To estimate Moody’s adjusted leverage trend for 2022, I’ll consider a simplified version of how Moody’s typically calculates leverage—often as **Debt / EBITDA**—and see whether this ratio improved, remained stable, or deteriorated.

### 1. Calculate EBITDA (approximate)

From the data:
- **Profit from operating activities (EBIT)** for 2022: €1,333.5M  
- **Depreciation, amortization, and impairment** for 2022: €725.7M  

So:  
**EBITDA ≈ EBIT + D&A = 1,333.5 + 725.7 = €2,059.2M**

For 2021:
- EBIT: €1,200.4M  
- D&A: €654.4M  
**EBITDA ≈ 1,200.4 + 654.4 = €1,854.8M**

### 2. Calculate Debt

Using balance sheet data at year-end:
- **Long-term borrowings** + **Short-term borrowings** + **Current portion of long-term borrowings**:
  - 2022: 8,416.7 + 444.1 + 1,909.3 = **€10,770.1M**
  - 2021: 8,835.0 + 1,947.0 + 1,640.0 = **€12,422.0M**

### 3. Leverage ratio (Debt / EBITDA)

- 2022: 10,770.1 / 2,059.2 ≈ **5.23x**
- 2021: 12,422.0 / 1,854.8 ≈ **6.70x**

### 4. Trend

Leverage declined from ~6.70x to ~5.23x, which is a significant improvement.

**Conclusion**: The trend is **Improving**.

<answer>Improving</answer>