To estimate the S&P adjusted leverage trend, we need to calculate the Net Debt / EBITDA ratio for the years 2021 (ending 2022-01-01) and 2022 (ending 2023-01-01). Note: In financial reporting contexts, "2022" usually refers to the fiscal year ending in 2022 or the calendar year 2022. The prompt provides data for periods "2021-01-01 - 2022-01-01" (let's call this FY2021) and "2022-01-01 - 2023-01-01" (let's call this FY2022). We will calculate the leverage for these two periods to determine the trend.

**Step 1: Calculate EBITDA for both periods.**
EBITDA is typically calculated as Operating Income + Depreciation, Amortization, and Provisions. However, S&P often uses "Current Operating Income" or similar metrics adjusted for specific items. A standard proxy from the provided data is:
EBITDA = Profit Loss From Operating Activities + Depreciation Amortization And Provisions + Impairment Losses (if separated, but here included in D&A or operating profit depending on definition).
Let's look at the provided line items:
"Profit Loss From Operating Activities" includes impairment and restructuring.
"Depreciation Amortization And Provisions" is explicitly listed.
A common definition for EBITDA in this context is:
EBITDA = Current Operating Income Including Operating Mtm + Depreciation Amortization And Provisions + Impairment Loss Reversal... (if not included in Current Operating Income).
Looking at the structure:
"Current Operating Income Including Operating Mtm" seems to be a key operational metric.
However, "Profit Loss From Operating Activities" is the bottom line of the operating section.
Let's use a standard reconstruction:
EBITDA ≈ Operating Profit + Depreciation & Amortization.
For FY2021 (2021-01-01 to 2022-01-01):
Operating Profit ("Profit Loss From Operating Activities") = 6,722,000,000 EUR
Depreciation Amortization And Provisions = 4,840,000,000 EUR
EBITDA_2021 ≈ 6,722 + 4,840 = 11,562 million EUR.
*Note: Impairment losses are often added back for Adjusted EBITDA. The item "Impairment Loss Reversal..." is 1,028 million. If this is a net reversal, it increased income. If it were a loss, it would be added back. Let's look at "Current Operating Income Including Operating Mtm" which is 6,116 million. This is lower than Operating Profit. The difference involves non-recurring items. S&P Adjusted EBITDA usually starts from Operating Income and adds back D&A and Impairments.*
Let's try: EBITDA = Current Operating Income Including Operating Mtm + Depreciation Amortization And Provisions + Impairment Losses (net).
Wait, "Profit Loss From Operating Activities" (6,722) is higher than "Current Operating Income..." (6,116). The difference is due to "Impairment Loss Reversal" (1,028), "Restructuring" (-204), "Other Income/Expense" (1,107), "Other Non Recurring" (-69).
6116 + 1028 - 204 + 1107 - 69 = 7978? No, the math doesn't align perfectly with simple addition, suggesting "Current Operating Income" might already include some of these or exclude others.
Let's use the most robust proxy for S&P Adjusted EBITDA:
S&P often defines Adjusted EBITDA as Operating Income before D&A, Impairment, and Restructuring.
Let's approximate EBITDA as: "Profit Loss From Operating Activities" + "Depreciation Amortization And Provisions".
FY2021 EBITDA = 6,722 + 4,840 = 11,562 million EUR.
FY2022 EBITDA = 1,127 + 5,187 = 6,314 million EUR.
*This shows a massive drop in operating profit. Let's check if "Impairment Loss Reversal" is a gain. Yes, 2,774 million gain in 2022. This inflated the Operating Profit. Without it, operating performance is weaker. However, EBITDA usually adds back impairments. If the 2,774 is a reversal (gain), it is part of operating profit. If we are calculating *Adjusted* EBITDA, we might normalize this. But let's stick to the raw numbers first or a standard definition.*

Let's look at Net Debt.
Net Debt = Total Debt - Cash and Cash Equivalents.
Total Debt = Current Borrowings + Noncurrent Borrowings.
(Financial liabilities bearing interest).

**FY2021 (End of 2021 / Start of 2022 data point 2022-01-01):**
Long-term Borrowings: 30,458 million
Current Borrowings: 10,590 million
Total Debt = 30,458 + 10,590 = 41,048 million EUR.
Cash and Cash Equivalents: 13,890 million EUR.
Net Debt_2021 = 41,048 - 13,890 = 27,158 million EUR.

**FY2022 (End of 2022 / Start of 2023 data point 2023-01-01):**
Long-term Borrowings: 28,083 million
Current Borrowings: 12,508 million
Total Debt = 28,083 + 12,508 = 40,591 million EUR.
Cash and Cash Equivalents: 15,570 million EUR.
Net Debt_2022 = 40,591 - 15,570 = 25,021 million EUR.

**Calculate Leverage Ratios:**

**Ratio 2021 (FY2021):**
Net Debt: 27,158 million
EBITDA: 11,562 million (using Operating Profit + D&A)
Leverage_2021 = 27,158 / 11,562 ≈ 2.35x

**Ratio 2022 (FY2022):**
Net Debt: 25,021 million
EBITDA: 6,314 million (using Operating Profit + D&A)
Leverage_2022 = 25,021 / 6,314 ≈ 3.96x

The leverage increased from ~2.35x to ~3.96x.
Change = 3.96 - 2.35 = 1.61x.
This is significantly higher than 0.3x.
Therefore, the leverage is deteriorating.

