To determine the Moody’s adjusted leverage trend for 2022, I’ll look at key indicators of leverage, primarily focusing on debt levels relative to equity and earnings.

**Reasoning:**

1.  **Debt Levels:** Long-term borrowings increased significantly from €12,366 million at the start of 2022 to €19,006 million at the end of 2022 (a 54% increase). Short-term borrowings decreased, but total borrowings (long-term + short-term) rose from €13,705 million to €19,715 million.
2.  **Equity:** Total equity increased only slightly from €7,424 million to €7,713 million, mainly due to a €1,230 million capital contribution offsetting a large net loss.
3.  **Earnings (Profitability):** The company posted a net loss of €879 million for 2022, compared to a €340 million loss in 2021. The operating loss widened to €976 million from €275 million. This deterioration in earnings makes debt harder to service.
4.  **Leverage Ratio Drivers:** Debt has grown substantially while equity has barely moved, and the company’s ability to cover debt costs from operations has worsened. This points strongly to increasing leverage.

Based on the significant increase in borrowings and the deepening losses, the leverage position is worsening.

<answer>Deteriorating</answer>