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

**1. Calculating EBITDA:**
We use the reported "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" and add back "Provisions Expenses".
*   **EBITDA 2021:** 3,723,050,000 + 60,510,000 = 3,783,560,000 EUR
*   **EBITDA 2022:** 4,523,539,000 + 14,539,000 = 4,538,078,000 EUR

**2. Calculating Net Debt:**
Net Debt is defined as Total Borrowings (Noncurrent Borrowings + Current Borrowings and Current Portion of Noncurrent Borrowings) minus Cash and Cash Equivalents.
*   **Net Debt 2021 (Year-end 2022-01-01):**
    *   Borrowings: 15,299,588,000 + 1,518,348,000 = 16,817,936,000 EUR
    *   Cash: 3,222,409,000 EUR
    *   Net Debt: 13,595,527,000 EUR
*   **Net Debt 2022 (Year-end 2023-01-01):**
    *   Borrowings: 15,782,604,000 + 4,239,869,000 = 20,022,473,000 EUR
    *   Cash: 4,900,205,000 EUR
    *   Net Debt: 15,122,268,000 EUR

**3. Calculating Ratios:**
*   **Ratio 2021:** 13,595,527,000 / 3,783,560,000 ≈ 3.59x
*   **Ratio 2022:** 15,122,268,000 / 4,538,078,000 ≈ 3.33x

**4. Trend Analysis:**
*   Difference: 3.33 - 3.59 = -0.26x.
*   Since the gap is within the range of ± 0.3x, it is considered Stable. However, because the ratio decreased by 0.26x (an improvement), and the instruction defines "if the gap... is lower than 0.3x [improvement/downward movement in ratio] is improving", a drop in leverage is considered an improving trend.

<answer>Improving</answer>