*Self-Correction/Refinement on EBITDA:*
S&P Adjusted EBITDA often adds back impairments.
In FY2022, there was an "Impairment Loss Reversal" of 2,774 million. This is a gain. If we are looking for *Adjusted* EBITDA, do we remove gains? Usually, yes, one-off gains are removed. If we remove the 2,774 gain from the Operating Profit of 1,127, the adjusted operating profit becomes 1,127 - 2,774 = -1,647. Then add D&A (5,187). Adjusted EBITDA ≈ 3,540.
Leverage would be 25,021 / 3,540 ≈ 7.0x.
Even if we don't adjust for the reversal and just use the reported Operating Profit + D&A, the leverage jumped from 2.35x to 3.96x.
If we look at FY2021, Impairment Reversal was 1,028. Operating Profit 6,722.
If we normalize FY2021: 6,722 - 1,028 (gain) = 5,694. + D&A 4,840 = 10,534.
Leverage_2021_Norm = 27,158 / 10,534 ≈ 2.58x.
Leverage_2022_Norm (removing gain) = 25,021 / (1,127 - 2,774 + 5,187) = 25,021 / 3,540 ≈ 7.07x.
The gap is huge (> 0.3x).

What if "Current Operating Income Including Operating Mtm" is the better base?
FY2021: 6,116 + 4,840 = 10,956. Leverage = 27,158 / 10,956 = 2.48x.
FY2022: 4,309 + 5,187 = 9,496. Leverage = 25,021 / 9,496 = 2.63x.
Gap = 2.63 - 2.48 = 0.15x.
This gap is within ±0.3x. This would imply "Stable".

Which EBITDA definition does S&P use?
S&P Global Ratings typically calculates "EBITDA" as earnings before interest, taxes, depreciation, and amortization. They often start from "Operating Income" or "Net Income" and add back.
Key distinction: "Current Operating Income Including Operating Mtm" vs "Profit Loss From Operating Activities".
"Profit Loss From Operating Activities" includes impairment reversals and restructuring costs.
"Current Operating Income" usually excludes non-recurring items like impairments and restructuring.
S&P *Adjusted* Leverage usually uses *Adjusted* EBITDA, which normalizes for non-recurring items.
If we use "Current Operating Income Including Operating Mtm" + D&A as a proxy for Adjusted EBITDA:
2021 EBITDA = 6,116 + 4,840 = 10,956 million.
2022 EBITDA = 4,309 + 5,187 = 9,496 million.

Net Debt 2021: 27,158 million.
Net Debt 2022: 25,021 million.

Leverage 2021 = 27,158 / 10,956 = 2.48x.
Leverage 2022 = 25,021 / 9,496 = 2.63x.

Difference = 2.63 - 2.48 = 0.15x.
The increase is 0.15x.
The definition of Stable is: the gap is among ± 0.3x.
0.15x is within the range [-0.3, 0.3].
Therefore, the trend is Stable.

Let's double check if there are other debt components.
"Noncurrent Derivative Financial Liabilities" and "Current Derivative Financial Liabilities" are generally not included in Net Debt for leverage ratios unless they are debt-like instruments, but standard Net Debt is Interest Bearing Debt (Borrowings) minus Cash.
Derivatives are marked to market. S&P might adjust for this, but usually, Borrowings are the core.
Also, "Deeply Subordinated Perpetual Notes" are treated as Equity in the balance sheet (under Equity Attributable To Owners). S&P often treats these as debt for leverage calculations if they have mandatory coupons or step-ups, but ENGIE's perpetuals are often treated as equity or 50% debt/50% equity depending on specific terms. However, even if we added the ~3.7B perpetuals to debt:
Net Debt 2021 = 27,158 + 3,767 = 30,925. Leverage = 30,925 / 10,956 = 2.82x.
Net Debt 2022 = 25,021 + 3,393 = 28,414. Leverage = 28,414 / 9,496 = 2.99x.
Difference = 2.99 - 2.82 = 0.17x.
Still within 0.3x.

What if we used the "Profit Loss From Operating Activities" based EBITDA?
The drop in Operating Profit from 6.7B to 1.1B is driven by the massive swing in "Other Income Expense From Subsidiaries..." (1.1B to 0.09B) and the Impairment Reversal (1.0B to 2.7B).
Actually, the 2022 Operating Profit (1,127) is *lower* than 2021 (6,722).
But "Current Operating Income" (which excludes non-recurring) dropped from 6,116 to 4,309.
This drop is significant but not catastrophic.
The Net Debt decreased from 27.1B to 25.0B.
The denominator (EBITDA) decreased from ~11B to ~9.5B.
The numerator decreased by ~8%. The denominator decreased by ~13%.
So the ratio increased slightly.

Calculation Check:
2021: 27158 / 10956 = 2.478
2022: 25021 / 9496 = 2.635
Diff = 0.157.

Is 0.157 < 0.3? Yes.
So it is Stable.

If we used the unadjusted Operating Profit (including the one-off impairment reversal gain of 2.7B in 2022):
2021 EBITDA = 6722 + 4840 = 11562. Lev = 27158/11562 = 2.35.
2022 EBITDA = 1127 + 5187 = 6314. Lev = 25021/6314 = 3.96.
Diff = 1.61. This would be Deteriorating.

However, S&P *Adjusted* Leverage explicitly adjusts for non-recurring items. The impairment reversal is a non-recurring item (or at least volatile). The "Current Operating Income" line item is specifically designed to show operating performance excluding such volatility (Mtm, impairments, etc.). Therefore, using "Current Operating Income + D&A" is the correct proxy for *Adjusted* EBITDA in this context.

Using the Adjusted EBITDA proxy:
Trend is Stable.

<answer>Stable</answer>