I need to analyze Terna's financial leverage trend for 2022. Let me calculate key leverage metrics and compare them.

First, let me identify the relevant figures:

**Debt figures:**
- Long-term borrowings 2023-01-01: 8,416,700,000 EUR; 2022-01-01: 8,835,000,000 EUR
- Short-term borrowings 2023-01-01: 444,100,000 EUR; 2022-01-01: 1,947,000,000 EUR
- Current portion of long-term borrowings 2023-01-01: 1,909,300,000 EUR; 2022-01-01: 1,640,000,000 EUR

**Total Debt:**
- 2022 (end of year, i.e., 2023-01-01): 8,416,700,000 + 444,100,000 + 1,909,300,000 = 10,770,100,000 EUR
- 2021 (end of year, i.e., 2022-01-01): 8,835,000,000 + 1,947,000,000 + 1,640,000,000 = 12,422,000,000 EUR

**Equity:**
- 2023-01-01: 6,169,100,000 EUR
- 2022-01-01: 4,713,000,000 EUR

**Total Assets:**
- 2023-01-01: 22,802,900,000 EUR
- 2022-01-01: 22,359,200,000 EUR

**EBITDA/Operating Performance:**
- Profit Loss From Operating Activities 2022: 1,333,500,000 EUR; 2021: 1,200,400,000 EUR
- Depreciation Amortisation 2022: 725,700,000 EUR; 2021: 654,400,000 EUR
- Adjustments for depreciation in cash flow 2022: 736,100,000 EUR; 2021: 664,800,000 EUR

Let me calculate EBITDA:
- 2022: 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR
- 2021: 1,200,400,000 + 654,400,000 = 1,854,800,000 EUR

**Key Leverage Ratios:**

1. **Debt/Equity:**
   - 2022: 10,770,100,000 / 6,169,100,000 = 1.75x
   - 2021: 12,422,000,000 / 4,713,000,000 = 2.64x

2. **Debt/Total Assets:**
   - 2022: 10,770,100,000 / 22,802,900,000 = 47.2%
   - 2021: 12,422,000,000 / 22,359,200,000 = 55.6%

3. **Debt/EBITDA:**
   - 2022: 10,770,100,000 / 2,059,200,000 = 5.23x
   - 2021: 12,422,000,000 / 1,854,800,000 = 6.70x

4. **EBITDA/Interest (Interest coverage):**
   - Finance Costs 2022: 121,800,000; 2021: 95,800,000
   - 2022: 2,059,200,000 / 121,800,000 = 16.9x
   - 2021: 1,854,800,000 / 95,800,000 = 19.4x

Wait, let me reconsider. The interest coverage actually slightly decreased (19.4x to 16.9x), but the absolute debt levels decreased significantly.

Let me also check the Net Debt position by considering cash:
- Cash 2023-01-01: 2,155,100,000 EUR
- Cash 2022-01-01: 1,566,800,000 EUR

**Net Debt:**
- 2022: 10,770,100,000 - 2,155,100,000 = 8,615,000,000 EUR
- 2021: 12,422,000,000 - 1,566,800,000 = 10,855,200,000 EUR

**Net Debt/EBITDA:**
- 2022: 8,615,000,000 / 2,059,200,000 = 4.18x
- 2021: 10,855,200,000 / 1,854,800,000 = 5.85x

**Net Debt/Equity:**
- 2022: 8,615,000,000 / 6,169,100,000 = 1.40x
- 2021: 10,855,200,000 / 4,713,000,000 = 2.30x

All leverage metrics show significant improvement:
- Total debt decreased from 12.4B to 10.8B EUR
- Debt/Equity improved from 2.64x to 1.75x
- Net Debt/EBITDA improved from 5.85x to 4.18x
- Equity increased significantly (by ~31%)
- Total assets grew while debt declined

The equity increase was driven by:
- Strong profit retention (857M EUR profit)
- Hybrid bond issuance (989M EUR classified as equity)
- Positive other comprehensive income

Even though interest coverage slightly declined due to higher finance costs, the overall deleveraging is clear - debt reduction combined with equity growth and EBITDA improvement.

For Moody's adjusted leverage, they would focus on:
1. Gross debt reduction: Clear improvement
2. Net debt reduction: Clear improvement  
3. Debt/EBITDA: Clear improvement
4. Retained cash flow/debt: Likely improving

The trend is clearly improving.

<answer>Improving</answer>