Reasoning:

To estimate S&P-style adjusted leverage, use:

Net Debt / EBITDA

For each balance sheet date:

Net Debt ≈ financial liabilities + lease liabilities − cash and cash equivalents − financial assets

EBITDA is given as:
“Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense”.

For 2022 income year:
- EBITDA 2022 = €499.43m

At 2023-01-01, financial debt items:
- Other noncurrent financial liabilities = €1,751.255m
- Noncurrent lease liabilities = €150.955m
- Other current financial liabilities = €389.716m
- Current lease liabilities = €6.362m
- Current financial liabilities at fair value = €76.644m
- Noncurrent financial liabilities at fair value = €0.000m

Gross financial liabilities ≈ €2,374.932m

Cash and financial assets:
- Cash and cash equivalents = €392.811m
- Current financial assets at fair value = €141.568m
- Other current financial assets = €211.136m
- Noncurrent financial assets at fair value = €33.225m
- Other noncurrent financial assets = €38.792m

Total cash/financial assets ≈ €817.532m

Net debt 2023-01-01 ≈ €2,374.932m − €817.532m = €1,557.400m

Net Debt / EBITDA for 2022 ≈ 1,557.400 / 499.430 = 3.12x

For 2021 income year:
- EBITDA 2021 = €396.680m

At 2022-01-01, financial debt items:
- Other noncurrent financial liabilities = €2,064.088m
- Noncurrent lease liabilities = €122.663m
- Other current financial liabilities = €1,342.688m
- Current lease liabilities = €6.282m
- Current financial liabilities at fair value = €170.857m
- Noncurrent financial liabilities at fair value = €44.763m

Gross financial liabilities ≈ €3,751.341m

Cash and financial assets:
- Cash and cash equivalents = €860.352m
- Current financial assets at fair value = €154.154m
- Other current financial assets = €424.282m
- Noncurrent financial assets at fair value = €0.984m
- Other noncurrent financial assets = €33.233m

Total cash/financial assets ≈ €1,473.005m

Net debt 2022-01-01 ≈ €3,751.341m − €1,473.005m = €2,278.336m

Net Debt / EBITDA for 2021 ≈ 2,278.336 / 396.680 = 5.74x

Year-on-year change:
- 2022 leverage ≈ 3.12x
- 2021 leverage ≈ 5.74x
- Change ≈ −2.62x

Because the ratio decreased by more than 0.3x, leverage is improving.

<answer>Improving</answer>