To assess the trend we compare the adjusted leverage ratio (Net Debt / EBITDA) for 2022 and 2023.  

**Net Debt**  
- Total debt (short‑term borrowings, non‑current bonds, other non‑current borrowings, lease liabilities) for FY 2022 ≈ 32.8 bn EUR and for FY 2023 ≈ 32.1 bn EUR.  
- Cash and cash equivalents plus short‑term financial assets amount to ≈ 11.3 bn EUR (2022) and ≈ 13.3 bn EUR (2023).  
- Net Debt = Debt – Cash & short‑term assets ≈ 21.6 bn EUR (2022) and ≈ 18.8 bn EUR (2023).  

**Adjusted EBITDA**  
Using the operating cash flow before working‑capital changes (a close proxy for EBITDA) we have FY 2022 EBITDA ≈ 10.2 bn EUR. Assuming a similar level for FY 2023 (or slightly higher) gives a ratio of:

- 2022: 21.6 / 10.2 ≈ 2.1  
- 2023: 18.8 / 10.2 ≈ 1.8  

The change between the two years is about 0.3 (2.1 → 1.8), which is just within the ±0.3 x threshold. Since the ratio decreased (improvement) but the magnitude of the change is below the 0.3 x cut‑off, the trend is considered stable.

<answer>Stable</answer>