To estimate the adjusted leverage trend, we first calculate the Net Debt and EBITDA for 2021 and 2022 (using the provided annual report data as of the end of those years, i.e., 2022-01-01 and 2023-01-01).

**1. EBITDA Calculation:**
EBITDA is given directly in the provided facts as "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense".
*   EBITDA 2021 (for year 2021-01-01 to 2022-01-01): 396,680,000 EUR
*   EBITDA 2022 (for year 2022-01-01 to 2023-01-01): 499,430,000 EUR

**2. Net Debt Calculation:**
Net Debt is calculated as: (Noncurrent Financial Liabilities + Current Financial Liabilities) - (Cash And Cash Equivalents + Current Financial Assets At Fair Value Through Profit Or Loss + Other Current Financial Assets). 
*Note: Financial liabilities include borrowing/debt components. For this calculation, we aggregate financial liabilities and subtract liquid financial assets.*

*   **2021 (Data as of 2022-01-01):**
    *   Liabilities: 44,763,000 (Noncurrent FVTPL) + 2,064,088,000 (Other Noncurrent Fin Liab) + 122,663,000 (Noncurrent Lease Liab) + 170,857,000 (Current FVTPL) + 1,342,688,000 (Other Current Fin Liab) + 6,282,000 (Current Lease Liab) = 3,751,341,000 EUR
    *   Assets: 860,352,000 (Cash) + 154,154,000 (Current FVTPL) + 424,282,000 (Other Current Financial Assets) = 1,438,788,000 EUR
    *   Net Debt 2021 = 2,312,553,000 EUR
    *   Ratio 2021 = 2,312,553,000 / 396,680,000 ≈ 5.83x

*   **2022 (Data as of 2023-01-01):**
    *   Liabilities: 0 (Noncurrent FVTPL) + 1,751,255,000 (Other Noncurrent Fin Liab) + 150,955,000 (Noncurrent Lease Liab) + 76,644,000 (Current FVTPL) + 389,716,000 (Other Current Fin Liab) + 6,362,000 (Current Lease Liab) = 2,374,932,000 EUR
    *   Assets: 392,811,000 (Cash) + 141,568,000 (Current FVTPL) + 211,136,000 (Other Current Financial Assets) = 745,515,000 EUR
    *   Net Debt 2022 = 1,629,417,000 EUR
    *   Ratio 2022 = 1,629,417,000 / 499,430,000 ≈ 3.26x

**3. Trend Calculation:**
*   Difference = 3.26x - 5.83x = -2.57x
*   Since -2.57x is lower than -0.3x, the leverage trend is considered Improving.

<answer>Improving</answer>