To estimate Moody’s adjusted leverage trend for 2022, I’ll look at changes in debt and EBITDA-related figures.  

- **Debt**:  
  - Long-term borrowings 2022: 5,896,170,000 EUR → 2023: 5,491,124,000 EUR (decrease).  
  - Current borrowings 2022: 1,391,722,000 EUR → 2023: 721,845,000 EUR (decrease).  
  - Total debt: from ~7,287,892,000 EUR to ~6,212,969,000 EUR, a significant reduction.  

- **EBITDA proxy** (Profit from operating activities + Depreciation and amortization):  
  - 2021: 991,970,000 + 522,114,000 = 1,514,084,000 EUR.  
  - 2022: 961,554,000 + 544,992,000 = 1,506,546,000 EUR (slight decrease).  

- **Leverage ratio (Debt / EBITDA)**:  
  - 2021: 7,287,892,000 / 1,514,084,000 ≈ 4.81x.  
  - 2022: 6,212,969,000 / 1,506,546,000 ≈ 4.12x.  

The ratio improved notably due to debt reduction, even though EBITDA was nearly flat.  

<answer>Improving</answer>