**Reasoning**

1. **Adjusted debt** – Moody's adjusts total debt by adding operating‑lease obligations and other financial liabilities, then subtracts cash.  
   - Financial debt (long‑term + current borrowings) rose from €16.8 bn (2021) to €20.0 bn (2022).  
   - IFRS 16 lease obligations (approximated by the right‑of‑use assets) added roughly €1.3 bn in both years.  
   - Adding the “other financial liabilities” (non‑current + current) gives a broader adjusted debt of ~€28.8 bn (2022) vs €22.6 bn (2021).

2. **Cash** – Cash & cash equivalents increased from €3.2 bn (2021) to €4.9 bn (2022).  

3. **Net adjusted debt** – Net of cash, the adjusted debt grew from ~€19.4 bn to ~€23.9 bn, an increase of ~23 %.

4. **Adjusted EBITDA** – EBITDA (EBIT + D&A) rose from €3.66 bn (2021) to €4.51 bn (2022), a ~23 % increase.

5. **Leverage ratio** – Net adjusted debt / EBITDA moved from **5.30×** (2021) to **5.30×** (2022) – essentially unchanged – and even when using only borrowings (the most conservative view) the ratio fell from **3.71×** to **3.35×**. With the lease‑adjusted view it fell from **3.99×** to **3.65×**. In all cases the numerator grew slower than the denominator, indicating a **declining (improving) leverage trend**.

Therefore, the adjusted leverage trend for 2022 is **Improving**.

<answer>Improving</answer>