The adjusted leverage is evaluated by comparing the Net Debt/EBITDA ratio for the two most recent years.  
- **Net Debt (2022 year‑end)** = Non‑current financial liabilities + Current financial liabilities – Cash & cash equivalents  
  = 44,216 M + 25,079 M – 4,608 M = **64,687 M EUR**  
- **EBITDA (2022)** = **13,228 M EUR** → Ratio = 64,687 / 13,228 ≈ **4.89×**

- **Net Debt (2021 year‑end)** = 37,175 M + 21,297 M – 4,033 M = **54,439 M EUR**  
- **EBITDA (2021)** = **12,006 M EUR** → Ratio = 54,439 / 12,006 ≈ **4.53×**

The year‑on‑year change in the ratio is **4.89 – 4.53 ≈ 0.36**, which exceeds the ±0.3× threshold. According to the provided definition, a gap larger than 0.3× indicates a **deteriorating** leverage trend.

<answer>Deteriorating</answer>