Moody’s adjusted leverage is typically assessed using debt relative to an earnings or cash-flow measure such as EBITDA or FFO. With the data provided, a reasonable proxy is to compare gross borrowings to EBITDA-like operating earnings.

For 2022:
- Long-term borrowings: 1,695.362 million
- Current borrowings: 638.944 million
- Total borrowings: 2,334.306 million

For 2021:
- Long-term borrowings: 2,390.852 million
- Current borrowings: 375.221 million
- Total borrowings: 2,766.073 million

So, gross borrowings decreased by about 431.8 million, or roughly 15.6%.

EBITDA proxy:
- 2022 operating profit: 239.721 million
- 2022 depreciation and amortisation: 249.276 million
- 2022 EBITDA proxy: 488.997 million

- 2021 operating profit: 218.863 million
- 2021 depreciation and amortisation: 241.940 million
- 2021 EBITDA proxy: 460.803 million

EBITDA increased by about 6.1%.

Leverage proxy:
- 2022 debt / EBITDA ≈ 2,334.306 / 488.997 = 4.77x
- 2021 debt / EBITDA ≈ 2,766.073 / 460.803 = 6.00x

This indicates a meaningful decline in leverage, driven by both lower borrowings and higher EBITDA. Although current liabilities rose sharply due to the transitional gas price stabilization regime, it is matched by an equivalent current asset and does not appear to represent ordinary financial debt. Therefore, the adjusted leverage trend for 2022 is best estimated as improving.

<answer>Improving</answer>