To estimate the S&P-style adjusted leverage trend, use:

**Net Debt / EBITDA**

Approximate **Net Debt** as financial debt including lease and concession liabilities, less cash and cash equivalents.

For 2022 opening balance sheet date:
- Noncurrent financial liabilities excl. concession: €10,462.5m
- Current financial liabilities excl. concession: €8,624.3m
- Noncurrent lease liabilities: €1,298.1m
- Current lease liabilities: €410.6m
- Noncurrent concession liabilities: €1,588.4m
- Current concession liabilities: €169.4m
- Less cash and cash equivalents: €10,518.7m

Net Debt 2022 ≈ 10,462.5 + 8,624.3 + 1,298.1 + 410.6 + 1,588.4 + 169.4 − 10,518.7 = **€12,034.6m**

EBITDA 2021/2022 can be approximated as:
- Operating income before share of net income/loss of equity-accounted entities: €1,212.7m
- Add operating depreciation, amortization, provisions and impairment: €2,117.2m

EBITDA 2022 ≈ **€3,329.9m**

Leverage 2022 ≈ 12,034.6 / 3,329.9 = **3.61x**

For 2023 opening balance sheet date:
- Noncurrent financial liabilities excl. concession: €19,692.1m
- Current financial liabilities excl. concession: €6,521.4m
- Noncurrent lease liabilities: €1,656.2m
- Current lease liabilities: €496.5m
- Noncurrent concession liabilities: €1,680.5m
- Current concession liabilities: €243.2m
- Less cash and cash equivalents: €9,012.2m

Net Debt 2023 ≈ 19,692.1 + 6,521.4 + 1,656.2 + 496.5 + 1,680.5 + 243.2 − 9,012.2 = **€21,277.7m**

EBITDA 2022/2023:
- Operating income before share of net income/loss of equity-accounted entities: €2,206.3m
- Add operating depreciation, amortization, provisions and impairment: €3,178.6m

EBITDA 2023 ≈ **€5,384.9m**

Leverage 2023 ≈ 21,277.7 / 5,384.9 = **3.95x**

Year-on-year change:
- 3.95x − 3.61x = **+0.34x**

Since the increase is greater than **0.3x**, the leverage trend is **Deteriorating**.

<answer>Deteriorating</answer>