To estimate Moody's adjusted leverage trend, we first need to calculate the adjusted leverage ratios for 2021 and 2022. Moody's adjusted leverage is typically defined as (Total Debt + Operating Leases) / (EBITDA - Operating Lease Interest). 

First, we calculate the relevant components for both years:
**2021:**
- Total Financial Debt: Noncurrent Financial Liabilities (4,791,979,000) + Current Financial Liabilities (285,222,000) = 5,077,201,000 EUR
- Operating Lease Liabilities (approx. 8x rent): Noncurrent Other Liabilities (409,064,000) + Current Other Liabilities (562,806,000) = 971,870,000 EUR
- Total Adjusted Debt = 5,077,201,000 + 971,870,000 = 6,049,071,000 EUR
- EBITDA: Gross Profit (1,256,075,000) + Amortizations & Provisions (588,768,000) = 1,844,843,000 EUR
- Operating Lease Interest (approx. 1/3 of rent): 971,870,000 / 3 = 323,957,000 EUR
- Rent Expense (approx. 2/3 of rent): 971,870,000 * 2/3 = 647,913,000 EUR
- Adjusted EBITDA = 1,844,843,000 - 647,913,000 + 323,957,000 = 1,520,887,000 EUR
- **2021 Adjusted Leverage Ratio** = 6,049,071,000 / 1,520,887,000 ≈ 3.98x

**2022:**
- Total Financial Debt: Noncurrent Financial Liabilities (4,722,263,000) + Current Financial Liabilities (619,418,000) = 5,341,681,000 EUR
- Operating Lease Liabilities (approx. 8x rent): Noncurrent Other Liabilities (399,628,000) + Current Other Liabilities (632,259,000) = 1,031,887,000 EUR
- Total Adjusted Debt = 5,341,681,000 + 1,031,887,000 = 6,373,568,000 EUR
- EBITDA: Gross Profit (1,305,021,000) + Amortizations & Provisions (625,799,000) = 1,930,820,000 EUR
- Operating Lease Interest (approx. 1/3 of rent): 1,031,887,000 / 3 = 343,962,000 EUR
- Rent Expense (approx. 2/3 of rent): 1,031,887,000 * 2/3 = 687,925,000 EUR
- Adjusted EBITDA = 1,930,820,000 - 687,925,000 + 343,962,000 = 1,586,857,000 EUR
- **2022 Adjusted Leverage Ratio** = 6,373,568,000 / 1,586,857,000 ≈ 4.02x

Comparing the adjusted leverage ratio, it increased from approximately 3.98x in 2021 to 4.02x in 2022. An increase in the leverage ratio indicates a deteriorating leverage trend. 

<answer>Deteriorating</answer>