To estimate Moody’s adjusted leverage trend, compare debt relative to an earnings/cash-flow proxy year over year.

Key 2022 balance sheet debt measures:
- Noncurrent borrowings increased from €9.513bn to €10.776bn.
- Current borrowings decreased from €1.096bn to €0.877bn.
- Lease liabilities increased slightly from €0.173bn to €0.184bn.
- Total borrowings plus leases therefore increased from about €10.782bn to €11.837bn, up roughly €1.055bn, or about 9.8%.

Key 2022 earnings/cash-flow measures:
- Revenue increased from €6.910bn to €7.551bn, up 9.3%.
- Operating profit excluding the large 2021 disposal/fair-value effects was stronger: profit from operations before impairment/disposals rose from €340m to €429m, up 26%.
- Operating cash flow increased from €810m to €1.002bn, up 24%.
- Gross profit increased from €610m to €728m, up 19%.

Although reported profit was much lower in 2022 because 2021 included large disposal/fair-value gains, the recurring operating base and operating cash flow improved materially. Debt increased, but recurring earnings/cash flow rose faster than debt. On a Moody’s-style adjusted leverage view, this points to leverage easing rather than worsening.

<answer>Improving</answer>