I need to calculate Net Debt / EBITDA for both 2022 and 2023 (using the balance sheet dates 2022-01-01 and 2023-01-01, which represent end of fiscal year 2021 and 2022 respectively).

Wait, let me clarify the dating convention. The facts show:
- Balance sheet dates: 2022-01-01 and 2023-01-01
- Income statement periods: 2021-01-01 - 2022-01-01 and 2022-01-01 - 2023-01-01

This is an Italian company with fiscal year ending December 31. So "2022-01-01" balance sheet = end of FY2021, and "2023-01-01" = end of FY2022. The income statement "2022-01-01 - 2023-01-01" corresponds to FY2022.

But the question asks about the leverage trend for 2022. I'll calculate the ratio for FY2021 (balance sheet 2022-01-01 with income 2021-01-01 to 2022-01-01) and FY2022 (balance sheet 2023-01-01 with income 2022-01-01 to 2023-01-01).

**Net Debt Calculation:**

Net Debt = Total Financial Debt - Cash and Cash Equivalents

For FY2021 (2022-01-01):
- Short-term financial liabilities: 591,188M
- Other current financial liabilities: 290M (likely lease liabilities)
- Long-term financial liabilities: 5,785,707M
- Other non-current financial liabilities: 6,283M
- Cash: 1,391,763M
- Current financial assets: 5,120M

Net Debt = (591,188 + 290 + 5,785,707 + 6,283) - (1,391,763 + 5,120) = 6,383,468 - 1,396,883 = 4,986,585M

For FY2022 (2023-01-01):
- Short-term financial liabilities: 142,437M
- Other current financial liabilities: 290M
- Long-term financial liabilities: 6,402,913M
- Other non-current financial liabilities: 34M
- Cash: 451,946M
- Current financial assets: 5,770M
- Other current financial assets: 17,455M

Net Debt = (142,437 + 290 + 6,402,913 + 34) - (451,946 + 5,770 + 17,455) = 6,545,674 - 475,171 = 6,070,503M

**EBITDA Calculation:**

EBITDA = Operating Profit + D&A

For FY2021:
- Operating profit: 583,231M
- D&A: 445,251M
- EBITDA = 1,028,482M

For FY2022:
- Operating profit: 641,338M
- D&A: 479,186M
- EBITDA = 1,120,524M

**Net Debt / EBITDA:**

FY2021: 4,986,585 / 1,028,482 = 4.85x
FY2022: 6,070,503 / 1,120,524 = 5.42x

**Change in leverage:** 5.42x - 4.85x = +0.57x

Since the increase is greater than +0.3x, the leverage trend is **Deteriorating**.

<answer>Deteriorating</answer>