Based on the reported figures, net debt (total financial liabilities minus cash) decreased from €6,523 million at end‑2021 to €6,454 million at end‑2022, while EBITDA (operating profit plus depreciation & amortisation) fell marginally from €1,514 million to €1,507 million. Consequently, the net‑debt‑to‑EBITDA ratio shifted only slightly from about 4.31x to 4.29x, essentially unchanged. Additional adjustments (e.g., for provisions) show a similar modest change. Therefore, Moody's adjusted leverage appears essentially stable.

<answer>Stable</answer>