I need to calculate Net Debt / EBITDA for both years to determine the leverage trend.

## Step 1: Calculate EBITDA

EBITDA is given as "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense":
- 2022 (period 2022-01-01 to 2023-01-01): 32,057,000,000 DKK
- 2021 (period 2021-01-01 to 2022-01-01): 24,296,000,000 DKK

## Step 2: Calculate Net Debt

Net Debt = Total Borrowings (short-term + long-term) + Lease Liabilities - Cash - Current Financial Assets (securities/investments)

**At end of 2022 (2023-01-01):**
- Long-term Borrowings: 60,451,000,000
- Short-term Borrowings: 2,830,000,000
- Noncurrent Lease Liabilities: 7,697,000,000
- Current Lease Liabilities: 569,000,000
- Total Debt: 71,547,000,000
- Cash: 16,178,000,000
- Current Financial Assets at FV (held for trading/securities): 25,197,000,000
- Net Debt = 71,547 - 16,178 - 25,197 = 30,172,000,000 DKK

**At end of 2021 (2022-01-01):**
- Long-term Borrowings: 31,502,000,000
- Short-term Borrowings: 19,493,000,000
- Noncurrent Lease Liabilities: 6,812,000,000
- Current Lease Liabilities: 720,000,000
- Total Debt: 58,527,000,000
- Cash: 8,624,000,000
- Current Financial Assets at FV (held for trading/securities): 21,228,000,000
- Net Debt = 58,527 - 8,624 - 21,228 = 28,675,000,000 DKK

## Step 3: Calculate Net Debt / EBITDA

For S&P adjusted leverage, I'll use the net debt at end of period divided by the EBITDA for that period:

**2022 ratio (using end-2022 net debt and 2022 EBITDA):**
Net Debt / EBITDA = 30,172 / 32,057 = 0.94x

**2021 ratio (using end-2021 net debt and 2021 EBITDA):**
Net Debt / EBITDA = 28,675 / 24,296 = 1.18x

## Step 4: Determine the trend

Change = 0.94x - 1.18x = -0.24x

The gap is -0.24x, which is within the ±0.3x range for "Stable." However, it's very close to the -0.3x threshold. Let me reconsider whether to include lease liabilities or not, as S&P typically includes them.

With the calculation as done, the change is -0.24x, which falls within ±0.3x, indicating **Stable**.

But let me also consider if S&P might exclude the current financial assets from the netting. If we exclude them:

**2022:** (71,547 - 16,178) / 32,057 = 55,369 / 32,057 = 1.73x
**2021:** (58,527 - 8,624) / 24,296 = 49,903 / 24,296 = 2.05x

Change = 1.73 - 2.05 = -0.32x → This would be Improving (just barely).

Given the ambiguity, the key consideration is whether S&P would net current financial assets. S&P typically considers "readily marketable securities" as cash equivalents. The "Current Financial Assets At Fair Value Through Profit Or Loss Classified As Held For Trading" likely qualifies.

With securities included: change = -0.24x → Stable
Without securities: change = -0.32x → Improving

Given S&P's typical approach includes liquid securities, the ratio change is -0.24x, which is within ±0.3x.

<answer>Stable</answer>