I need to analyze Naturgy's leverage trend for 2022 by examining key financial metrics. Let me calculate relevant leverage indicators.

First, let me understand the dates. The data shows 2023-01-01 and 2022-01-01 as balance sheet dates, which correspond to year-end 2022 and year-end 2021 respectively. The income statement items with ranges like "2022-01-01 - 2023-01-01" represent the year 2022 performance.

Let me calculate key leverage metrics:

**Debt/EBITDA (a common leverage metric):**

For 2022 (year-end 2022, i.e., 2023-01-01):
- Total Financial Debt = Current Borrowings + Non-current Borrowings + Current Lease Liabilities + Non-current Lease Liabilities + Other current financial liabilities + Other non-current financial liabilities
- Current Borrowings: 2,110,000,000
- Non-current Borrowings (Longterm Borrowings): 12,689,000,000
- Current Lease Liabilities: 177,000,000
- Non-current Lease Liabilities: 1,309,000,000
- Other Current Financial Liabilities: 15,000,000
- Other Noncurrent Financial Liabilities: 1,000,000

Total Financial Debt (2022 year-end) = 2,110 + 12,689 + 177 + 1,309 + 15 + 1 = 16,301,000,000 EUR

Wait, let me also check if there are other financial liabilities. Looking at "Noncurrent Financial Liabilities" = 13,999,000,000 and "Current Financial Liabilities" = 2,302,000,000.

Total Financial Liabilities = 13,999 + 2,302 = 16,301,000,000 EUR

This matches my calculation above.

EBITDA for 2022 = 4,954,000,000 EUR

Debt/EBITDA (2022) = 16,301 / 4,954 = 3.29x

For 2021 (year-end 2021, i.e., 2022-01-01):
- Current Financial Liabilities: 1,698,000,000
- Noncurrent Financial Liabilities: 15,114,000,000
Total Financial Liabilities = 16,812,000,000 EUR

EBITDA for 2021 = 3,529,000,000 EUR

Debt/EBITDA (2021) = 16,812 / 3,529 = 4.76x

**Alternative: Net Debt/EBITDA**

Cash and Cash Equivalents:
- 2022 year-end: 3,985,000,000
- 2021 year-end: 3,965,000,000

Net Debt 2022 = 16,301 - 3,985 = 12,316,000,000
Net Debt/EBITDA 2022 = 12,316 / 4,954 = 2.49x

Net Debt 2021 = 16,812 - 3,965 = 12,847,000,000
Net Debt/EBITDA 2021 = 12,847 / 3,529 = 3.64x

**Total Debt/Total Capital or Debt/Equity:**

Total Liabilities:
- 2022 year-end: 30,411,000,000 (Equity and Liabilities 40,390 - Equity 9,979)
- 2021 year-end: 29,376,000,000 (38,249 - 8,873)

Wait, let me verify: Assets = Equity + Liabilities, so Liabilities = Assets - Equity

2022: 40,390 - 9,979 = 30,411
2021: 38,249 - 8,873 = 29,376

Debt-to-Equity (using financial debt):
2022: 16,301 / 9,979 = 1.63x
2021: 16,812 / 8,873 = 1.89x

Or Total Liabilities/Equity:
2022: 30,411 / 9,979 = 3.05x
2021: 29,376 / 8,873 = 3.31x

**Interest Coverage (EBITDA/Interest or EBIT/Interest):**

Finance Costs 2022: 837,000,000
Finance Income 2022: 164,000,000
Net Finance Cost 2022: 673,000,000

EBITDA/Interest 2022 = 4,954 / 837 = 5.92x (using gross finance costs)
Or 4,954 / 673 = 7.36x (using net)

EBITDA 2021 = 3,529
Finance Costs 2021 = 598,000,000
Finance Income 2021 = 200,000,000

EBITDA/Interest 2021 = 3,529 / 598 = 5.90x (gross)
Or 3,529 / 398 = 8.87x (net)

Wait, let me recalculate. The Finance Income Cost for 2022 is -665,000,000, which is close to 164-837 = -673.

Actually let me use EBIT/Interest for better comparison:
Profit from Operating Activities (EBIT) 2022: 3,083,000,000
Profit from Operating Activities (EBIT) 2021: 2,101,000,000

EBIT/Finance Costs 2022 = 3,083 / 837 = 3.68x
EBIT/Finance Costs 2021 = 2,101 / 598 = 3.51x

**Key Trends:**
- Debt/EBITDA: 4.76x → 3.29x (improving significantly)
- Net Debt/EBITDA: 3.64x → 2.49x (improving significantly)
- Debt/Equity: 1.89x → 1.63x (improving)
- Total Liabilities/Equity: 3.31x → 3.05x (improving)
- EBIT/Interest Coverage: 3.51x → 3.68x (improving slightly)

The improvement is driven by:
1. EBITDA growing significantly (+40% from 3,529 to 4,954)
2. Financial debt actually decreasing slightly (16,812 to 16,301)
3. Equity increasing due to retained earnings and comprehensive income

This is a clear improving trend in leverage metrics.

<answer>Improving</answer>