Moody’s adjusted leverage typically considers net debt to EBITDA or similar. From the data:
- Net Debt 2023-01-01: 7,440,000,000 EUR
- Net Debt 2022-01-01: 941,000,000 EUR
- Revenue 2022: 44,322,000,000 EUR
- EBITDA not provided, but operating profit and margins suggest substantial cash flow; cash flow from operations 2,978,000,000 EUR in 2022 vs investing activities heavy outflows, but net debt increased significantly by 2023.

The large jump in net debt from 0.941b to 7.44b indicates deterioration. However, this may reflect accounting changes or debt raise for acquisitions; Moody’s leverages trend would see deterioration in leverage.

Answer: Deteriorating

<answer>Deteriorating</answer>