Moody’s adjusted leverage is typically assessed using debt relative to earnings/cash flow measures such as EBITDA or funds from operations. Using the provided data, the trend in 2022 appears to be deteriorating.

Key indicators:

- Financial debt increased overall:
  - Short-term financial liabilities fell from €591.2m to €142.4m.
  - Long-term financial liabilities rose from €5,785.7m to €6,402.9m.
  - Total financial liabilities increased from about €6,376.9m to €6,545.4m.

- Cash decreased significantly:
  - Cash and cash equivalents fell from €1,391.8m to €451.9m.
  - As a result, net financial debt increased materially.

- Net debt estimate:
  - Beginning 2022: €6,376.9m financial debt - €1,391.8m cash ≈ €4,985.1m.
  - End 2022: €6,545.4m financial debt - €451.9m cash ≈ €6,093.4m.
  - Net debt increased by roughly €1.1bn.

- EBITDA-like operating earnings improved only moderately:
  - Operating profit rose from €583.2m to €641.3m.
  - Depreciation, amortisation and impairment rose from €445.3m to €479.2m.
  - EBITDA estimate increased from about €1,028.5m to €1,120.5m, around +9%.

- Net debt / EBITDA therefore worsened:
  - Beginning estimate: €4,985.1m / €1,028.5m ≈ 4.8x.
  - End estimate: €6,093.4m / €1,120.5m ≈ 5.4x.

Although earnings improved, the sharp decline in cash and higher net debt outweighed the EBITDA growth. This suggests Moody’s adjusted leverage trend deteriorated in 2022.

<answer>Deteriorating</answer>