To estimate the leverage trend, we first calculate the Net Debt and EBITDA for both 2021 and 2022. **1. Definitions:** * **Net Debt** = (Long-term Borrowings + Current Borrowings and Current Portion of Noncurrent Borrowings) - Cash and Cash Equivalents. * **EBITDA** = Current Operating Income including Operating MtM + Depreciation, Amortization and Provisions. **2. Calculations for 2021 (Year ending 2022-01-01):** * **Net Debt 2021:** (30,458,000,000 + 10,590,000,000) - 13,890,000,000 = 27,158,000,000 EUR. * **EBITDA 2021:** 6,116,000,000 + 4,840,000,000 = 10,956,000,000 EUR. * **Ratio 2021:** 27,158,000,000 / 10,956,000,000 ≈ **2.48x**. **3. Calculations for 2022 (Year ending 2023-01-01):** * **Net Debt 2022:** (28,083,000,000 + 12,508,000,000) - 15,570,000,000 = 25,021,000,000 EUR. * **EBITDA 2022:** 4,309,000,000 + 5,187,000,000 = 9,496,000,000 EUR. * **Ratio 2022:** 25,021,000,000 / 9,496,000,000 ≈ **2.63x**. **4. Analysis:** * The difference between the two ratios: 2.63x - 2.48x = 0.15x. * Since the gap (0.15x) is within the ±0.3x range, the trend is classified as Stable. Stable