operational figures).

**2. Calculations for 2021 (Year ending 2022-01-01):**
*   **Net Debt:** (2,390,852,000 + 375,221,000) - 398,759,000 = 2,367,314,000 EUR
*   **EBITDA:** 218,863,000 (Operating Profit) + 241,940,000 (Depreciation) = 460,803,000 EUR
*   **Ratio:** 2,367,314,000 / 460,803,000 ≈ 5.14x

**3. Calculations for 2022 (Year ending 2023-01-01):**
*   **Net Debt:** (1,695,362,000 + 638,944,000) - 365,292,000 = 1,969,014,000 EUR
*   **EBITDA:** 239,721,000 (Operating Profit) + 249,276,000 (Depreciation) = 488,997,000 EUR
*   **Ratio:** 1,969,014,000 / 488,997,000 ≈ 4.03x

**4. Trend Analysis:**
*   **Gap:** 4.03 - 5.14 = -1.11x
*   Since the leverage ratio decreased by 1.11x (which is significantly lower than the -0.3x threshold for "Improving"), the trend is considered improving.

<answer>Improving</answer>