Moody’s adjusted leverage trend can be approximated by looking at debt relative to operating cash flow / EBITDA.

Key 2022 movements:

- EBITDA increased from EUR 12.006bn in 2021 to EUR 13.228bn in 2022, up about 10%.
- Operating cash flow increased from EUR 8.106bn to EUR 10.443bn, up about 29%.
- However, financial debt rose materially:
  - Noncurrent financial liabilities increased from EUR 37.175bn to EUR 44.216bn.
  - Current financial liabilities increased from EUR 21.297bn to EUR 25.079bn.
  - Total financial liabilities increased from about EUR 58.472bn to EUR 69.295bn, up about 18.5%.
- Cash also increased from EUR 4.033bn to EUR 4.608bn, but not enough to offset the debt increase.
- Approximate net financial liabilities increased from EUR 54.439bn to EUR 64.687bn, up about 18.8%.

Approximate leverage ratios:

- Gross financial liabilities / EBITDA:
  - 2021: 58.472 / 12.006 ≈ 4.87x
  - 2022: 69.295 / 13.228 ≈ 5.24x

- Net financial liabilities / EBITDA:
  - 2021: 54.439 / 12.006 ≈ 4.53x
  - 2022: 64.687 / 13.228 ≈ 4.89x

Although earnings and cash flow improved, debt increased faster, causing leverage to rise. Therefore, the adjusted leverage trend is best estimated as deteriorating.

<answer>Deteriorating</answer>