**Step‑by‑step estimation**

| Item | 2021 (€ M) | 2022 (€ M) |
|------|------------|------------|
| **EBITDA (Gross Operating Income)** | 1 428 | 1 505 |
| **Non‑recurring loss on disposal** (cash‑flow adjustment) | 0 | +191 |
| **Non‑recurring gain (Result from non‑recurring transactions)** | 0 | –157 |
| **Impairment loss (adjustment in cash‑flow)** | +19 | +10 |
| **Provisions (adjustment in cash‑flow)** | +89 | +92 |
| **Share of profit from JVs (equity‑method)** | +2 | +2 |
| **Other non‑cash adjustments** (cash‑flow line) | +225 | –512 |
| **Adjusted EBITDA** | 1 763 | 1 131 |
| **Cash interest paid** | 80 | 75 |
| **Cash taxes paid** | 165 | 201 |
| **FFO = Adjusted EBITDA – cash interest – cash taxes** | 1 518 | 855 |
| **Reported debt** (Other non‑current + current financial liabilities) | 5 068 | 6 889 |
| **Pension‑related provision** (non‑current employee benefits) | 294 | 248 |
| **Eligible cash** (cash & cash equivalents) | 964 | 2 584 |
| **Adjusted Debt = debt + pension – cash** | 4 398 | 4 553 |
| **Leverage (Adjusted Debt / Adjusted EBITDA)** | 2.50 × | 4.03 × |
| **Coverage (FFO / Adjusted Debt)** | 0.345 | 0.188 |

**Signal 1 – Leverage change**  
2022 ratio – 2021 ratio = 4.03 – 2.50 = **+1.53 turns**  
≥ +0.2 turns → **Deteriorating**

**Signal 2 – Cash‑flow coverage change**  
2022 ratio – 2021 ratio = 0.188 – 0.345 = **–0.157**  
≤ –0.03 → **Deteriorating**

Both signals point to a **Deteriorating** credit trend.

<answer>Deteriorating</answer>