Let’s go through the key figures for 2022 vs 2021 to assess the adjusted leverage trend per Moody’s perspective.  

- **Revenue** grew strongly from €85.7B to €140.5B, driven largely by higher sales and commodity prices.  
- **Operating profit** increased from €7.55B to €11.19B.  
- **Finance costs** decreased slightly from €6.09B to €5.88B, but **net finance expense** appears higher because financial income didn’t keep pace.  
- **Profit before tax** rose from €5.38B to €8.74B, a solid improvement.  
- **Total equity** was nearly flat (€42.3B vs €42.1B), while **total debt (long- + short-term borrowings)** increased significantly from ~€71.8B to ~€89.4B.  
- **Cash from operations** fell from €9.9B to €8.7B.  
- **Capex** increased, leading to higher negative free cash flow before financing.  
- The **debt-to-equity** and **debt-to-EBITDA** metrics would likely show higher leverage due to increased debt not matched by proportional equity growth or cash flow improvement.  

Given the rise in gross debt, only modest equity stability, and weaker operating cash flow, Moody’s adjusted leverage would be **deteriorating** in 2022.

<answer>Deteriorating</answer>