To assess Moody’s adjusted leverage trend, I need to look at the change in debt relative to earnings (or cash flow), since “adjusted leverage” typically compares some measure of debt (often gross debt including leases, pensions, and other adjustments) to EBITDA or a similar earnings metric.  

From the data:  
- **Gross financial debt (noncurrent + current, excluding concession and lease liabilities)**:  
  2022-01-01: 10,462.5M + 8,624.3M = 19,086.8M  
  2023-01-01: 19,692.1M + 6,521.4M = 26,213.5M  
  → Increase of ~7.1B.  
- **Lease liabilities (noncurrent + current)**:  
  2022-01-01: 1,298.1M + 410.6M = 1,708.7M  
  2023-01-01: 1,656.2M + 496.5M = 2,152.7M  
  → Increase of ~0.44B.  
- **Cash & equivalents**:  
  2022-01-01: 10,518.7M  
  2023-01-01: 9,012.2M  
  → Decrease of ~1.5B, which would increase net debt.  

So net debt (broadly speaking) increased significantly year-over-year.  

Now for earnings:  
- **Operating income before share of equity-accounted entities**: increased from 1,212.7M to 2,206.3M.  
- EBITDA can be approximated by adding back depreciation/amortization (3,178.6M in 2022 vs. 2,117.2M prior year). That suggests EBITDA roughly doubled.  

Because the large increase in debt is at least partly matched or exceeded by the increase in EBITDA (due to the Suez acquisition), leverage may not have deteriorated — it may have stayed stable or even improved.  
However, the debt increase is proportionally larger in absolute terms relative to earnings improvement if adjusted for one-offs. Still, looking at headline numbers, debt rose ~37% while EBITDA roughly rose ~50%, suggesting potential improvement in leverage.  

Given the merger and large goodwill/PPE increases, this likely represents an acquisition-driven leveraging and then de-levering through higher EBITDA. On a Moody’s adjusted basis, the trend would likely be **Improving** if synergies and EBITDA growth outpaced the debt increase immediately.  

<answer>Improving</answer>