**Reasoning**

1. **Calculate EBITDA for the fiscal years 2021 and 2022**  
   - Use the recurring operating profit (EBIT) as the base.  
   - Add back depreciation of property, plant & equipment and right‑of‑use assets, as well as impairment losses (non‑cash items).  

   - **2022 (year ending 31 Dec 2022)**  
     - Recurring operating profit: 1,962 M €  
     - Depreciation & amortization: 2,228 M € + 446 M € = 2,674 M €  
     - Impairment loss: 172 M €  
     - **EBITDA 2022** = 1,962 + 2,674 + 172 ≈ 4,808 M €  

   - **2021 (year ending 31 Dec 2021)**  
     - Recurring operating profit: 1,693 M €  
     - Depreciation & amortization: 2,065 M € + 353 M € = 2,418 M €  
     - Impairment loss: 405 M €  
     - **EBITDA 2021** = 1,693 + 2,418 + 405 ≈ 4,516 M €  

2. **Obtain Net Debt figures**  
   - Net Debt 2022 (as of 31 Dec 2022): 7,440 M €  
   - Net Debt 2021 (as of 31 Dec 2021): 941 M €  

3. **Compute the leverage ratio (Net Debt / EBITDA)**  
   - **2022 ratio**: 7,440 / 4,808 ≈ 1.55 x  
   - **2021 ratio**: 941 / 4,516 ≈ 0.21 x  

4. **Assess the change**  
   - Year‑on‑year change = 1.55 − 0.21 ≈ 1.34 x, which far exceeds the ± 0.3 x threshold for “Stable”.  
   - A rise of this magnitude indicates a **deteriorating** leverage trend.

**Final answer**

<answer>Deteriorating</answer>