To estimate the trend of Moody's adjusted leverage for ØRSTED A/S in 2022, we analyze the company's Debt-to-EBITDA ratio over the two-year period (2021 to 2022). 

**1. Adjusted EBITDA:**
*   **2021:** Profit/Loss from Operating Activities Before Interest, Taxes, Depreciation, and Amortisation Expense (EBITDA) = 24,296 million DKK
*   **2022:** EBITDA = 32,057 million DKK
*   *EBITDA experienced a substantial increase of roughly 32% year-over-year.*

**2. Total Borrowings and Lease Liabilities (Proxy for Adjusted Debt):**
*   **2021 (as of Jan 1, 2022):** 
    *   Long-term borrowings: 31,502 million DKK
    *   Short-term borrowings: 19,493 million DKK
    *   Non-current lease liabilities: 6,812 million DKK
    *   Current lease liabilities: 720 million DKK
    *   *Total Basic Debt 2021 = 58,527 million DKK*

*   **2022 (as of Jan 1, 2023):** 
    *   Long-term borrowings: 60,451 million DKK
    *   Short-term borrowings: 2,830 million DKK
    *   Non-current lease liabilities: 7,697 million DKK
    *   Current lease liabilities: 569 million DKK
    *   *Total Basic Debt 2022 = 71,547 million DKK*
*   *Total Debt increased by approximately 22%.*

**3. Leverage Calculation (Debt / EBITDA):**
*   **2021:** 58,527 million DKK / 24,296 million DKK ≈ 2.41x
*   **2022:** 71,547 million DKK / 32,057 million DKK ≈ 2.23x

Even if we were to adjust for Ørsted's Hybrid Capital (assigning typical equity/debt weightings) or netting out their significant cash growth (from 8,624 million DKK in 2021 to 16,178 million DKK in 2022), the mathematical conclusion holds the same. The company's EBITDA generation grew at a significantly faster rate than its accumulated debt balances during the 2022 reporting period, driving a contraction in the leverage ratio. A decreasing Debt-to-EBITDA multiple indicates a strengthening in the company's leverage profile.

<answer>Improving</answer>