To determine Moody's adjusted leverage trend for 2022, we compare the adjusted leverage ratio (Adjusted Debt / Adjusted EBITDA) for the end of 2021 and the end of 2022.

**1. Adjusted Debt Calculation:**
Adjusted debt typically includes all short-term and long-term interest-bearing debt, along with lease liabilities.
*For 2021 (2022-01-01):*
- Noncurrent bonds & similar ("Participaciones Preferentes Obligaciones... No Corrientes"): 2,364 M EUR
- Noncurrent loans: 2,073 M EUR
- Noncurrent lease liabilities: 430 M EUR
- Current bonds & similar ("Participaciones Preferentes... Corrientes"): 1,666 M EUR
- Current loans: 280 M EUR
- Current lease liabilities: 68 M EUR
*Total Adjusted Debt (2021) = 6,881 million EUR*

*For 2022 (2023-01-01):*
- Noncurrent bonds & similar: 3,101 M EUR
- Noncurrent loans: 2,624 M EUR
- Noncurrent lease liabilities: 439 M EUR
- Current bonds & similar: 1,139 M EUR
- Current loans: 553 M EUR
- Current lease liabilities: 72 M EUR
*Total Adjusted Debt (2022) = 7,928 million EUR*
*Debt grew by approximately 15.2%.*

**2. Adjusted EBITDA Calculation:**
Adjusted EBITDA is roughly calculated by taking the Profit/Loss from Operating Activities (EBIT) and adding back Depreciation & Amortization (and provisions).
*For 2021:*
- EBIT ("Profit Loss From Operating Activities"): 829 M EUR
- D&A and Provisions ("Dotacion Amortizacion YVariacion De Provisiones"): 714 M EUR
*Estimated EBITDA (2021) = 1,543 million EUR*

*For 2022:*
- EBIT: 1,334 M EUR
- D&A and Provisions: 762 M EUR
*Estimated EBITDA (2022) = 2,096 million EUR*
*EBITDA grew by approximately 35.8%.*

**3. Leverage Ratio Trend:**
- *2021 Leverage:* 6,881 / 1,543 ≈ **4.46x**
- *2022 Leverage:* 7,928 / 2,096 ≈ **3.78x**

Because EBITDA growth significantly outpaced the growth in debt, the firm's adjusted leverage ratio decreased over the course of 2022, signaling a stronger ability to pay back its incurred debt.

<answer>Improving</answer>