To estimate the S&P adjusted leverage trend for Ørsted A/S, we must first calculate the Net Debt / EBITDA ratio for the years 2021 and 2022.

**1. Definitions and Data Extraction:**
*   **Net Debt:** Total Borrowings (Long-term + Short-term) - Cash and Cash Equivalents.
    *   *Note:* The data provides "Longterm Borrowings" and "Shortterm Borrowings".
    *   *2021 (as of 2022-01-01):* 31,502,000,000 (LT) + 19,493,000,000 (ST) - 8,614,000,000 (Cash) = 42,381,000,000 DKK
    *   *2022 (as of 2023-01-01):* 60,451,000,000 (LT) + 2,830,000,000 (ST) - 16,175,000,000 (Cash) = 47,106,000,000 DKK
*   **EBITDA:** Profit/Loss from operating activities before interest, taxes, depreciation, and amortisation (EBITDA).
    *   *2021:* 24,296,000,000 DKK
    *   *2022:* 32,057,000,000 DKK

**2. Calculation of Net Debt / EBITDA:**
*   **2021 Ratio:** 42,381,000,000 / 24,296,000,000 ≈ 1.744x
*   **2022 Ratio:** 47,106,000,000 / 32,057,000,000 ≈ 1.470x

**3. Comparison:**
*   Difference: 1.470 - 1.744 = -0.274
*   The change in the ratio is -0.274x. According to the criteria provided, a change within the range of ± 0.3x is considered Stable. Since -0.274 is within the range of [-0.3, +0.3], the leverage trend is classified as Stable.

<answer>Stable</answer>