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

- Total borrowings / financial debt decreased:
  - Long-term borrowings fell from €5,896.2m to €5,491.1m.
  - Current borrowings fell from €1,391.7m to €721.8m.
  - Total borrowings therefore fell from about €7,287.9m to €6,213.0m, a decrease of roughly 14.7%.

- EBITDA proxy was broadly stable to slightly down:
  - Operating profit 2022: €961.6m.
  - Depreciation and amortisation: €545.0m.
  - EBITDA proxy: about €1,506.5m.
  - Prior year EBITDA proxy: €992.0m + €522.1m = about €1,514.1m.
  - EBITDA decreased only around 0.5%.

- Leverage proxy therefore improved:
  - 2021 debt / EBITDA: about 4.8x.
  - 2022 debt / EBITDA: about 4.1x.

Although operating profit and net profit were slightly lower, the reduction in borrowings was much larger than the slight decline in EBITDA, indicating lower adjusted leverage. Cash flow from operations also remained strong, supporting the conclusion.

<answer>Improving</answer>