To determine the S&P's adjusted leverage trend for 2022, we compute the Net Debt / EBITDA ratio for the years 2021 and 2022, and then calculate the year-on-year gap.

**1. Calculate EBITDA for 2021 and 2022:**
EBITDA is calculated as the sum of Profit Loss From Operating Activities and Depreciation And Amortisation Expense.
* **2021:**
  Profit Loss From Operating Activities: EUR 218,863,000
  Depreciation And Amortisation Expense: EUR 241,940,000
  **EBITDA 2021** = 218,863,000 + 241,940,000 = EUR 460,803,000

* **2022:**
  Profit Loss From Operating Activities: EUR 239,721,000
  Depreciation And Amortisation Expense: EUR 249,276,000
  **EBITDA 2022** = 239,721,000 + 249,276,000 = EUR 488,997,000

**2. Calculate Net Debt for 2021 and 2022:**
Net Debt is calculated as Long-term borrowings + Current borrowings - Cash and cash equivalents.
* **2021 (as of 2022-01-01):**
  Longterm Borrowings: EUR 2,390,852,000
  Current Borrowings: EUR 375,221,000
  Cash and Cash Equivalents: EUR 398,759,000
  **Net Debt 2021** = 2,390,852,000 + 375,221,000 - 398,759,000 = EUR 2,367,314,000

* **2022 (as of 2023-01-01):**
  Longterm Borrowings: EUR 1,695,362,000
  Current Borrowings: EUR 638,944,000
  Cash and Cash Equivalents: EUR 365,292,000
  **Net Debt 2022** = 1,695,362,000 + 638,944,000 - 365,292,000 = EUR 1,969,014,000

**3. Calculate the Net Debt / EBITDA ratio:**
* **2021 Ratio:** 2,367,314,000 / 460,803,000 ≈ 5.14x
* **2022 Ratio:** 1,969,014,000 / 488,997,000 ≈ 4.03x

**4. Determine the Trend:**
* **Gap:** 4.03x - 5.14x = -1.11x
A gap of -1.11x is significantly lower than the -0.3x threshold, indicating a noticeable reduction in leverage. Thus, the adjusted leverage trend is Improving.

<answer>Improving</answer>