Moody’s adjusted leverage is typically directionally assessed as adjusted debt relative to an earnings/cash-flow measure such as EBITDA. Using the available annual-report data as a proxy:

- Comparable EBITDA improved from EUR 2.016 billion in 2021 to EUR 2.436 billion in 2022, an increase of about 21%.
- Continuing operations operating cash flow also improved from EUR 1.119 billion to EUR 2.104 billion.
- Balance-sheet financial liabilities fell substantially:
  - Other noncurrent financial liabilities declined from EUR 8.701 billion to EUR 3.658 billion.
  - Other current financial liabilities declined from EUR 8.519 billion to EUR 4.127 billion.
  - Total assets/liabilities contracted sharply due to the Uniper/discontinued operations impact, but the continuing Fortum balance sheet ended 2022 with much lower financial liabilities.
- Cash declined from EUR 7.592 billion to EUR 3.919 billion, but the reduction in financial liabilities was larger than the cash reduction, implying lower net financial debt.
- With EBITDA higher and debt/net debt lower, leverage would directionally improve.

<answer>Improving</answer>