To estimate S&P's adjusted leverage trend for HERA S.P.A. for the year 2022, we analyze the Net Debt to EBITDA ratio for 2021 and 2022.

**1. EBITDA Calculation:**
EBITDA can be estimated as Operating Profit (Profit Loss From Operating Activities) + Depreciation, Amortization, and Provisions.
*   **2021:** 611.7M (Operating Profit) + 612.1M (D&A and Provisions) = €1,223.8 million
*   **2022:** 533.8M (Operating Profit) + 667.1M (D&A and Provisions) = €1,200.9 million

**2. Net Debt Calculation:**
Net Debt is generally calculated as Short-term Debt + Long-term Debt + Lease Liabilities - Cash and Cash Equivalents.
*   **2021:** 3,716.0M (Noncurrent Fin. Liab.) + 53.2M (Noncurrent Lease) + 499.7M (Current Fin. Liab.) + 43.4M (Current Lease) - 885.6M (Cash & Equivalents) = €3,426.7 million
*   **2022:** 5,689.9M (Noncurrent Fin. Liab.) + 55.1M (Noncurrent Lease) + 650.1M (Current Fin. Liab.) + 21.3M (Current Lease) - 1,942.4M (Cash & Equivalents) = €4,474.0 million

*(Note: Including other financial assets doesn't materially change the directional gap.)*

**3. Net Debt / EBITDA Ratio:**
*   **2021:** 3,426.7M / 1,223.8M ≈ 2.80x
*   **2022:** 4,474.0M / 1,200.9M ≈ 3.73x

**4. Trend Analysis:**
The gap in the leverage ratio between 2021 and 2022 is an increase of approximately +0.93x. 
Since the year-on-year gap (+0.93x) is higher than the upper bound of the stable range (+0.3x), the adjusted leverage trend indicates a deterioration.

<answer>Deteriorating</answer>