To estimate Moody’s adjusted leverage trend for Fortum Oyj in 2022, we analyze the relationship between the company's debt/liabilities and its operating profitability.

1.  **Profitability and EBITDA:** The company's "Comparable EBITDA" increased from 2,016 million EUR in 2021 to 2,436 million EUR in 2022. While "Comparable Operating Profit" also showed growth (1,429 million to 1,871 million), the overall "Profit/Loss" swung from a loss of 114 million EUR in 2021 to a significant loss of 10,290 million EUR in 2022, largely driven by the massive negative impact of "Discontinued Operations" (-11,302 million EUR).
2.  **Debt and Liabilities:** Comparing the balance sheet positions:
    *   "Noncurrent Liabilities" decreased significantly from 35,771 million EUR to 5,784 million EUR.
    *   "Current Liabilities" (excluding disposal groups) decreased from 100,226 million EUR to 10,122 million EUR.
    *   Total "Liabilities" dropped from 135,997 million EUR in 2022-01-01 to 15,905 million EUR in 2023-01-01.
3.  **Leverage Analysis:** The dramatic reduction in total liabilities (driven largely by the divestment/disposal of businesses, notably Uniper as indicated by the discontinued operations data) vastly outweighs the decline in equity. Equity dropped from 13,665 million to 7,737 million, but the massive deleveraging reflected in the liability reduction suggests a substantial improvement in the company's underlying debt-to-EBITDA ratios, assuming the remaining business profile remains viable and continues to generate the EBITDA reported. Even with the net loss, the drastic reduction in total financial obligations and current liabilities relative to the reported comparable EBITDA indicates an improvement in the leverage position.

<answer>Improving</answer>