Moody’s adjusted leverage is typically assessed using a debt-to-earnings/cash-flow type measure, such as adjusted debt / EBITDA or adjusted debt / cash flow from operations. Using the available reported figures as a proxy:

- EBITDA increased strongly from €1.579bn in 2021 to €3.161bn in 2022, roughly doubling.
- Operating cash flow also improved sharply from €0.098bn in 2021 to €2.020bn in 2022.
- Financial liabilities increased, but much less than EBITDA:
  - Current financial liabilities decreased from €1.462bn at 2022-01-01 to €1.109bn at 2023-01-01.
  - Noncurrent financial liabilities increased from €1.834bn to €2.845bn.
  - Total financial liabilities rose from about €3.297bn to €3.954bn.
- Cash increased from €0.319bn to €0.409bn, so net financial liabilities rose from about €2.978bn to €3.545bn.

Approximate net debt / EBITDA:
- 2021 year-end basis: €2.978bn / €1.579bn ≈ 1.9x
- 2022 year-end basis: €3.545bn / €3.161bn ≈ 1.1x

Although absolute debt increased, earnings and operating cash flow improved much more significantly, reducing leverage. Therefore, the adjusted leverage trend for 2022 is best estimated as improving.

<answer>Improving</answer>