To estimate Moody's adjusted leverage trend for 2022, we need to compare the leverage ratio at the beginning of 2022 (end of 2021) with the leverage ratio at the beginning of 2023 (end of 2022). Moody's adjusted leverage is typically calculated as Adjusted Debt / Adjusted EBITDA. 

1. **Debt Calculation:**
For both periods, we consider noncurrent and current interest-bearing financial liabilities. 
- **End of 2021 (2022-01-01):** 
  Noncurrent loans = 2,073,000,000 EUR
  Current loans = 280,000,000 EUR
  Noncurrent lease liabilities = 430,000,000 EUR
  Current lease liabilities = 68,000,000 EUR
  Total Debt = 2,851,000,000 EUR

- **End of 2022 (2023-01-01):**
  Noncurrent loans = 2,624,000,000 EUR
  Current loans = 553,000,000 EUR
  Noncurrent lease liabilities = 439,000,000 EUR
  Current lease liabilities = 72,000,000 EUR
  Total Debt = 3,688,000,000 EUR

2. **EBITDA Calculation:**
We estimate EBITDA by adding D&A to operating profit.
- **End of 2021 (2021-01-01 - 2022-01-01):**
  Operating Profit = 829,000,000 EUR
  D&A = 714,000,000 EUR (approx. from "Dotacion Amortizacion YVariacion De Provisiones")
  EBITDA = 1,543,000,000 EUR

- **End of 2022 (2022-01-01 - 2023-01-01):**
  Operating Profit = 1,334,000,000 EUR
  D&A = 762,000,000 EUR
  EBITDA = 2,096,000,000 EUR

3. **Leverage Ratio Calculation:**
- **End of 2021 Leverage:** 2,851,000,000 / 1,543,000,000 ≈ 1.85x
- **End of 2022 Leverage:** 3,688,000,000 / 2,096,000,000 ≈ 1.76x

Despite total debt increasing by approximately 29% year-over-year, EBITDA increased by roughly 36% due to a massive surge in operating profit (from 829M to 1,334M). As a result, the adjusted leverage ratio decreased from ~1.85x to ~1.76x. A decreasing leverage ratio indicates an improving credit profile.

<answer>Improving</answer>