I need to calculate Net Debt / EBITDA for both years.

**Step 1: Calculate Net Debt for each year**

Net Debt = Total Financial Liabilities - Cash and Cash Equivalents

For financial liabilities, I'll use:
- Other Noncurrent Financial Liabilities + Other Current Financial Liabilities

**At 2023-01-01 (end of 2022):**
- Noncurrent Financial Liabilities: 5,867M EUR
- Current Financial Liabilities: 1,022M EUR (Other Current Financial Liabilities) + 746M? No, let me use the correct year-end values.

Wait, the dates here represent balance sheet dates. "2023-01-01" represents the balance sheet at end of fiscal year 2022, and "2022-01-01" represents end of fiscal year 2021.

**At end of 2022 (2023-01-01):**
- Other Noncurrent Financial Liabilities: 5,867M
- Other Current Financial Liabilities: 1,022M
- Total Financial Debt: 5,867 + 1,022 = 6,889M
- Cash: 2,584M
- Other Current Financial Assets: 14M
- Other Noncurrent Financial Assets: 70M
- Net Debt = 6,889 - 2,584 - 14 - 70 = 4,221M

**At end of 2021 (2022-01-01):**
- Other Noncurrent Financial Liabilities: 4,322M
- Other Current Financial Liabilities: 746M
- Total Financial Debt: 4,322 + 746 = 5,068M
- Cash: 964M
- Other Current Financial Assets: 9M
- Other Noncurrent Financial Assets: 64M
- Net Debt = 5,068 - 964 - 9 - 64 = 4,031M

**Step 2: EBITDA**

The report provides "Gross Operating Income EBITDA":
- FY 2022 (2022-01-01 - 2023-01-01): 1,505M
- FY 2021 (2021-01-01 - 2022-01-01): 1,428M

**Step 3: Calculate Net Debt / EBITDA**

For FY 2022: Net Debt (end 2022) / EBITDA (2022) = 4,221 / 1,505 = 2.80x

For FY 2021: Net Debt (end 2021) / EBITDA (2021) = 4,031 / 1,428 = 2.82x

**Step 4: Calculate the gap**

Gap = 2.80x - 2.82x = -0.02x

The change is -0.02x, which is within ±0.3x, so the trend is **Stable**.

Let me also consider S&P adjustments might differ slightly, but the core calculation shows minimal change. Even with slight adjustments, the leverage ratio barely moved.

<answer>Stable</answer>