Moody’s adjusted leverage is generally assessed using debt-like obligations relative to earnings/cash flow measures such as EBITDA/EBE or funds from operations. For EDF in 2022, the leverage trend clearly worsened:

- Operating profit before depreciation and amortisation (EBE/EBITDA-like measure) fell sharply from **€18.0bn in 2021** to **-€5.0bn in 2022**, turning negative.
- Profit/loss moved from a **€4.8bn profit** in 2021 to an **€18.2bn loss** in 2022.
- Operating cash flow deteriorated from **+€12.6bn** in 2021 to **-€7.4bn** in 2022.
- Financial liabilities increased materially:
  - Other noncurrent financial liabilities rose from **€56.5bn** to **€71.1bn**.
  - Other current financial liabilities rose from **€45.0bn** to **€71.8bn**.
- Equity declined from **€62.0bn** to **€46.6bn**, weakening the capital structure.

Even though cash increased slightly, the combination of higher debt-like liabilities, negative EBITDA/EBE, negative operating cash flow, and lower equity indicates a significant deterioration in adjusted leverage.

<answer>Deteriorating</answer>