To estimate the S&P adjusted leverage trend, we need to calculate the Net Debt / EBITDA ratio for the fiscal years ending 2022 (period 2021-01-01 to 2022-01-01) and 2023 (period 2022-01-01 to 2023-01-01). Note: In financial reporting contexts, "2022" usually refers to the fiscal year ending in 2022, and "2023" to the fiscal year ending in 2023. The prompt provides data for periods ending 2022-01-01 and 2023-01-01. We will treat the period ending 2022-01-01 as FY2021 and the period ending 2023-01-01 as FY2022 for standard comparison, or simply compare the two provided periods as "Year 1" and "Year 2" to determine the trend. Let's label the period 2021-01-01 to 2022-01-01 as **Period 1** and 2022-01-01 to 2023-01-01 as **Period 2**.

**Step 1: Calculate EBITDA for both periods.**
EBITDA is typically calculated as Profit from Operating Activities + Depreciation & Amortization + Other non-cash adjustments if necessary, or Revenue - Operating Expenses (excluding D&A). A common proxy is Operating Profit + D&A.

*   **Period 1 (2021-2022):**
    *   Profit Loss 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**

*   **Period 2 (2022-2023):**
    *   Profit Loss 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**

*Note: S&P often uses "Funds From Operations (FFO)" or adjusted EBITDA. Without specific adjustment details, we use the standard Operating Profit + D&A. The EBITDA has decreased slightly.*

**Step 2: Calculate Net Debt for both periods.**
Net Debt = Total Financial Debt - Cash and Cash Equivalents.
We need to identify Financial Liabilities. Typically, this includes Current and Noncurrent Financial Liabilities and Lease Liabilities.

*   **Period 1 End (2022-01-01 Balance Sheet):**
    *   Noncurrent Financial Liabilities: 3,716,000,000 EUR
    *   Noncurrent Lease Liabilities: 53,200,000 EUR
    *   Current Financial Liabilities: 499,700,000 EUR
    *   Current Lease Liabilities: 43,400,000 EUR
    *   Total Debt = 3,716.0 + 53.2 + 499.7 + 43.4 = 4,312.3 million EUR
    *   Cash And Cash Equivalents: 885,600,000 EUR
    *   Net Debt = 4,312,300,000 - 885,600,000 = **3,426,700,000 EUR**

*   **Period 2 End (2023-01-01 Balance Sheet):**
    *   Noncurrent Financial Liabilities: 5,689,900,000 EUR
    *   Noncurrent Lease Liabilities: 55,100,000 EUR
    *   Current Financial Liabilities: 650,100,000 EUR
    *   Current Lease Liabilities: 21,300,000 EUR
    *   Total Debt = 5,689.9 + 55.1 + 650.1 + 21.3 = 6,416.4 million EUR
    *   Cash And Cash Equivalents: 1,942,400,000 EUR
    *   Net Debt = 6,416,400,000 - 1,942,400,000 = **4,474,000,000 EUR**

**Step 3: Calculate Leverage Ratios (Net Debt / EBITDA).**

*   **Ratio 1 (Period 1):**
    *   Net Debt: 3,426,700,000 EUR
    *   EBITDA: 1,223,800,000 EUR
    *   Leverage = 3,426.7 / 1,223.8 ≈ **2.80x**

*   **Ratio 2 (Period 2):**
    *   Net Debt: 4,474,000,000 EUR
    *   EBITDA: 1,200,900,000 EUR
    *   Leverage = 4,474.0 / 1,200.9 ≈ **3.73x**

**Step 4: Determine the Trend.**
*   Change in Leverage = Ratio 2 - Ratio 1 = 3.73x - 2.80x = **+0.93x**

The definition provided states:
*   **Stable**: Gap is among ± 0.3x (i.e., between -0.3x and +0.3x).
*   **Improving**: Gap is lower than -0.3x (Wait, the prompt says "if the gap ... is lower than 0.3x is improving". This phrasing is slightly ambiguous. Usually, "lower leverage" is improving. Let's re-read carefully: "Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving. If higher is Deteriorating."
    *   Standard interpretation: A *decrease* in leverage is improving. An *increase* is deteriorating.
    *   The prompt's specific text: "gap ... is lower than 0.3x is improving". This likely implies a negative gap (reduction in debt) or a small positive gap? No, usually "Stable" is the band around 0. If the gap is > 0.3x (positive increase), it is Deteriorating. If the gap is < -0.3x (negative decrease), it is Improving.
    *   Let's look at the wording again: "If higher is Deteriorating." Higher than what? Higher than the stable band (+0.3x).
    *   Our gap is +0.93x. This is significantly higher than +0.3x.
    *   Therefore, the leverage has increased substantially, which is a deterioration in credit quality.

Let's double check the "Improving" condition. "if the gap ... is lower than 0.3x is improving". This is grammatically tricky. It probably means "If the change is negative (leverage goes down) or significantly low". However, given the explicit "If higher [than the stable band upper limit] is Deteriorating", and our change is +0.93x, which is > 0.3x, it falls into the Deteriorating category.

Summary:
FY2021 Leverage: ~2.8x
FY2022 Leverage: ~3.7x
Change: +0.9x
Since +0.9x > +0.3x, the trend is Deteriorating.

<answer>Deteriorating</answer>