To assess Moody’s adjusted leverage trend, we typically look at the change in debt relative to a measure of earnings (like EBITDA) and cash flow.  

From the data:  
- **EBITDA** increased from €1,578,959,000 (2021) to €3,160,679,000 (2022) — a substantial improvement.  
- **Total financial liabilities** (noncurrent + current) increased from €3,292,608,000 (end of 2021) to €3,954,356,000 (end of 2022), but the increase in earnings was proportionally larger.  
- **Operating cash flow** improved significantly from €98,162,000 to €2,019,859,000, which also helps deleveraging.  
- **Equity** increased from €6,362,949,000 to €8,323,019,000, indicating stronger capitalization.  

Since debt grew but earnings and cash flow grew faster, leverage ratios like Debt/EBITDA and Net Debt/EBITDA likely improved in 2022.

<answer>Improving</answer>