To estimate S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for the years ending 2022 and 2021 (which correspond to the periods 2022-01-01 - 2023-01-01 and 2021-01-01 - 2022-01-01 in the provided data, as the 2022 annual report covers that timeframe). 

1. **Calculate Net Debt for 2022 and 2021**:
Net Debt = Total Debt - Cash and Cash Equivalents.
Total Debt is typically defined as borrowings (both current and noncurrent).
For 2022:
- Noncurrent borrowings = 10,776,000,000 EUR
- Current borrowings = 877,000,000 EUR
- Total Debt 2022 = 10,776,000,000 + 877,000,000 = 11,653,000,000 EUR
- Cash 2022 = 5,130,000,000 EUR
- Net Debt 2022 = 11,653,000,000 - 5,130,000,000 = 6,523,000,000 EUR

For 2021:
- Noncurrent borrowings = 9,513,000,000 EUR
- Current borrowings = 1,096,000,000 EUR
- Total Debt 2021 = 9,513,000,000 + 1,096,000,000 = 10,609,000,000 EUR
- Cash 2021 = 5,536,000,000 EUR
- Net Debt 2021 = 10,609,000,000 - 5,536,000,000 = 5,073,000,000 EUR

2. **Calculate EBITDA for 2022 and 2021**:
EBITDA = Profit from operations + Depreciation & Amortization.
For 2022:
- Profit from operations = 423,000,000 EUR
- Amortization = 299,000,000 EUR
- EBITDA 2022 = 423,000,000 + 299,000,000 = 722,000,000 EUR

For 2021:
- Profit from operations = 1,479,000,000 EUR
- Amortization = 270,000,000 EUR
- EBITDA 2021 = 1,479,000,000 + 270,000,000 = 1,749,000,000 EUR

3. **Calculate Net Debt / EBITDA ratios**:
For 2022: 6,523,000,000 / 722,000,000 = 9.04x
For 2021: 5,073,000,000 / 1,749,000,000 = 2.90x

4. **Determine the trend**:
Gap = 9.04x - 2.90x = 6.14x
The gap is significantly higher than +0.3x year-on-year, indicating a substantial increase in leverage. Therefore, the trend is Deteriorating.

<answer>Deteriorating</answer>