**Reasoning**

1. **Net Debt calculation**  
   – Use interest‑bearing debt (long‑term borrowings + short‑term borrowings) plus lease liabilities (current and non‑current) and subtract cash and cash equivalents.  

   *FY 2022 (ending 2023‑01‑01)*  
   - Long‑term borrowings: 60,451 M DKK  
   - Short‑term borrowings: 2,830 M DKK  
   - Non‑current lease liabilities: 7,697 M DKK  
   - Current lease liabilities: 569 M DKK  
   - Cash & cash equivalents: 16,178 M DKK  

   Net Debt₂₀₂₂ = 60,451 + 2,830 + 7,697 + 569 − 16,178 = **55,369 M DKK**  

   *FY 2021 (ending 2022‑01‑01)*  
   - Long‑term borrowings: 31,502 M DKK  
   - Short‑term borrowings: 19,493 M DKK  
   - Non‑current lease liabilities: 6,812 M DKK  
   - Current lease liabilities: 720 M DKK  
   - Cash & cash equivalents: 8,624 M DKK  

   Net Debt₂₀₂₁ = 31,502 + 19,493 + 6,812 + 720 − 8,624 = **49,903 M DKK**  

2. **EBITDA** – taken as “Profit loss from operating activities before interest, taxes, depreciation and amortisation expense”:  
   - FY 2022: 32,057 M DKK  
   - FY 2021: 24,296 M DKK  

3. **Net Debt / EBITDA ratios**  
   - FY 2022: 55,369 / 32,057 ≈ **1.73**  
   - FY 2021: 49,903 / 24,296 ≈ **2.05**  

4. **Year‑on‑year change**  
   Δ = 1.73 − 2.05 ≈ **‑0.32**  

   The absolute change (0.32) exceeds the ±0.3 threshold. Because the ratio fell (negative change), the leverage trend is **improving** (a reduction in leverage beyond the stable band).

**Final answer**

<answer>Improving</answer>