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 end of 2022. Moody's adjusted leverage is typically calculated as Adjusted Debt / Adjusted EBITDA. 1. **Adjusted Debt**: Moody's typically adjusts total debt by adding unconditioned lease obligations (often estimated as 8x the rent expense, or using reported right-of-use assets/liabilities if rent expense isn't explicitly detailed, though here we have operating lease rent as part of services, or simply use Net Debt + Cash, or Total Financial Debt). Let's look at the simple Net Debt or Total Financial Debt trends to see the trajectory. Net Debt at 2022-01-01: 941,000,000 EUR Net Debt at 2023-01-01: 7,440,000,000 EUR Alternatively, looking at Gross Financial Debt (Long-term borrowings + Current borrowings + Short-term bank borrowings): 2022-01-01: 5,805,000,000 + 1,324,000,000 + 351,000,000 = 7,480,000,000 EUR 2023-01-01: 11,586,000,000 + 1,361,000,000 + 418,000,000 = 13,365,000,000 EUR Whether looking at Net Debt or Gross Debt, there is a massive increase in debt during 2022 (Net Debt multiplied by almost 8 times, Gross Debt almost doubled), primarily driven by "Cash Flows Used In Obtaining Control Of Subsidiaries Classified As Investing Activities" of 6.269 billion EUR (likely the Equans acquisition). 2. **Adjusted EBITDA**: Let's estimate EBITDA for the periods to see if earnings growth offset the debt increase. 2022 EBITDA (2022-01-01 to 2023-01-01) = Operating Profit (1,872M) + D&A (2,228M) + Right-of-use Depreciation (446M) = 4,546,000,000 EUR. 2021 EBITDA (2021-01-01 to 2022-01-01) = Operating Profit (1,733M) + D&A (2,065M) + Right-of-use Depreciation (353M) = 4,151,000,000 EUR. EBITDA grew by roughly 9.5%. 3. **Leverage Ratio Trajectory**: 2021 Leverage (End of 2021 / Beginning of 2022) ≈ 7.48B / 4.15B ≈ 1.8x (using gross debt) or 0.94B / 4.15B ≈ 0.2x (using net debt). 2022 Leverage (End of 2022) ≈ 13.36B / 4.55B ≈ 2.9x (using gross debt) or 7.44B / 4.55B ≈ 1.6x (using net debt). In either calculation, the leverage ratio increased significantly year-over-year due to the debt-funded acquisition. The massive increase in debt far outpaced the growth in EBITDA, meaning the leverage profile of the company weakened considerably over the course of 2022. Thus, the adjusted leverage trend for 2022 is deteriorating. Deteriorating