To estimate the leverage trend, use:

**Net Debt / EBITDA**

Approximate **Net Debt** as total financial liabilities minus cash and cash equivalents.

### 2022 ratio
Using 2022 balance sheet values:
- Noncurrent financial liabilities = €37,175m
- Current financial liabilities = €21,297m
- Cash and cash equivalents = €4,033m

Net debt 2022:

€37,175m + €21,297m - €4,033m = **€54,439m**

EBITDA 2022:

**€12,006m**

Net Debt / EBITDA 2022:

€54,439m / €12,006m = **4.53x**

### 2023 ratio
Using 2023 balance sheet values:
- Noncurrent financial liabilities = €44,216m
- Current financial liabilities = €25,079m
- Cash and cash equivalents = €4,608m

Net debt 2023:

€44,216m + €25,079m - €4,608m = **€64,687m**

EBITDA 2023:

**€13,228m**

Net Debt / EBITDA 2023:

€64,687m / €13,228m = **4.89x**

### Year-on-year change
Change in leverage:

4.89x - 4.53x = **+0.36x**

Since the increase is greater than **0.3x**, the adjusted leverage trend is **Deteriorating**.

<answer>Deteriorating</answer>