To estimate the S&P adjusted leverage trend, use:

Net Debt / EBITDA

Approximate Net Debt as financial debt and lease liabilities less cash and cash equivalents.

For 2022 year-end / 2023-01-01:
- Noncurrent bonds/marketable debt: 3,101m
- Noncurrent loans: 2,624m
- Noncurrent lease liabilities: 439m
- Current bonds/marketable debt: 1,139m
- Current loans: 553m
- Current lease liabilities: 72m
- Gross debt = 7,928m
- Cash and cash equivalents = 2,360m
- Net debt = 5,568m

For 2021 year-end / 2022-01-01:
- Noncurrent bonds/marketable debt: 2,364m
- Noncurrent loans: 2,073m
- Noncurrent lease liabilities: 430m
- Current bonds/marketable debt: 1,666m
- Current loans: 280m
- Current lease liabilities: 68m
- Gross debt = 6,881m
- Cash and cash equivalents = 2,318m
- Net debt = 4,563m

Approximate EBITDA as operating profit plus depreciation/amortization/provisions:
- 2022 EBITDA = 1,334m + 762m = 2,096m
- 2021 EBITDA = 829m + 714m = 1,543m

Leverage:
- 2022 leverage = 5,568 / 2,096 = 2.66x
- 2021 leverage = 4,563 / 1,543 = 2.96x

Year-on-year change:
- 2.66x - 2.96x = -0.30x approximately

Because leverage decreased by about 0.30x, which is not lower than -0.3x by a meaningful margin and falls within the ±0.3x stability band, the trend is best classified as Stable.

<answer>Stable</answer>