To assess Moody’s adjusted leverage trend, we focus on the company’s debt relative to its earnings power.

Looking at the income statement, **Comparable EBITDA** (a key earnings metric in Moody’s adjustments) increased from EUR 2,016 million in 2021 to EUR 2,436 million in 2022. This is an improvement in operating earnings.

Looking at the balance sheet and cash flows:
- **Debt repayment activity**: In 2022, repayments of non-current borrowings and lease liabilities were EUR 5,888 million, far exceeding proceeds from non-current borrowings of EUR 2,421 million. Net repayment of debt is significant.
- **Total liabilities**: Declined drastically from EUR 135,997 million at the end of 2021 to EUR 15,905 million at the end of 2022, primarily due to the deconsolidation of the Uniper segment (discontinued operations).
- While the "change in group structure" reflects the removal of a large debt load from the balance sheet, the *continuing operations* show a net reduction in financial debt (the "Cash flows from operating and investing activities from continuing operations" was strongly positive at EUR 3,568 million, covering the financing outflows).

Since earnings (Comparable EBITDA) improved while debt levels significantly decreased, the leverage ratio (Debt/EBITDA) should decline notably, indicating an **Improving** trend.

<answer>Improving</answer>