Let’s go step by step.

**Step 1 – Determine Net Debt**

Net Debt = (Noncurrent financial liabilities excluding concession liabilities + Current financial liabilities excluding concession liabilities) – Cash and cash equivalents.

- **2022-01-01 (representing end of FY2021)**  
Noncurrent: 10,462.5M  
Current: 8,624.3M  
Cash: 10,518.7M  
Net Debt = 10,462.5 + 8,624.3 – 10,518.7 = 8,568.1M EUR

- **2023-01-01 (representing end of FY2022)**  
Noncurrent: 19,692.1M  
Current: 6,521.4M  
Cash: 9,012.2M  
Net Debt = 19,692.1 + 6,521.4 – 9,012.2 = 17,201.3M EUR

**Step 2 – Determine EBITDA**

EBITDA ≈ Operating income before share of net income of equity-accounted entities + Operating depreciation, amortization, provisions, and impairment losses.

- **FY2021 (2021-01-01 to 2022-01-01)**  
Operating income: 1,212.7M  
Depreciation/amortization: 2,117.2M  
EBITDA = 1,212.7 + 2,117.2 = 3,329.9M EUR

- **FY2022 (2022-01-01 to 2023-01-01)**  
Operating income: 2,206.3M  
Depreciation/amortization: 3,178.6M  
EBITDA = 2,206.3 + 3,178.6 = 5,384.9M EUR

**Step 3 – Net Debt / EBITDA**

- FY2021: 8,568.1 / 3,329.9 = ~2.57x  
- FY2022: 17,201.3 / 5,384.9 = ~3.19x  

**Step 4 – Trend**

Increase = 3.19 – 2.57 = +0.62x year-on-year.  
+0.62x is greater than +0.3x, so leverage is **Deteriorating**.

<answer>Deteriorating</answer>