To estimate Moody’s adjusted leverage trend, we look at the change in Debt-to-EBITDA from 2021 to 2022. 

1. **Debt Calculation**: We use total financial debt, which is the sum of Long-term Borrowings, Short-term Borrowings, and Current Portion of Long-term Borrowings. 
- For 2021: 54,500m + 13,306m + 4,031m = 71,837 million EUR.
- For 2022: 68,191m + 18,392m + 2,835m = 89,418 million EUR.

2. **EBITDA Calculation**: We estimate EBITDA by adding Depreciation, Amortisation, and Impairment to Operating Profit (EBIT).
- For 2021: 8,507m + 7,551m = 16,058 million EUR.
- For 2022: 7,447m + 11,193m = 18,640 million EUR.

3. **Leverage Ratio (Debt / EBITDA)**:
- For 2021: 71,837 / 16,058 ≈ 4.47x.
- For 2022: 89,418 / 18,640 ≈ 4.80x.

Comparing the two periods, the adjusted leverage ratio has increased from approximately 4.47x in 2021 to 4.80x in 2022, indicating a deteriorating trend. Furthermore, looking at retained earnings, there was a significant drop from 17.801 billion to 15.797 billion, driven heavily by the loss from discontinued operations (-2.298 billion), further reflecting a deterioration in the equity base and overall financial health. 

<answer>Deteriorating</answer>