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

**1. Calculate EBITDA for 2022 and 2021:**
S&P typically calculates EBITDA as Operating Profit (EBIT) plus Depreciation, Amortization, and Impairment (D&A).
- **2022 EBITDA** = Profit Loss From Operating Activities (1,333,500,000 EUR) + D&A (725,700,000 EUR) = 2,059,200,000 EUR
- **2021 EBITDA** = Profit Loss From Operating Activities (1,200,400,000 EUR) + D&A (654,400,000 EUR) = 1,854,800,000 EUR

**2. Calculate Net Debt for 2022 and 2021:**
Net Debt is calculated as Total Financial Debt minus Cash & Cash Equivalents. Total Financial Debt includes Long-term Borrowings, Short-term Borrowings, Current Portion of Long-term Borrowings, and Noncurrent/Current Financial Liabilities.
- **2022 Net Debt**:
  - Total Debt = Long-term Borrowings (8,416,700,000) + Short-term Borrowings (444,100,000) + Current Portion of Long-term Borrowings (1,909,300,000) + Noncurrent Financial Liabilities (247,200,000) + Current Financial Liabilities (44,900,000) = 11,062,200,000 EUR
  - Cash & Cash Equivalents = 2,155,100,000 EUR
  - Net Debt 2022 = 11,062,200,000 - 2,155,100,000 = 8,907,100,000 EUR

- **2021 Net Debt**:
  - Total Debt = Long-term Borrowings (8,835,000,000) + Short-term Borrowings (1,947,000,000) + Current Portion of Long-term Borrowings (1,640,000,000) + Noncurrent Financial Liabilities (83,700,000) + Current Financial Liabilities (45,800,000) = 12,551,500,000 EUR
  - Cash & Cash Equivalents = 1,566,800,000 EUR
  - Net Debt 2021 = 12,551,500,000 - 1,566,800,000 = 10,984,700,000 EUR

**3. Calculate Net Debt / EBITDA ratios and the trend:**
- **2022 Ratio** = 8,907,100,000 / 2,059,200,000 ≈ 4.32x
- **2021 Ratio** = 10,984,700,000 / 1,854,800,000 ≈ 5.92x

**4. Compare the year-on-year gap:**
- Gap = 2022 Ratio - 2021 Ratio = 4.32x - 5.92x = -1.60x

The ratio has decreased by 1.60x year-on-year. Because the gap is a decrease of more than 0.3x, the trend is considered Improving under the provided definitions.

<answer>Improving</answer>