To estimate the adjusted leverage trend, use:

- **Net Debt = Total borrowings − Cash and cash equivalents**
- **EBITDA = Profit from operating activities + Depreciation and amortisation expense**
- **Leverage = Net Debt / EBITDA**

For **2022** using 2022-01-01 balance sheet values and 2021 income statement:
- Borrowings = Long-term borrowings + current borrowings  
  = 2,390,852,000 + 375,221,000 = 2,766,073,000
- Cash and cash equivalents = 398,759,000
- Net debt = 2,766,073,000 − 398,759,000 = 2,367,314,000
- EBITDA = Operating profit + depreciation and amortisation  
  = 218,863,000 + 241,940,000 = 460,803,000
- Net Debt / EBITDA = 2,367,314,000 / 460,803,000 ≈ **5.14x**

For **2023** using 2023-01-01 balance sheet values and 2022 income statement:
- Borrowings = 1,695,362,000 + 638,944,000 = 2,334,306,000
- Cash and cash equivalents = 365,292,000
- Net debt = 2,334,306,000 − 365,292,000 = 1,969,014,000
- EBITDA = 239,721,000 + 249,276,000 = 488,997,000
- Net Debt / EBITDA = 1,969,014,000 / 488,997,000 ≈ **4.03x**

Year-on-year change:
- 4.03x − 5.14x = **−1.11x**

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

<answer>Improving</answer>