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

**Net Debt / EBITDA**

Approximate EBITDA from reported operating performance:

- **2022 EBITDA** ≈ Profit from operating activities + depreciation & amortisation  
  = €6,489m + €3,613m  
  = **€10,102m**

- **2021 EBITDA** ≈ €4,438m + €3,219m  
  = **€7,657m**

Approximate net debt from balance sheet financial debt less cash and cash management assets:

**At end-2022 / 2023-01-01**
- Bonds: €20,425m
- Other non-current borrowings: €3,205m
- Non-current lease liabilities: €1,580m
- Current lease liabilities: €522m
- Short-term borrowings: €6,368m
- Less cash and cash equivalents: €12,578m
- Less current cash management financial assets: €755m

Net debt ≈ 20,425 + 3,205 + 1,580 + 522 + 6,368 − 12,578 − 755  
= **€18,767m**

Leverage 2022 ≈ 18,767 / 10,102 = **1.86x**

**At end-2021 / 2022-01-01**
- Bonds: €22,212m
- Other non-current borrowings: €2,757m
- Non-current lease liabilities: €1,574m
- Current lease liabilities: €524m
- Short-term borrowings: €5,769m
- Less cash and cash equivalents: €11,065m
- Less current cash management financial assets: €200m

Net debt ≈ 22,212 + 2,757 + 1,574 + 524 + 5,769 − 11,065 − 200  
= **€21,571m**

Leverage 2021 ≈ 21,571 / 7,657 = **2.82x**

Year-on-year change ≈ 1.86x − 2.82x = **-0.96x**

Since leverage decreased by more than 0.3x, the trend is **Improving**.

<answer>Improving</answer>