Let's reason through this.

**Step 1 – Understand what matters for Moody’s adjusted leverage trend**  
Moody’s adjusted leverage typically looks at debt relative to earnings, often with adjustments for leases, pensions, and sometimes off-balance-sheet items. The key inputs from this data are:  

- **Net debt** increased sharply.  
  2021 → 2022: Net debt went from €941M to €7,440M.  

- **Earnings (Operating profit or EBITDA proxy)**  
  Operating profit (recurring) went from €1,693M (2021) to €1,962M (2022), an increase of about 16%.  

- **Depreciation & Amortization**  
  Up from €2,065M to €2,228M.  

We can estimate a rough EBITDA:  
2021: Operating profit €1,693M + D&A €2,065M = €3,758M  
2022: Operating profit €1,962M + D&A €2,228M = €4,190M  

**Step 2 – Leverage calculation**  
Leverage ratio (Net Debt / EBITDA):  

2021: 941 / 3,758 ≈ 0.25x  
2022: 7,440 / 4,190 ≈ 1.78x  

That’s a substantial increase.  

**Step 3 – Why this happened**  
Despite higher operating profit, the net debt jumped mainly because of large acquisitions (investing cash flow of −€8,631M in 2022 vs −€1,243M in 2021), financed by new borrowings.  

**Step 4 – Conclusion on trend**  
Leverage ratios have clearly worsened (increased), so the adjusted leverage trend is **deteriorating**.

<answer>Deteriorating</answer>