Moody's adjusted leverage is calculated as net debt (gross debt minus cash) divided by EBITDA. For 2022 (using the 2023‑01‑01 balances) gross debt—including loans, lease liabilities and preferred securities—totals €7,928 million, cash stands at €2,360 million, giving net debt of €5,568 million. EBITDA (operating profit plus depreciation/amortisation) is €2,096 million, yielding a ratio of about 2.66. For 2021 (2022‑01‑01 balances) gross debt is €6,881 million, cash €2,318 million, net debt €4,563 million, with EBITDA of €1,543 million, giving a ratio of about 2.96. The ratio fell from roughly 2.96 to 2.66, indicating a lower leverage burden and thus an improving trend.

<answer>Improving</answer>