Moody’s adjusted leverage typically considers net debt to EBITDA, with adjustments for off-balance sheet items. From the data:
- Profit before tax 756m, EBITDA (Gross Operating Income EBITDA) 1.505m? Actually EBITDA is 1.505 million which seems low; likely 1,505,000,000 EUR, i.e., 1.505 billion.
- Net financial balance -88 million in 2022.
- Debt metrics: Noncurrent Liabilities 7,214m; Liabilities total 16,900m; Equity 4,467m. Cash and equivalents 964m in 2022, rising to 2,584m in 2023.
- Free Cash Flow 2022: 118m positive.
- Proceeds from borrowings 4,339m; repayments 2,779m; net financing cash flows positive 1,502m; increase in cash 1,620m.

Adjusted leverage trend: The company appears to have improved liquidity with strong cash generation and reduced net debt position (cash increased, net debt likely decreased given higher cash and stable EBITDA). Although balance sheet shows high liabilities, the improvement in cash, positive free cash flow, and sizable EBITDA suggest leverage is stabilizing or improving. So answer: Improving. 

<answer>Improving</answer>