To estimate Moody's adjusted leverage trend for Electricité de France (EDF) at the end of 2022, we analyze the trajectory of the company's Adjusted Debt relative to its Adjusted EBITDA.

**1. Adjusted Debt:**
Moody's typically calculates adjusted debt by taking reported financial debt and adding adjustments for underfunded pension obligations, nuclear decommissioning provisions, and lease liabilities.
- **2021 (End of Year):**
  - Non-current financial liabilities: €56.54 billion
  - Current financial liabilities: €45.01 billion
  - *Reported Financial Debt:* ~€101.55 billion
  - Provisions for employee benefits: €21.71 billion
  - Provisions related to nuclear generation: €62.06 billion
  - *Approximate Adjusted Debt (2021):* ~€185.32 billion
- **2022 (End of Year):**
  - Non-current financial liabilities: €71.05 billion
  - Current financial liabilities: €71.84 billion
  - *Reported Financial Debt:* ~€142.89 billion
  - Provisions for employee benefits: €16.23 billion
  - Provisions related to nuclear generation: €56.02 billion
  - *Approximate Adjusted Debt (2022):* ~€215.14 billion
*Trend:* Adjusted debt materially increased by over €29 billion year-over-year.

**2. Adjusted EBITDA:**
Using "Operating Profit Before Depreciation And Amortisation" as a proxy for EBITDA:
- **2021:** €18.00 billion
- **2022:** -€4.98 billion (Operating loss before depreciation/amortization)
*Trend:* EBITDA collapsed from a healthy €18 billion to a nearly €5 billion loss, primarily due to soaring "Expense Fuel Energy And Transmission Charges" (€44.3 billion in 2021 to €121.0 billion in 2022) amid massive constraints on nuclear power output and high wholesale market prices.

**Conclusion:**
With Adjusted Debt expanding significantly and EBITDA plunging deep into negative territory, EDF's cash generation ability relative to its debt balance has severely degraded. Consequently, the adjusted leverage metric severely worsens.

<answer>Deteriorating</answer>