To determine S&P's adjusted leverage trend for 2022 for VERBUND AG, we need to calculate the Net Debt / EBITDA ratio for both 2021 and 2022 and then find the year-on-year gap.

**For 2021 (ending 2022-01-01):**
*   **Noncurrent Financial Liabilities:** 1,834,155,000 EUR
*   **Current Financial Liabilities:** 1,462,453,000 EUR
*   **Total Debt:** 1,834,155,000 + 1,462,453,000 = 3,296,608,000 EUR
*   **Cash and Cash Equivalents:** 318,562,000 EUR
*   **Net Debt:** 3,296,608,000 - 318,562,000 = 2,978,046,000 EUR
*   **EBITDA:** 1,578,959,000 EUR
*   **Net Debt / EBITDA Ratio (2021):** 2,978,046,000 / 1,578,959,000 ≈ 1.886x

**For 2022 (ending 2023-01-01):**
*   **Noncurrent Financial Liabilities:** 2,844,559,000 EUR
*   **Current Financial Liabilities:** 1,109,297,000 EUR
*   **Total Debt:** 2,844,559,000 + 1,109,297,000 = 3,953,856,000 EUR
*   **Cash and Cash Equivalents:** 409,252,000 EUR
*   **Net Debt:** 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR
*   **EBITDA:** 3,160,679,000 EUR
*   **Net Debt / EBITDA Ratio (2022):** 3,544,604,000 / 3,160,679,000 ≈ 1.121x

**Trend Calculation:**
*   **Gap (Ratio 2022 - Ratio 2021):** 1.121x - 1.886x = -0.765x

Because the gap of -0.765x is lower than -0.3x, it signifies a notable decrease in the company's leverage ratio, thus showing an improving position.

<answer>Improving</answer>