I need to calculate Net Debt / EBITDA for both years (2021 and 2022 fiscal years, corresponding to balance sheet dates 2022-01-01 and 2023-01-01).

## Step 1: Calculate EBITDA

EBITDA is represented by "Gross Profit" in this Italian reporting format (which appears to be "Margine Operativo Lordo" - EBITDA in Italian accounting).

- EBITDA 2022 (period 2022-01-01 to 2023-01-01): 1,305,021,000 EUR
- EBITDA 2021 (period 2021-01-01 to 2022-01-01): 1,256,075,000 EUR

## Step 2: Calculate Net Debt

Net Debt = Total Financial Debt - Cash and Cash Equivalents

**For 2022 (balance sheet date 2023-01-01):**
- Non-current financial liabilities: 4,722,263,000 EUR
- Current financial liabilities: 619,418,000 EUR
- Total financial debt: 5,341,681,000 EUR
- Cash: 559,908,000 EUR
- Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

**For 2021 (balance sheet date 2022-01-01):**
- Non-current financial liabilities: 4,791,979,000 EUR
- Current financial liabilities: 285,222,000 EUR
- Total financial debt: 5,077,201,000 EUR
- Cash: 680,820,000 EUR
- Net Debt = 5,077,201,000 - 680,820,000 = 4,396,381,000 EUR

## Step 3: Calculate Net Debt / EBITDA

- **2022:** 4,781,773,000 / 1,305,021,000 = **3.66x**
- **2021:** 4,396,381,000 / 1,256,075,000 = **3.50x**

## Step 4: Calculate the gap

Gap = 3.66x - 3.50x = **+0.16x**

Since the gap is within ±0.3x, the leverage trend is **Stable**.

Wait, let me reconsider. The question asks about "S&P's adjusted leverage trend for 2022." The ratio increased from 3.50x to 3.66x, a change of +0.16x, which is within the ±0.3x threshold for Stable.

<answer>Stable</answer>