To estimate Moody’s adjusted leverage trend, we look at the core financial performance indicators provided:

1.  **Operating Profitability:** TenneT experienced a significant decline in profitability. The "Profit Loss from Operating Activities" worsened from -275 million EUR in 2021 to -976 million EUR in 2022. "Profit Loss before Tax" also deteriorated significantly from -475 million EUR to -1,233 million EUR.
2.  **Debt Levels:** "Longterm Borrowings" increased substantially from 12,366 million EUR at the start of 2022 to 19,006 million EUR at the start of 2023. This indicates a sharp increase in the company's debt burden.
3.  **Cash Flow:** While cash flows from operating activities were positive, the company is engaging in heavy capital investment ("Purchase of Property Plant and Equipment" reached 4,424 million EUR in 2022), leading to a significant increase in total liabilities and debt to fund its transmission system operator operations.
4.  **Equity:** Although there was a capital contribution of 1,230 million EUR, the substantial increase in borrowings (roughly 6.6 billion EUR) far outweighs the growth in equity, leading to a higher leverage ratio.

Given the combination of significantly higher debt levels and declining operating profitability, the leverage trend is clearly worsening.

<answer>Deteriorating</answer>