To estimate the trend of Moody's adjusted leverage for ENI S.P.A. in 2022, we examine the evolution of debt and profitability.

1.  **Debt Position:**
    *   Short-term borrowings (2022-01-01): 2,299,000,000 EUR
    *   Short-term borrowings (2023-01-01): 4,446,000,000 EUR
    *   Current portion of long-term borrowings (2022-01-01): 1,781,000,000 EUR
    *   Current portion of long-term borrowings (2023-01-01): 3,097,000,000 EUR
    *   Long-term borrowings (2022-01-01): 23,714,000,000 EUR
    *   Long-term borrowings (2023-01-01): 19,374,000,000 EUR
    *   Total reported borrowings (Summing the above):
        *   2022 (Beginning): 27,794,000,000 EUR
        *   2023 (Beginning): 26,917,000,000 EUR
    *   The total debt level remained relatively stable or decreased slightly.

2.  **Profitability and Cash Flow:**
    *   Profit/Loss from Operating Activities (2021): 12,341,000,000 EUR
    *   Profit/Loss from Operating Activities (2022): 17,510,000,000 EUR
    *   Profit/Loss Before Tax (2021): 10,685,000,000 EUR
    *   Profit/Loss Before Tax (2022): 22,049,000,000 EUR
    *   Cash flows from operating activities (2021): 12,861,000,000 EUR
    *   Cash flows from operating activities (2022): 17,460,000,000 EUR

3.  **Conclusion:**
    Moody’s adjusted leverage is generally measured as (Debt / EBITDA). In 2022, ENI saw a significant increase in operating profitability (EBIT) and cash flow generation, while total borrowings remained flat or slightly declined. The combination of higher earnings (denominator growth) and stable to decreasing debt (numerator reduction/stability) signifies an improvement in the company's leverage metrics.

<answer>Improving</answer>