# Reasoning

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

## Step 1: Calculate EBITDA for 2022 and 2023

EBITDA = Operating Profit + Depreciation & Amortisation

**For 2022 (2022-01-01 to 2023-01-01):**
- Profit from Operating Activities: 533,800,000 EUR
- Amortisation Depreciation and Provisions: 667,100,000 EUR
- EBITDA = 533,800,000 + 667,100,000 = 1,200,900,000 EUR

**For 2021 (2021-01-01 to 2022-01-01):**
- Profit from Operating Activities: 611,700,000 EUR
- Amortisation Depreciation and Provisions: 612,100,000 EUR
- EBITDA = 611,700,000 + 612,100,000 = 1,223,800,000 EUR

## Step 2: Calculate Net Debt for 2022 and 2023

Net Debt = Total Financial Liabilities - Cash and Cash Equivalents

**As of 2023-01-01:**
- Noncurrent Financial Liabilities: 5,689,900,000 EUR
- Current Financial Liabilities: 650,100,000 EUR
- Total Financial Liabilities: 6,340,000,000 EUR
- Cash and Cash Equivalents: 1,942,400,000 EUR
- Net Debt (2023) = 6,340,000,000 - 1,942,400,000 = 4,397,600,000 EUR

**As of 2022-01-01:**
- Noncurrent Financial Liabilities: 3,716,000,000 EUR
- Current Financial Liabilities: 499,700,000 EUR
- Total Financial Liabilities: 4,215,700,000 EUR
- Cash and Cash Equivalents: 885,600,000 EUR
- Net Debt (2022) = 4,215,700,000 - 885,600,000 = 3,330,100,000 EUR

## Step 3: Calculate Net Debt / EBITDA Ratio

**For 2022 (using 2023 closing data with 2022 fiscal year EBITDA):**
- Net Debt / EBITDA = 4,397,600,000 / 1,200,900,000 = 3.66x

**For 2021 (using 2022 closing data with 2021 fiscal year EBITDA):**
- Net Debt / EBITDA = 3,330,100,000 / 1,223,800,000 = 2.72x

## Step 4: Calculate Year-on-Year Change

Gap = 3.66x - 2.72x = 0.94x

## Step 5: Apply the Definition

According to the provided definition:
- Improving: gap < 0.3x (ratio improves)
- Stable: gap between ±0.3x
- Deteriorating: gap > 0.3x (ratio worsens)

The gap of 0.94x is **greater than 0.3x**, indicating a **deterioration** in the leverage ratio. Net Debt / EBITDA increased from 2.72x to 3.66x, which represents a significant deterioration in the company's adjusted leverage position.

<answer>Deteriorating</answer>