Moody’s adjusted leverage is typically assessed as a debt-to-EBITDA style measure. Using the reported figures as a proxy:

- Financial debt increased materially:
  - Noncurrent bonds/marketable debt: €2.364bn → €3.101bn
  - Noncurrent loans: €2.073bn → €2.624bn
  - Current bonds/marketable debt: €1.666bn → €1.139bn
  - Current loans: €0.280bn → €0.553bn
  - Lease liabilities: €0.498bn → €0.511bn
  - Total gross debt proxy: €6.881bn → €7.928bn, up about 15.2%

- Cash and equivalents also increased slightly:
  - €2.318bn → €2.360bn
  - Net debt proxy: €4.563bn → €5.568bn, up about 22.0%

- EBITDA proxy improved strongly:
  - Operating profit + depreciation/amortization/provisions
  - 2021: €829m + €714m = €1.543bn
  - 2022: €1.334bn + €762m = €2.096bn
  - EBITDA proxy up about 35.8%

- Net debt / EBITDA proxy:
  - 2021: €4.563bn / €1.543bn ≈ 3.0x
  - 2022: €5.568bn / €2.096bn ≈ 2.7x

Although debt increased, EBITDA rose faster, so leverage appears to have declined. Therefore, Moody’s adjusted leverage trend for 2022 is best estimated as improving.

<answer>Improving</answer>