To estimate S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt to EBITDA ratio for both 2021 and 2022 and compare the year-on-year change.

**Step 1: Calculate EBITDA for 2021 and 2022**
S&P typically calculates EBITDA starting from operating profit or earnings before interest, taxes, depreciation, and amortization. 
From the income statement data provided:
- **2021 EBITDA**: 
  Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE (Operating Profit) = 1,930,785,000 EUR
  + Depreciation Amortisation And Impairment Loss = 1,731,755,000 EUR
  **2021 EBITDA** = 1,930,785,000 + 1,731,755,000 = 3,662,540,000 EUR

- **2022 EBITDA**: 
  Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE (Operating Profit) = 2,529,993,000 EUR
  + Depreciation Amortisation And Impairment Loss = 1,979,007,000 EUR
  **2022 EBITDA** = 2,529,993,000 + 1,979,007,000 = 4,509,000,000 EUR

**Step 2: Calculate Net Debt for 2021 and 2022**
Net Debt = Total Financial Debt - Cash and Cash Equivalents.
From the balance sheet data provided:
- **2021 Net Debt** (as of 2022-01-01):
  Long-term Borrowings = 15,299,588,000 EUR
  Current Borrowings = 1,518,348,000 EUR
  Total Debt = 16,817,936,000 EUR
  Cash and Cash Equivalents = 3,222,409,000 EUR
  **2021 Net Debt** = 16,817,936,000 - 3,222,409,000 = 13,595,527,000 EUR

- **2022 Net Debt** (as of 2023-01-01):
  Long-term Borrowings = 15,782,604,000 EUR
  Current Borrowings = 4,239,869,000 EUR
  Total Debt = 20,022,473,000 EUR
  Cash and Cash Equivalents = 4,900,205,000 EUR
  **2022 Net Debt** = 20,022,473,000 - 4,900,205,000 = 15,122,268,000 EUR

**Step 3: Calculate Net Debt / EBITDA ratios**
- **2021 Ratio**: 13,595,527,000 / 3,662,540,000 ≈ 3.71x
- **2022 Ratio**: 15,122,268,000 / 4,509,000,000 ≈ 3.35x

**Step 4: Determine the trend**
The ratio has decreased from 3.71x in 2021 to 3.35x in 2022.
Change year-on-year = 3.35x - 3.71x = -0.36x
Since the gap is lower (a decrease of 0.36x), the leverage is Improving.

<answer>Improving</answer>