To estimate S&P's adjusted leverage trend, I’ll calculate Net Debt to EBITDA for 2022 and 2023 based on the provided data.  

**Step 1: EBITDA**  
- 2022 EBITDA: 32,057 million DKK (given).  
- 2023 EBITDA: Not explicitly given, but we have 2023’s “Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense” — the data only includes up to 2022-01-01 to 2023-01-01, so the “2022” period covers the fiscal year ending 2023-01-01. Similarly, “2021” covers the year ending 2022-01-01. Thus:  
  - EBITDA for FY2022 (ending 2023-01-01): 32,057 million DKK.  
  - EBITDA for FY2021 (ending 2022-01-01): 24,296 million DKK.  

**Step 2: Net Debt**  
Net Debt = (Short-term borrowings + Long-term borrowings) – Cash  
- FY2022 (as of 2023-01-01):  
  Short-term borrowings = 2,830 million DKK  
  Long-term borrowings = 60,451 million DKK  
  Cash = 16,178 million DKK  
  Net debt = 2,830 + 60,451 – 16,178 = 47,103 million DKK.  

- FY2021 (as of 2022-01-01):  
  Short-term borrowings = 19,493 million DKK  
  Long-term borrowings = 31,502 million DKK  
  Cash = 8,624 million DKK  
  Net debt = 19,493 + 31,502 – 8,624 = 42,371 million DKK.  

**Step 3: Net Debt / EBITDA**  
- FY2022: 47,103 / 32,057 = 1.469x  
- FY2021: 42,371 / 24,296 = 1.744x  

**Step 4: Trend**  
Change = 1.469 – 1.744 = –0.275x.  
Since the decrease is less than 0.3x (i.e., improved but within ±0.3x range), it qualifies as **Stable** according to the given definition.  

<answer>Stable</answer>