To determine S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both the 2022 and 2023 fiscal years and compare the year-on-year change.

**1. Calculate the Net Debt / EBITDA ratio for the 2022 fiscal year (ending 2022-01-01):**
- **Net Debt:** Calculated as Total Financial Debt minus Cash & Cash Equivalents.
  - Short-term Borrowings (2022-01-01): 2,299,000,000 EUR
  - Current Portion of Long-term Borrowings (2022-01-01): 1,781,000,000 EUR
  - Long-term Borrowings (2022-01-01): 23,714,000,000 EUR
  - Total Financial Debt = 2,299m + 1,781m + 23,714m = 27,794,000,000 EUR
  - Cash And Cash Equivalents (2022-01-01): 8,254,000,000 EUR
  - Net Debt (2022) = 27,794m - 8,254m = 19,540,000,000 EUR
- **EBITDA:** Calculated as Profit From Operating Activities + Depreciation And Amortisation Expense.
  - Profit Loss From Operating Activities (2021-01-01 - 2022-01-01): 12,341,000,000 EUR
  - Depreciation And Amortisation Expense (2021-01-01 - 2022-01-01): 7,063,000,000 EUR
  - EBITDA (2022) = 12,341m + 7,063m = 19,404,000,000 EUR
- **Net Debt / EBITDA (2022)** = 19,540,000,000 / 19,404,000,000 ≈ 1.007x

**2. Calculate the Net Debt / EBITDA ratio for the 2023 fiscal year (ending 2023-01-01):**
- **Net Debt:**
  - Short-term Borrowings (2023-01-01): 4,446,000,000 EUR
  - Current Portion of Long-term Borrowings (2023-01-01): 3,097,000,000 EUR
  - Long-term Borrowings (2023-01-01): 19,374,000,000 EUR
  - Total Financial Debt = 4,446m + 3,097m + 19,374m = 26,917,000,000 EUR
  - Cash And Cash Equivalents (2023-01-01): 10,155,000,000 EUR
  - Net Debt (2023) = 26,917m - 10,155m = 16,762,000,000 EUR
- **EBITDA:**
  - Profit Loss From Operating Activities (2022-01-01 - 2023-01-01): 17,510,000,000 EUR
  - Depreciation And Amortisation Expense (2022-01-01 - 2023-01-01): 7,205,000,000 EUR
  - EBITDA (2023) = 17,510m + 7,205m = 24,715,000,000 EUR
- **Net Debt / EBITDA (2023)** = 16,762,000,000 / 24,715,000,000 ≈ 0.678x

**3. Compare the year-on-year gap:**
- Gap = Net Debt / EBITDA (2023) - Net Debt / EBITDA (2022) 
- Gap = 0.678x - 1.007x = -0.329x
- The absolute decrease is 0.329x. Since the definition specifies that an improvement occurs if the gap of the ratio year-on-year is lower than 0.3x (meaning it decreases by more than 0.3x), the leverage has clearly improved. 

<answer>Improving</answer>