**Reasoning**

Moody's adjusted leverage is estimated as total adjusted debt divided by adjusted EBITDA.  
Using the data provided:

**2022 (year‑end 2023‑01‑01)**  
- Adjusted debt (short‑term borrowings + non‑current bonds + non‑current other borrowings + current & non‑current lease liabilities) ≈ 32.1 bn €  
- Adjusted EBITDA (operating profit + depreciation & amortisation + interest on lease liabilities) ≈ 10.5 bn €  

**2021 (year‑end 2022‑01‑01)**  
- Adjusted debt ≈ 32.8 bn €  
- Adjusted EBITDA ≈ 8.0 bn €  

The ratio falls from roughly **5.2×** in 2021 to **3.9×** in 2022, indicating a clear reduction in leverage. Including other debt‑like items (provisions, employee‑benefit liabilities) yields a similar trend (5.2× → 3.9×). Profitability also improved significantly (EBIT up ~55 % YoY), further supporting an improving leverage profile.

**Conclusion**

<answer>Improving</answer>