To estimate Moody’s adjusted leverage trend for 2022, we need to analyze the components of leverage, primarily Debt and EBITDA, for the years 2021 and 2022.

1. **Net Debt Calculation**:
   - **2021**: Total Financial Liabilities (Current + Noncurrent) = 21,297M + 37,175M = 58,472M EUR. Cash & Cash Equivalents = 3,427M EUR. Net Debt = 58,472M - 3,427M = 55,045M EUR.
   - **2022**: Total Financial Liabilities = 25,079M + 44,216M = 69,295M EUR. Cash & Cash Equivalents = 4,033M EUR. Net Debt = 69,295M - 4,033M = 65,262M EUR.
   - Net Debt increased significantly year-over-year by approximately 18.5%.

2. **EBITDA Trend**:
   - **2021**: Reported EBITDA = 12,006M EUR.
   - **2022**: Reported EBITDA = 13,228M EUR.
   - EBITDA grew by approximately 10.2%.

3. **Leverage Ratio Analysis (Net Debt / EBITDA)**:
   - **2021 Leverage**: 55,045M / 12,006M ≈ 4.59x
   - **2022 Leverage**: 65,262M / 13,228M ≈ 4.93x

Even if adjustments for items like pensions, leases (already part of financial liabilities here), or minority interests are factored in, the disproportionate growth in net debt compared to EBITDA indicates a rising leverage ratio. Since the leverage ratio has increased from the previous year, the trend is deteriorating.

<answer>Deteriorating</answer>