To estimate the S&P adjusted leverage trend, we calculate the Net Debt to EBITDA ratio for 2021 (based on 2022 report comparative data) and 2022 (based on 2023 report data).

**1. Definitions and Calculations:**
*   **Net Debt:**
    *   2021 (reported as 2022 start): 941,000,000 EUR
    *   2022 (reported as 2023 start): 7,440,000,000 EUR
*   **EBITDA:** We use "Profit Loss From Operating Activities" + "Depreciation And Amortisation Expense". (Note: The figures below are based on the reported 2021-2022 and 2022-2023 performance periods).
    *   **2021 (2021-2022 period):**
        *   Profit from Operating Activities: 1,733,000,000
        *   Depreciation and Amortisation: 2,065,000,000
        *   EBITDA = 3,798,000,000
        *   Ratio = 941,000,000 / 3,798,000,000 ≈ 0.248x
    *   **2022 (2022-2023 period):**
        *   Profit from Operating Activities: 1,872,000,000
        *   Depreciation and Amortisation: 2,228,000,000
        *   EBITDA = 4,100,000,000
        *   Ratio = 7,440,000,000 / 4,100,000,000 ≈ 1.815x

**2. Trend Analysis:**
*   Difference in ratio: 1.815 - 0.248 = 1.567x.
*   The definition states: "If the gap... is higher [than 0.3x] is Deteriorating."
*   Since 1.567x > 0.3x, the leverage trend is Deteriorating.

<answer>Deteriorating</answer>