To estimate the adjusted leverage trend, use:

Net Debt / EBITDA

For Ørsted, the available annual report facts give balance-sheet dates 2022-01-01 and 2023-01-01, corresponding broadly to year-end 2021 and year-end 2022, and EBITDA for the periods 2021 and 2022.

Approximate net debt as borrowings and lease liabilities less cash:

For 2021 / opening 2022:
- Long-term borrowings: 31.502bn DKK
- Short-term borrowings: 19.493bn DKK
- Noncurrent lease liabilities: 6.812bn DKK
- Current lease liabilities: 0.720bn DKK
- Cash: 8.624bn DKK

Net debt = 31.502 + 19.493 + 6.812 + 0.720 - 8.624 = 49.903bn DKK

EBITDA 2021 = 24.296bn DKK

Net debt / EBITDA 2021 = 49.903 / 24.296 ≈ 2.05x

For 2022 / closing 2022:
- Long-term borrowings: 60.451bn DKK
- Short-term borrowings: 2.830bn DKK
- Noncurrent lease liabilities: 7.697bn DKK
- Current lease liabilities: 0.569bn DKK
- Cash: 16.178bn DKK

Net debt = 60.451 + 2.830 + 7.697 + 0.569 - 16.178 = 55.369bn DKK

EBITDA 2022 = 32.057bn DKK

Net debt / EBITDA 2022 = 55.369 / 32.057 ≈ 1.73x

Year-on-year change = 1.73x - 2.05x = -0.33x

Because the ratio decreased by more than 0.3x, the leverage trend is improving.

<answer>Improving</answer>