To estimate Moody's adjusted leverage trend for 2022 for NATURGY ENERGY GROUP SA, we must evaluate the company's Debt to EBITDA ratio over the period.

1. **EBITDA:** 
Based on the provided financials, the company's reported EBITDA ("Beneficio Bruto De Explotacion Ebitda") grew significantly:
- **2021:** 3,529,000,000 EUR
- **2022:** 4,954,000,000 EUR
This represents a robust ~40% increase in EBITDA year-over-year.

2. **Debt:** 
We can sum the short-term and long-term borrowings along with lease liabilities to estimate gross debt:
- **2021 (at 2022-01-01):** Long-term borrowings (13,786M) + Noncurrent lease liabilities (1,325M) + Current borrowings (1,493M) + Current lease liabilities (196M) = 16,800,000,000 EUR
- **2022 (at 2023-01-01):** Long-term borrowings (12,689M) + Noncurrent lease liabilities (1,309M) + Current borrowings (2,110M) + Current lease liabilities (177M) = 16,285,000,000 EUR
Gross debt decreased slightly by around 515 million EUR. Cash and cash equivalents remained mostly stable at roughly 3,965M EUR in 2021 and 3,985M EUR in 2022, meaning net debt also decreased.

3. **Leverage (Debt / EBITDA):**
- **2021 Gross Leverage:** 16,800M / 3,529M ≈ 4.76x
- **2022 Gross Leverage:** 16,285M / 4,954M ≈ 3.29x

Driven by the strong increase in EBITDA alongside a moderate reduction in gross debt, the leverage multiple has experienced a sharp contraction, indicating a stronger balance sheet and enhanced capacity to service debt.

<answer>Improving</answer>