Let’s go step-by-step.  

---

**1. Net Debt**  

- 2022: €941M  
- 2023: €7,440M  

---

**2. EBITDA**  

EBITDA = Operating Profit + Depreciation & Amortisation + Depreciation of right-of-use assets + Impairment/provisions  

- 2021 (used for 2022 ratio? No, for 2022 ratio we need EBITDA for period 2022-01-01 to 2023-01-01)  

For year ending 2023-01-01:  
Operating profit = €1,872M  
Depreciation & Amortisation = €2,228M  
Depreciation right-of-use = €446M  
Impairment/provisions = €172M  
EBITDA = 1,872 + 2,228 + 446 + 172 = €4,718M  

For year ending 2022-01-01:  
Operating profit = €1,733M  
Depreciation & Amortisation = €2,065M  
Depreciation right-of-use = €353M  
Impairment/provisions = €405M  
EBITDA = 1,733 + 2,065 + 353 + 405 = €4,556M  

---

**3. Net Debt / EBITDA**  

- 2022: 941 / 4,556 = 0.21x  
- 2023: 7,440 / 4,718 = 1.58x  

---

**4. Trend**  

Change = 1.58 − 0.21 = +1.37x, which is higher than +0.3x → Deteriorating.

---

<answer>Deteriorating</answer>