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

Net Debt / EBITDA

For EDF, the available EBITDA proxy is “Operating Profit Before Depreciation And Amortisation”:

- 2022 EBITDA: -4.986 billion EUR
- 2021 EBITDA: 18.005 billion EUR

Net debt can be approximated from financial liabilities less cash and cash equivalents:

For year-end 2022 / 2023-01-01:
- Other noncurrent financial liabilities: 71.058 billion EUR
- Other current financial liabilities: 71.844 billion EUR
- Cash and cash equivalents: 10.948 billion EUR
- Net debt ≈ 71.058 + 71.844 − 10.948 = 131.954 billion EUR

For year-end 2021 / 2022-01-01:
- Other noncurrent financial liabilities: 56.543 billion EUR
- Other current financial liabilities: 45.014 billion EUR
- Cash and cash equivalents: 9.919 billion EUR
- Net debt ≈ 56.543 + 45.014 − 9.919 = 91.638 billion EUR

Leverage:
- 2021 leverage ≈ 91.638 / 18.005 = 5.09x
- 2022 leverage ≈ 131.954 / -4.986 = -26.47x

Because EBITDA turned negative in 2022, leverage became meaningfully worse and is not economically comparable as an improvement. Net debt increased sharply while EBITDA deteriorated from positive to negative. The year-on-year movement is therefore well beyond the ±0.3x stability threshold and indicates deterioration.

<answer>Deteriorating</answer>