To estimate the adjusted leverage trend, use Net Debt / EBITDA for the two balance-sheet dates tied to 2021 and 2022 performance.

**1. EBITDA proxy**

The closest EBITDA-like measure provided is:

- 2022: “Profit before provisions, amortisation and impairment, financial income/costs, tax and CESE” = **€4,523.539 million**
- 2021: same metric = **€3,723.050 million**

**2. Net debt proxy**

Use borrowings less cash and cash equivalents:

**At 2023-01-01 / FY2022**
- Long-term borrowings: €15,782.604 million
- Current borrowings: €4,239.869 million
- Cash and cash equivalents: €4,900.205 million

Net debt = 15,782.604 + 4,239.869 − 4,900.205 = **€15,122.268 million**

Net debt / EBITDA = 15,122.268 / 4,523.539 = **3.34x**

**At 2022-01-01 / FY2021**
- Long-term borrowings: €15,299.588 million
- Current borrowings: €1,518.348 million
- Cash and cash equivalents: €3,222.409 million

Net debt = 15,299.588 + 1,518.348 − 3,222.409 = **€13,595.527 million**

Net debt / EBITDA = 13,595.527 / 3,723.050 = **3.65x**

**3. Year-on-year change**

Change in leverage = 2022 ratio − 2021 ratio  
= 3.34x − 3.65x = **−0.31x**

Since the ratio decreased by slightly more than **0.3x**, the trend is classified as **Improving**.

<answer>Improving</answer>