Let’s reason through this step-by-step.  

- **Net debt** is not directly given, but it can be approximated as:  
  Net debt = (Noncurrent + current financial liabilities) – cash and equivalents – other current financial assets.  
- For **2022**:  
  - Noncurrent financial liabilities: 4,722,263,000  
  - Current financial liabilities: 619,418,000  
  - Cash and equivalents: 559,908,000  
  - Other current financial assets: 342,085,000  
  → Net debt ≈ 4,722,263,000 + 619,418,000 – 559,908,000 – 342,085,000 = 4,439,688,000.

- For **2021**:  
  - Noncurrent financial liabilities: 4,791,979,000  
  - Current financial liabilities: 285,222,000  
  - Cash and equivalents: 680,820,000  
  - Other current financial assets: 407,944,000  
  → Net debt ≈ 4,791,979,000 + 285,222,000 – 680,820,000 – 407,944,000 = 3,988,437,000.

- **EBITDA** can be taken as Gross Profit (Margine Operativo Lordo):  
  - 2022: 1,305,021,000  
  - 2021: 1,256,075,000.

- Ratios:  
  - 2021: 3,988,437,000 / 1,256,075,000 ≈ 3.18x  
  - 2022: 4,439,688,000 / 1,305,021,000 ≈ 3.40x.

- Change: 3.40x – 3.18x = +0.22x, which is within ±0.3x, so **Stable**.

<answer>Stable</answer>