To estimate the adjusted leverage trend, use:

Net Debt / EBITDA

Approximate EBITDA as operating profit plus depreciation and amortisation, including right-of-use depreciation.

For 2022 financial year:
- Net debt at 2023-01-01: €7,440m
- Operating profit: €1,872m
- Depreciation and amortisation: €2,228m
- Depreciation of right-of-use assets: €446m
- EBITDA ≈ 1,872 + 2,228 + 446 = €4,546m
- Net Debt / EBITDA ≈ 7,440 / 4,546 = 1.64x

For 2021 financial year / prior year comparison:
- Net debt at 2022-01-01: €941m
- Operating profit: €1,733m
- Depreciation and amortisation: €2,065m
- Depreciation of right-of-use assets: €353m
- EBITDA ≈ 1,733 + 2,065 + 353 = €4,151m
- Net Debt / EBITDA ≈ 941 / 4,151 = 0.23x

Year-on-year change:
- 1.64x − 0.23x = +1.41x

Because leverage increased by more than 0.3x, the trend is deteriorating.

<answer>Deteriorating</answer>