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

**Net Debt / EBITDA**

Approximate **Net Debt** as financial debt minus cash and equivalents.

### 2021 / opening 2022 ratio
- Noncurrent financial liabilities: €4,791.979m  
- Current financial liabilities: €285.222m  
- Cash and cash equivalents: €680.820m  

Net Debt = 4,791.979 + 285.222 − 680.820 = **€4,396.381m**

EBITDA proxy = Gross Profit / Margine Operativo Lordo = **€1,256.075m**

Net Debt / EBITDA = 4,396.381 / 1,256.075 = **3.50x**

### 2022 / closing 2023 ratio
- Noncurrent financial liabilities: €4,722.263m  
- Current financial liabilities: €619.418m  
- Cash and cash equivalents: €559.908m  

Net Debt = 4,722.263 + 619.418 − 559.908 = **€4,781.773m**

EBITDA proxy = Gross Profit / Margine Operativo Lordo = **€1,305.021m**

Net Debt / EBITDA = 4,781.773 / 1,305.021 = **3.66x**

### Trend
Change in leverage = 3.66x − 3.50x = **+0.16x**

Since the year-on-year change is within ±0.3x, the leverage trend is **Stable**.

<answer>Stable</answer>