Moody’s adjusted leverage is typically assessed using a debt-to-EBITDA-type measure, often with adjustments for items such as leases, pensions, hybrids, and other debt-like obligations. With the available facts, a reasonable proxy is to compare gross borrowings to EBITDA-like operating profit before depreciation/amortisation and provisions.

For EDP in 2022:

- EBITDA-like measure increased from **€3.723 billion in 2021** to **€4.524 billion in 2022**, an increase of about **21.5%**.
- Gross financial borrowings increased from:
  - 2021 year-end: long-term borrowings €15.300 billion + current borrowings €1.518 billion = **€16.818 billion**
  - 2022 year-end: long-term borrowings €15.783 billion + current borrowings €4.240 billion = **€20.022 billion**
  - Increase of about **19.1%**

Approximate gross debt / EBITDA:

- 2021: €16.818bn / €3.723bn ≈ **4.52x**
- 2022: €20.022bn / €4.524bn ≈ **4.43x**

So, even though debt increased, EBITDA rose slightly faster, causing the leverage ratio to decline modestly. Cash also increased significantly, from **€3.222 billion** to **€4.900 billion**, which supports the view that net leverage improved more clearly.

Therefore, the estimated Moody’s adjusted leverage trend for 2022 is **Improving**.

<answer>Improving</answer>