Let’s reason through this step by step.  

**Step 1 – EBITDA for 2022**  
From the facts:  
- "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense"  
  - 2022: €499,430,000  
  - 2021: €396,680,000  

These are already EBITDA figures.  

**Step 2 – Determine Net Debt**  
We need total debt minus cash and cash equivalents.  
Debt components (current + non-current):  
- Non-current financial liabilities:  
  - "Other Noncurrent Financial Liabilities" 2023-01-01: €1,751,255,000  
  - "Noncurrent Lease Liabilities" 2023-01-01: €150,955,000  
  - "Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss" 2023-01-01: €0  
- Current financial liabilities:  
  - "Other Current Financial Liabilities" 2023-01-01: €389,716,000  
  - "Current Financial Liabilities At Fair Value Through Profit Or Loss" 2023-01-01: €76,644,000  
  - "Current Lease Liabilities" 2023-01-01: €6,362,000  

Cash:  
- "Cash And Cash Equivalents" 2023-01-01: €392,811,000  

Total debt (2023-01-01):  
1,751,255,000 + 150,955,000 + 0 + 389,716,000 + 76,644,000 + 6,362,000  
= €2,374,932,000  

Net debt (2023-01-01) = 2,374,932,000 − 392,811,000 = €1,982,121,000  

**Step 3 – Same for 2021 (end-2022 figures)**  
Debt 2022-01-01:  
- "Other Noncurrent Financial Liabilities" 2022-01-01: €2,064,088,000  
- "Noncurrent Lease Liabilities" 2022-01-01: €122,663,000  
- "Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss" 2022-01-01: €44,763,000  
- "Other Current Financial Liabilities" 2022-01-01: €1,342,688,000  
- "Current Financial Liabilities At Fair Value Through Profit Or Loss" 2022-01-01: €170,857,000  
- "Current Lease Liabilities" 2022-01-01: €6,282,000  

Sum: 2,064,088,000 + 122,663,000 + 44,763,000 + 1,342,688,000 + 170,857,000 + 6,282,000  
= €3,751,341,000  

Cash 2022-01-01: €860,352,000  
Net debt 2022-01-01 = 3,751,341,000 − 860,352,000 = €2,890,989,000  

**Step 4 – Net Debt/EBITDA ratios**  
2022: 1,982,121,000 / 499,430,000 ≈ 3.97×  
2021: 2,890,989,000 / 396,680,000 ≈ 7.29×  

Change = 3.97 − 7.29 = −3.32× (improvement greater than 0.3×).  

**Step 5 – Conclusion**  
Since the ratio dropped by more than 0.3×, the trend is “Improving”.

<answer>Improving</answer>