To estimate Moody's adjusted leverage trend for REDEIA CORPORACION SA for 2022, we first analyze the primary components of leverage: Adjusted Debt and Adjusted EBITDA.

**1. Debt Calculation**
We calculate the reported gross debt by summing Long-term Borrowings and Current Borrowings (and current portion of non-current borrowings). 
- **2021 (as of 2022-01-01):**
  Long-term Borrowings: €5,896,170,000
  Current Borrowings: €1,391,722,000
  *Total Gross Debt 2021:* €7,287,892,000

- **2022 (as of 2023-01-01):**
  Long-term Borrowings: €5,491,124,000
  Current Borrowings: €721,845,000
  *Total Gross Debt 2022:* €6,212,969,000
  *(Gross debt decreased significantly by approximately €1.07 billion).*

**2. EBITDA Calculation**
We estimate basic EBITDA by adding Depreciation and Amortisation Expense to the Profit (Loss) From Operating Activities.
- **2021:**
  Operating Profit: €991,970,000
  D&A Expense: €522,114,000
  *EBITDA 2021:* €1,514,084,000

- **2022:**
  Operating Profit: €961,554,000
  D&A Expense: €544,992,000
  *EBITDA 2022:* €1,506,546,000
  *(EBITDA remained relatively stable, seeing only a marginal drop).*

**3. Leverage Trend**
- **Gross Leverage 2021:** €7,287.8M / €1,514.1M ≈ 4.81x
- **Gross Leverage 2022:** €6,213.0M / €1,506.5M ≈ 4.12x

Net Debt also highlights a similar downward trend, falling from €5,713.5M in 2021 to €5,418.1M in 2022. Even accounting for standard adjustments such as pensions and operating leases, the substantial €1+ billion reduction in gross borrowings heavily outweighs the minor ~0.5% reduction in EBITDA, directly driving a material contraction in the Debt/EBITDA ratio. 

Thus, the adjusted leverage profile of the company improved year-over-year.

<answer>Improving</answer>