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

**Net Debt / EBITDA**

Approximate **Net Debt** as financial liabilities plus lease liabilities minus cash and cash equivalents:

- **2022 opening / prior year position**
  - Noncurrent financial liabilities: 3,716.0m
  - Current financial liabilities: 499.7m
  - Noncurrent lease liabilities: 53.2m
  - Current lease liabilities: 43.4m
  - Cash and cash equivalents: 885.6m  
  - Net debt = 3,716.0 + 499.7 + 53.2 + 43.4 − 885.6 = **3,426.7m**

- **2023 closing / 2022 year-end position**
  - Noncurrent financial liabilities: 5,689.9m
  - Current financial liabilities: 650.1m
  - Noncurrent lease liabilities: 55.1m
  - Current lease liabilities: 21.3m
  - Cash and cash equivalents: 1,942.4m  
  - Net debt = 5,689.9 + 650.1 + 55.1 + 21.3 − 1,942.4 = **4,474.0m**

Approximate **EBITDA** as operating profit plus amortisation, depreciation and provisions:

- 2021 EBITDA = 611.7m + 612.1m = **1,223.8m**
- 2022 EBITDA = 533.8m + 667.1m = **1,200.9m**

Leverage:

- 2021 / opening ratio = 3,426.7 / 1,223.8 = **2.80x**
- 2022 / closing ratio = 4,474.0 / 1,200.9 = **3.73x**

Year-on-year change:

- 3.73x − 2.80x = **+0.93x**

Since the leverage ratio increased by more than **0.3x**, the trend is **Deteriorating**.

<answer>Deteriorating</answer>