To estimate Moody's adjusted leverage trend for ENI S.P.A. in 2022, we analyze the changes in total reported debt and operating performance (EBITDA) between the end of 2021 (2022-01-01) and the end of 2022 (2023-01-01).

1. **Debt Calculation**:
   - **FY 2021 (at 2022-01-01)**: Short-term borrowings (€2,299M) + Current portion of long-term borrowings (€1,781M) + Current lease liabilities (€948M) + Long-term borrowings (€23,714M) + Noncurrent lease liabilities (€4,389M) = Total Debt of €33,131 million.
   - **FY 2022 (at 2023-01-01)**: Short-term borrowings (€4,446M) + Current portion of long-term borrowings (€3,097M) + Current lease liabilities (€884M) + Long-term borrowings (€19,374M) + Noncurrent lease liabilities (€4,067M) = Total Debt of €31,868 million.
   *Total debt decreased by approximately €1.26 billion.*

2. **EBITDA Calculation**:
   - **FY 2021**: Operating profit (€12,341M) + Depreciation & Amortization (€7,063M) + Asset Write-offs and Impairments (€387M + €167M) ≈ EBITDA of €19,958 million.
   - **FY 2022**: Operating profit (€17,510M) + Depreciation & Amortization (€7,205M) + Asset Write-offs and Impairments (€599M + €1,140M) ≈ EBITDA of €26,454 million.
   *EBITDA increased significantly by roughly €6.5 billion (about 32%).*

3. **Leverage (Debt / EBITDA)**:
   - **FY 2021**: 33,131 / 19,958 ≈ 1.66x
   - **FY 2022**: 31,868 / 26,454 ≈ 1.20x

With a notable decrease in total debt combined with a substantial increase in EBITDA, the company's Debt-to-EBITDA ratio compressed. This indicates a stronger ability to cover debt obligations.

<answer>Improving</answer>