To estimate Moody's adjusted leverage trend for ENGIE in 2022, we analyze the changes in both the company's debt position and its earnings/cash flow generation capabilities:

1. **Debt Levels**:
   - Total gross debt can be approximated by summing "Longterm Borrowings" and "Current Borrowings And Current Portion Of Noncurrent Borrowings". 
   - For 2021, total gross debt was approximately €41.05 billion (€30.46B + €10.59B).
   - For 2022, total gross debt decreased slightly to approximately €40.59 billion (€28.08B + €12.51B).
   - At the same time, "Cash And Cash Equivalents" increased from €13.89 billion to €15.57 billion, which means Net Debt declined visibly from roughly €27.16 billion in 2021 to €25.02 billion in 2022.

2. **Earnings and Cash Flow (EBITDA Proxy)**:
   - While statutory "Profit Loss From Operating Activities" was negatively skewed in 2022 largely due to non-recurring items and impairments, cash generation reflects true operational improvements.
   - "Cash Flows From Used In Operations Before Changes In Working Capital" expanded significantly from €9.81 billion in 2021 to €12.42 billion in 2022. 
   - Adjusting this core cash flow metric for taxes and interest paid yields a robust proxy for Adjusted EBITDA, which grew materially year-over-year.

3. **Leverage Trend**:
   - A combination of lower total/net debt alongside robust growth in underlying cash flow and proxy EBITDA means that the Debt-to-EBITDA (or Net Debt-to-EBITDA) ratio decreased considerably. This indicates an improvement in the company's leverage profile.

<answer>Improving</answer>