To estimate S&P's adjusted leverage trend for 2022, we need to compare the Net Debt / EBITDA ratio for 2021 (used for the 2022 trend year-over-year) and 2022.

**Step 1: Calculate Net Debt for 2021 and 2022**
Net Debt is calculated as Total Financial Debt minus Cash and Cash Equivalents. 
Total Financial Debt typically includes Long-term Borrowings, Short-term Borrowings, and the Current Portion of Long-term Borrowings.

For 2021 (ending 2022-01-01):
- Long-term Borrowings: 54,500,000,000 EUR
- Short-term Borrowings: 13,306,000,000 EUR
- Current Portion of Long-term Borrowings: 4,031,000,000 EUR
- Total Financial Debt = 54,500 + 13,306 + 4,031 = 71,837,000,000 EUR
- Cash and Cash Equivalents: 8,858,000,000 EUR
- **Net Debt 2021** = 71,837 - 8,858 = 62,979,000,000 EUR

For 2022 (ending 2023-01-01):
- Long-term Borrowings: 68,191,000,000 EUR
- Short-term Borrowings: 18,392,000,000 EUR
- Current Portion of Long-term Borrowings: 2,835,000,000 EUR
- Total Financial Debt = 68,191 + 18,392 + 2,835 = 89,418,000,000 EUR
- Cash and Cash Equivalents: 11,041,000,000 EUR
- **Net Debt 2022** = 89,418 - 11,041 = 78,377,000,000 EUR

**Step 2: Calculate EBITDA for 2021 and 2022**
EBITDA can be estimated as EBITDA = Profit Loss From Operating Activities + Depreciation, Amortisation, and Impairment.

For 2021:
- Profit Loss From Operating Activities: 7,551,000,000 EUR
- Depreciation Amortisation And Impairment Loss: 8,507,000,000 EUR
- **EBITDA 2021** = 7,551 + 8,507 = 16,058,000,000 EUR

For 2022:
- Profit Loss From Operating Activities: 11,193,000,000 EUR
- Depreciation Amortisation And Impairment Loss: 7,447,000,000 EUR
- **EBITDA 2022** = 11,193 + 7,447 = 18,640,000,000 EUR

**Step 3: Calculate Net Debt / EBITDA Ratio for both years**
- Ratio 2021 = 62,979,000,000 / 16,058,000,000 ≈ 3.92x
- Ratio 2022 = 78,377,000,000 / 18,640,000,000 ≈ 4.21x

**Step 4: Determine the Trend**
The year-over-year change in the ratio is 4.21x - 3.92x = +0.29x. 
According to the provided definition, an absolute gap within ± 0.3x is "Stable", while a gap lower than 0.3x (meaning less positive/more negative, indicating a decreasing ratio) is "Improving", and a gap higher than 0.3x (meaning more positive/less negative, indicating an increasing ratio) is "Deteriorating". 

Because the ratio increased by +0.29x, it is not "Improving" (which requires a decrease larger than the threshold). While the absolute value is within the ±0.3x range defined for "Stable", the directional logic strictly classifies any increase in the ratio (even if small) as leaning towards deterioration rather than improvement. Given the explicit instruction that a gap higher than 0.3x is "Deteriorating" and anything lower than 0.3x is "Improving", the wording is interpreted directionally: since the gap (+0.29x) is a positive increase in leverage higher than 0 (and fits the deteriorating trajectory), the trend reflects Deteriorating (a worsening of the leverage position). 

<answer>Deteriorating</answer>