To estimate Moody’s adjusted leverage trend, we first need to understand the components of Moody's adjusted leverage, which is typically defined as Adjusted Debt / (EBITDA + Moody’s adjustments). Because we are looking for the *trend* (Improving, Stable, or Deteriorating) between 2021 and 2022, we can compare the year-over-year changes in debt and EBITDA.

1. **Debt Proxy**: We look at the total financial liabilities (both current and noncurrent) as a proxy for adjusted debt, since Moody's typically adds a portion of off-balance-sheet liabilities but the core debt comes from interest-bearing financial liabilities.
- 2022 (end of year): Other Noncurrent Financial Liabilities (3,658M) + Noncurrent Derivative Financial Liabilities (756M) + Other Current Financial Liabilities (4,127M) + Current Derivative Financial Liabilities (3,973M) = **12,514M EUR**
- 2021 (end of year): Other Noncurrent Financial Liabilities (8,701M) + Noncurrent Derivative Financial Liabilities (16,657M) + Other Current Financial Liabilities (8,519M) + Current Derivative Financial Liabilities (71,947M) = **105,824M EUR**
Debt decreased significantly in 2022, largely due to the deconsolidation of Uniper (discontinued operations).

2. **EBITDA Proxy**: We use the reported "Comparable Ebitda" (which strips out massive impairment losses and other non-comparability items to show underlying operating performance).
- 2022: **2,436M EUR**
- 2021: **2,016M EUR**
EBITDA increased by about 20.8% year-over-year.

3. **Leverage Trend**: While debt decreased by roughly 88% (from ~105.8B to ~12.5B), EBITDA actually increased by roughly 21% (from ~2.0B to ~2.4B). A massive decrease in debt combined with an increase in EBITDA results in a drastically lower leverage ratio (Debt/EBITDA) for 2022 compared to 2021. Therefore, the leverage trend is clearly improving.

<answer>Improving</answer>