I need to estimate S&P's adjusted leverage (Net Debt / EBITDA) for 2022 and 2021, then assess the trend.

## Step 1: Calculate EBITDA

EBITDA is given directly:
- 2022: €499,430,000
- 2021: €396,680,000

## Step 2: Calculate Net Debt

Net Debt = Total Financial Debt - Cash and Cash Equivalents - Other Current Financial Assets

**For end of 2022 (2023-01-01 balance sheet):**

Non-current financial liabilities:
- Other Noncurrent Financial Liabilities: €1,751,255,000
- Noncurrent Financial Liabilities at Fair Value: €0
- Noncurrent Lease Liabilities: €150,955,000

Current financial liabilities:
- Other Current Financial Liabilities: €389,716,000
- Current Financial Liabilities at Fair Value: €76,644,000
- Current Lease Liabilities: €6,362,000

Total Gross Debt (excluding lease liabilities for S&P-like approach, but let me include them as S&P typically does): 
= 1,751,255 + 0 + 150,955 + 389,716 + 76,644 + 6,362 = €2,374,932,000

Cash: €392,811,000

Net Debt (2022) = 2,374,932 - 392,811 = €1,982,121,000

**For end of 2021 (2022-01-01 balance sheet):**

Non-current:
- Other Noncurrent Financial Liabilities: €2,064,088,000
- Noncurrent Financial Liabilities at Fair Value: €44,763,000
- Noncurrent Lease Liabilities: €122,663,000

Current:
- Other Current Financial Liabilities: €1,342,688,000
- Current Financial Liabilities at Fair Value: €170,857,000
- Current Lease Liabilities: €6,282,000

Total Gross Debt = 2,064,088 + 44,763 + 122,663 + 1,342,688 + 170,857 + 6,282 = €3,751,341,000

Cash: €860,352,000

Net Debt (2021) = 3,751,341 - 860,352 = €2,890,989,000

## Step 3: Calculate Net Debt / EBITDA

- 2022: 1,982,121 / 499,430 = **3.97x**
- 2021: 2,890,989 / 396,680 = **7.29x**

The change = 3.97 - 7.29 = -3.32x

This is a significant improvement (decrease of more than 0.3x). However, the 2021 figures may be distorted by large derivative-related current financial liabilities. Let me reconsider by excluding fair value derivatives from debt, as S&P might treat mark-to-market derivatives differently.

Excluding fair value financial liabilities:
- 2022 Net Debt: (1,751,255 + 150,955 + 389,716 + 6,362) - 392,811 = 2,298,288 - 392,811 = €1,905,477K
- 2021 Net Debt: (2,064,088 + 122,663 + 1,342,688 + 6,282) - 860,352 = 3,535,721 - 860,352 = €2,675,369K

- 2022: 1,905,477 / 499,430 = 3.82x
- 2021: 2,675,369 / 396,680 = 6.74x

Still a massive improvement.

Even with a simpler approach excluding lease liabilities and derivatives:
- 2022: (1,751,255 + 389,716 - 392,811) / 499,430 = 1,748,160 / 499,430 = 3.50x
- 2021: (2,064,088 + 1,342,688 - 860,352) / 396,680 = 2,546,424 / 396,680 = 6.42x

In all scenarios, leverage improved significantly (by more than 0.3x), driven by both higher EBITDA and lower net debt (partly due to divestment proceeds from discontinued operations generating €1.26B cash).

<answer>Improving</answer>