**Reasoning**

1. **Net Debt for FY 2022**  
   - Total borrowings (long‑term + current) at end‑2022:  
     28 083 M € (long‑term) + 12 508 M € (current) = **40 591 M €**  
   - Cash & cash equivalents at end‑2022: **15 570 M €**  
   - Net Debt 2022 = 40 591 M € – 15 570 M € = **25 021 M €**

2. **Change in Net Debt to FY 2023**  
   - Net repayment of borrowings (repayments – proceeds):  
     10 972 M € – 8 669 M € = **2 303 M €** (cash out‑flow)  
   - Increase in cash & cash equivalents (FY 2022): **1 680 M €**  
   - Net Debt change = –2 303 M € – (+1 680 M €) = **–3 983 M €**  

   → Net Debt 2023 = 25 021 M € – 3 983 M € = **21 038 M €**

3. **EBITDA for FY 2022** (as a proxy for FY 2023)  
   - Operating income (incl. Mtm) FY 2022: **4 309 M €**  
   - Depreciation, amortisation & provisions FY 2022: **5 187 M €**  
   - EBITDA 2022 = 4 309 M € + 5 187 M € = **9 496 M €**  

   Assuming EBITDA remains unchanged for FY 2023 (no FY 2023 data), use **9 496 M €** for both years.

4. **Net Debt / EBITDA ratios**  
   - FY 2022 ratio: 25 021 M € ÷ 9 496 M € ≈ **2.64 x**  
   - FY 2023 ratio: 21 038 M € ÷ 9 496 M € ≈ **2.22 x**  

   Change = 2.22 – 2.64 = **–0.42 x** (absolute change ≈ 0.42 x).

5. **Interpretation**  
   - The absolute change (> 0.3 x) and the ratio decreased, indicating an **improvement** in leverage.

**Final answer**

<answer>Improving</answer>