To determine the trend for Moody's adjusted leverage for IBERDROLA SA in 2022, we evaluate the changes in the company's adjusted debt and EBITDA compared to the prior year (2021). 

1. **EBITDA Growth:**
The reported "Beneficio Bruto De Explotacion Ebitda" (EBITDA) was:
- 2021: 12,006 million EUR
- 2022: 13,228 million EUR
This represents a year-over-year EBITDA growth of approximately **10.2%**. 

2. **Debt Growth:**
Looking at the core interest-bearing debt (Debts with credit institutions, obligations, and other marketable securities):
- 2021: 31,179 million EUR (Noncurrent) + 9,984 million EUR (Current) = 41,163 million EUR
- 2022: 36,129 million EUR (Noncurrent) + 10,458 million EUR (Current) = 46,587 million EUR
This represents a year-over-year gross debt increase of approximately **13.2%**. 
Additionally, total reported financial liabilities (current + noncurrent) grew from 58,472 million EUR in 2021 to 69,295 million EUR in 2022, an even steeper increase of about **18.5%**. 

3. **Net Debt Consideration:**
Cash and cash equivalents grew modestly from 4,033 million EUR to 4,608 million EUR. Thus, Net Debt also grew at a rate significantly outstripping the 10.2% growth in EBITDA. 

4. **Adjusted Leverage Trend:**
Moody's adjusted leverage is primarily measured as Adjusted Debt / EBITDA. Because the pace of the company's debt accumulation (+13.2% to +18.5%) notably exceeded its earnings growth (+10.2%), the Debt-to-EBITDA ratio increased. Furthermore, Funds From Operations (FFO) to Debt ratios mechanically compressed. An increasing leverage ratio indicates a weakening in the credit metric profile for the year.

Therefore, the adjusted leverage trend is deteriorating.

<answer>Deteriorating</answer>