I need to estimate Moody's adjusted leverage trend for 2022. Let me analyze the key data points.

First, let me understand what we're looking at. The dates 2022-01-01 and 2023-01-01 represent beginning and end of 2022, so the period 2022-01-01 to 2023-01-01 is fiscal year 2022.

**Key Balance Sheet Items:**

| Item | Start 2022 (2022-01-01) | End 2022 (2023-01-01) |
|------|------------------------|----------------------|
| Total Assets | 53,077.3M | 73,304.1M |
| Total Equity | 12,770.0M | 14,866.9M |
| Noncurrent Liabilities | 16,490.8M | 29,233.5M |
| Current Liabilities | 23,816.5M | 29,203.7M |
| Total Liabilities | 40,307.3M | 58,437.2M |

**Debt Components:**

| Item | Start 2022 | End 2022 |
|------|-----------|---------|
| Noncurrent Financial Liabilities (excl. concession) | 10,462.5M | 19,692.1M |
| Current Financial Liabilities (excl. concession) | 8,624.3M | 6,521.4M |
| Noncurrent Lease Liabilities | 1,298.1M | 1,656.2M |
| Current Lease Liabilities | 410.6M | 496.5M |
| Noncurrent Concession Liabilities | 1,588.4M | 1,680.5M |
| Current Concession Liabilities | 169.4M | 243.2M |

**Total Debt-like Liabilities:**
- Start 2022: 10,462.5 + 8,624.3 + 1,298.1 + 410.6 + 1,588.4 + 169.4 = 22,553.3M
- End 2022: 19,692.1 + 6,521.4 + 1,656.2 + 496.5 + 1,680.5 + 243.2 = 30,289.9M

**Moody's Adjusted Debt Considerations:**
Moody's typically adjusts debt to include:
- Reported debt
- Pension liabilities (often under noncurrent provisions)
- Operating lease liabilities (already included under IFRS 16)
- Hybrid securities (deeply subordinated securities - partially equity treated)

Deeply Subordinated Securities (Hybrid Debt):
- Start 2022: 2,460.7M
- End 2022: 3,496.3M

**Debt/EBITDA Analysis:**

EBITDA proxy from cash flow:
- Operating Income before equity method: 2,206.3M (2022)
- Operating Depreciation & Amortization: 3,178.6M (2022)

EBITDA ≈ 2,206.3 + 3,178.6 = 5,384.9M for 2022

For 2021 (prior year):
- Operating Income before equity method: 1,212.7M
- Operating Depreciation & Amortization: 2,117.2M
- EBITDA ≈ 3,329.9M

**Leverage Ratios:**

Total Debt/EBITDA:
- 2021: ~22,553M / 3,330M = 6.8x
- 2022: ~30,290M / 5,385M = 5.6x

Wait - this shows improvement, but let me reconsider. The massive increase in assets and debt is largely due to the Suez acquisition. Let me look more carefully.

Actually, looking at the revenue jump from 28.5B to 42.9B (50% increase), this confirms the Suez acquisition significantly expanded the balance sheet.

**Key observations for leverage trend:**

1. **Debt/EBITDA**: The ratio appears to decrease from ~6.8x to ~5.6x, suggesting improvement

2. However, let me check if EBITDA quality changed:
   - Revenue grew 50%
   - Operating income grew 82%
   - This suggests margin improvement and operational integration benefits

3. **Debt composition**: 
   - Noncurrent financial liabilities nearly doubled (10.4B → 19.7B)
   - But current financial liabilities decreased (8.6B → 6.5B)
   - Net debt position changed significantly

4. **Cash position**: Cash decreased from 10,518.7M to 9,012.2M despite higher operations

5. **Free Cash Flow**: Operating cash flow 4,148M vs. Industrial capex 2,784M = ~1,364M positive

**Moody's Specific Adjustments:**
- Moody's would likely treat 50% of hybrid debt as debt: 
  - 2021: 1,230M additional debt
  - 2022: 1,748M additional debt

Adjusted Debt:
- 2021: ~23,783M
- 2022: ~32,038M

Adjusted Debt/EBITDA:
- 2021: 23,783/3,330 = 7.1x
- 2022: 32,038/5,385 = 5.9x

Still showing improvement.

However, I need to consider:
- The Suez integration risk
- Working capital absorption
- Discontinued operations loss of 78.6M
- Goodwill increase (6.2B → 11.6B) indicating significant acquisition premium

Looking more carefully at credit metrics:
- Interest coverage: Operating income/Net finance costs
  - 2021: 1,212.7/342.6 = 3.5x
  - 2022: 2,206.3/632.7 = 3.5x (stable)

- FFO/Debt: 
  - Operating cash flow / total debt
  - 2021: 3,147/22,553 = 14%
  - 2022: 4,148/30,290 = 13.7% (slight deterioration)

- Debt/Book Equity:
  - 2021: 22,553/12,770 = 1.76x
  - 2022: 30,290/14,867 = 2.04x (deterioration)

The equity increase was partly from hybrid issuance and share issuance, not purely from retained earnings.

Given the massive balance sheet expansion from Suez, the integration execution risk, and the increase in gross leverage on balance sheet despite EBITDA growth, Moody's would likely view this cautiously. The FFO/debt slight decline and debt/equity increase suggest the leverage trend is not clearly improving.

However, the EBITDA growth outpaced debt growth, and the operational integration appears to be generating synergies (operating margin improvement from 4.3% to 5.1%).

Actually, re-examining: Debt/EBITDA improved from ~6.8x to ~5.6x (unadjusted) or 7.1x to 5.9x (adjusted). This is meaningful deleveraging through EBITDA growth.

But wait - I need to check if 2022 numbers include full year Suez or just partial. The revenue jump to 42.9B suggests nearly full year consolidation.

Given:
1. Debt/EBITDA improved
2. Operating margins improved
3. Cash flow generation strong
4. But balance sheet significantly more leveraged in absolute terms
5. Integration risks remain

For a rating agency like Moody's, the trend would likely be viewed as **Stable to Improving** based on deleveraging trajectory, but with caution due to integration execution.

Given the explicit deleveraging from 7.1x to 5.9x adjusted Debt/EBITDA and improving operational metrics, the trend is **Improving**.

<answer>Improving</answer>