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

**1. Adjusted Debt Calculation:**
Adjusted Debt typically includes long-term borrowings, short-term borrowings, and lease liabilities.
- **2021 (End of 2021 / Start of 2022):**
  - Long-term Borrowings: €5,805M
  - Current Borrowings and Current Portion: €1,324M
  - Short-Term Borrowings/Overdrafts: €351M
  - Noncurrent Lease Liabilities: €1,473M
  - Current Lease Liabilities: €362M
  - *Total Adjusted Debt (2021):* €9,315M

- **2022 (End of 2022 / Start of 2023):**
  - Long-term Borrowings: €11,586M
  - Current Borrowings and Current Portion: €1,361M
  - Short-Term Borrowings/Overdrafts: €418M
  - Noncurrent Lease Liabilities: €2,107M
  - Current Lease Liabilities: €498M
  - *Total Adjusted Debt (2022):* €15,970M

*Total Adjusted Debt increased significantly by roughly €6.65 billion (+71%).*

**2. Adjusted EBITDA Calculation:**
Adjusted EBITDA is roughly calculated as Operating Profit + Depreciation and Amortization.
- **2021:**
  - Profit (Loss) from Operating Activities: €1,733M
  - Depreciation and Amortisation Expense: €2,065M
  - *Adjusted EBITDA (2021):* €3,798M

- **2022:**
  - Profit (Loss) from Operating Activities: €1,872M
  - Depreciation and Amortisation Expense: €2,228M
  - *Adjusted EBITDA (2022):* €4,100M

*Adjusted EBITDA increased slightly by roughly €302 million (+8%).*

**3. Leverage Ratio (Debt / EBITDA):**
- **2021 Leverage Ratio:** €9,315M / €3,798M = **2.45x**
- **2022 Leverage Ratio:** €15,970M / €4,100M = **3.89x**

Given that debt grew at a vastly quicker pace than EBITDA (primarily due to major acquisitions classified as investing activities consuming ~€6.2 billion in cash flows), the leverage ratio jumped significantly. A higher leverage ratio means a higher debt burden relative to earning capability, thus reflecting a deteriorating leverage trend.

<answer>Deteriorating</answer>