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

**Net Debt / EBITDA**

Approximate **Net Debt** as financial liabilities less cash and current financial assets:

### 2021 / opening 2022 position
Financial debt:
- Short-term financial liabilities: 591.188m
- Other current financial liabilities: 0.290m
- Long-term financial liabilities: 5,785.707m
- Other noncurrent financial liabilities: 6.283m  
Total financial debt = **6,383.468m**

Less:
- Cash and cash equivalents: 1,391.763m
- Current financial assets excluding other current financial assets: 5.120m
- Other current financial assets: 0m  
Net debt = **4,986.585m**

EBITDA approximation:
- Operating profit: 583.231m
- Depreciation/amortisation/impairment: 445.251m  
EBITDA = **1,028.482m**

Net Debt / EBITDA = **4.85x**

### 2022 / closing 2022 position
Financial debt:
- Short-term financial liabilities: 142.437m
- Other current financial liabilities: 0.290m
- Long-term financial liabilities: 6,402.913m
- Other noncurrent financial liabilities: 0.034m  
Total financial debt = **6,545.674m**

Less:
- Cash and cash equivalents: 451.946m
- Current financial assets excluding other current financial assets: 5.770m
- Other current financial assets: 17.455m  
Net debt = **6,070.503m**

EBITDA approximation:
- Operating profit: 641.338m
- Depreciation/amortisation/impairment: 479.186m  
EBITDA = **1,120.524m**

Net Debt / EBITDA = **5.42x**

### Trend
Change in leverage = 5.42x − 4.85x = **+0.57x**

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

<answer>Deteriorating</answer>