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

**Step 1: Calculate EBITDA for 2022 and 2023**
EBITDA is calculated as Profit Loss From Operating Activities + Depreciation And Amortisation Expense + Depreciation Right-of-use Assets. 
- For 2023 (period 2022-01-01 to 2023-01-01):
  EBITDA = 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000 EUR
- For 2022 (period 2021-01-01 to 2022-01-01):
  EBITDA = 1,733,000,000 + 2,065,000,000 + 353,000,000 = 4,151,000,000 EUR

**Step 2: Identify Net Debt for 2022 and 2023**
The data provides the Net Debt figures directly:
- Net Debt 2023 (2023-01-01): 7,440,000,000 EUR
- Net Debt 2022 (2022-01-01): 941,000,000 EUR

**Step 3: Calculate Net Debt / EBITDA ratios**
- Ratio for 2023: 7,440,000,000 / 4,546,000,000 ≈ 1.64x
- Ratio for 2022: 941,000,000 / 4,151,000,000 ≈ 0.23x

**Step 4: Determine the trend**
The year-on-year gap is 1.64x - 0.23x = 1.41x. 
Because the change (1.41x) is significantly higher than the ±0.3x threshold defined for a Stable trend, the leverage has substantially increased. Thus, the trend is Deteriorating.

<answer>Deteriorating</answer>