To estimate Moody's adjusted leverage trend for 2022, we need to compare the leverage ratio at the end of 2022 with the leverage ratio at the end of 2021.

Moody's adjusted leverage is typically defined as Adjusted Debt / (EBITDA + Minority Interest). 

1. **Adjusted Debt Calculation**: 
Under Moody's adjustments, debt typically includes reported interest-bearing liabilities (both current and non-current borrowings) plus a multiple (often 25% for utilities or 50% for others) of operating leases, which we lack specific data to adjust for, along with other adjustments like off-balance-sheet debt. Without specific lease data, we will use the standard reported gross debt.
- End of 2021 (2022-01-01): Long-term borrowings (30,458M) + Current borrowings (10,590M) = 41,048M EUR.
- End of 2022 (2023-01-01): Long-term borrowings (28,083M) + Current borrowings (12,508M) = 40,591M EUR.
Adjusted Debt slightly decreased from 41,048M to 40,591M.

2. **EBITDA Calculation**:
We can approximate EBITDA from the reported figures. The income statement provides "Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities" (essentially Operating Income with equity method), and "Net Depreciation Amortization Impairment And Provisions" from the cash flow statement.
- 2021 EBITDA: Operating Income (6,916M) - Depreciation/Amortization/Provisions (-5,484M) = 12,400M EUR.
- 2022 EBITDA: Operating Income (5,367M) - Depreciation/Amortization/Provisions (-8,057M) = 13,424M EUR.
EBITDA significantly increased from 12,400M to 13,424M. 

3. **Leverage Ratio (Debt / EBITDA)**:
- End of 2021: 41,048M / 12,400M ≈ 3.31x
- End of 2022: 40,591M / 13,424M ≈ 3.02x

The adjusted leverage ratio decreased from approximately 3.31x to 3.02x. A decrease in the leverage ratio indicates an improving credit profile and reduced financial risk. Thus, the trend for 2022 is Improving.

<answer>Improving</answer>