Let’s go through the reasoning step by step.  

We need **Net Debt / EBITDA** for both 2022 and 2023.

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### EBITDA
- 2022: 1,578,959,000 EUR  
- 2023: 3,160,679,000 EUR  

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### Net Debt
Net Debt = Financial debt (current + non-current) – Cash and cash equivalents.

**2022**  
- Non-current financial liabilities: 1,834,155,000  
- Current financial liabilities: 1,462,453,000  
- Total financial debt: 3,296,608,000  
- Cash: 318,562,000  
- Net Debt = 3,296,608,000 – 318,562,000 = **2,978,046,000**

**2023**  
- Non-current financial liabilities: 2,844,559,000  
- Current financial liabilities: 1,109,297,000  
- Total financial debt: 3,953,856,000  
- Cash: 409,252,000  
- Net Debt = 3,953,856,000 – 409,252,000 = **3,544,604,000**

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### Net Debt / EBITDA
- 2022: 2,978,046,000 / 1,578,959,000 ≈ **1.886x**  
- 2023: 3,544,604,000 / 3,160,679,000 ≈ **1.121x**

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### Change  
1.121x – 1.886x = –0.765x → **Improving** (below –0.3x threshold).

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<answer>Improving</answer>