I need to estimate Moody's adjusted leverage trend for 2022. Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA.

Let me calculate the key components for both years.

**EBITDA Calculation:**

EBITDA ≈ Operating Profit + Depreciation & Amortization

For 2021 (period 2021-01-01 to 2022-01-01):
- Operating Profit: 583,231M EUR
- D&A: 445,251M EUR
- EBITDA ≈ 583,231 + 445,251 = 1,028,482M EUR

For 2022 (period 2022-01-01 to 2023-01-01):
- Operating Profit: 641,338M EUR
- D&A: 479,186M EUR
- EBITDA ≈ 641,338 + 479,186 = 1,120,524M EUR

**Debt Calculation:**

Moody's adjusted debt typically includes reported debt plus operating lease adjustments (though IFRS 16 already capitalizes leases), pension obligations, and other adjustments.

At 2022-01-01 (start of 2022):
- Short-term financial liabilities: 591,188M
- Long-term financial liabilities: 5,785,707M
- Other current financial liabilities: 290M
- Other noncurrent financial liabilities: 6,283M
- Total reported debt ≈ 6,383,468M
- Pension obligations: 95,648M
- Gross debt + pensions ≈ 6,479,116M

At 2023-01-01 (end of 2022):
- Short-term financial liabilities: 142,437M
- Long-term financial liabilities: 6,402,913M
- Other current financial liabilities: 290M
- Other noncurrent financial liabilities: 34M
- Total reported debt ≈ 6,545,674M
- Pension obligations: 69,917M
- Gross debt + pensions ≈ 6,615,591M

**Leverage Ratios:**

For 2021 period (using balance sheet at 2022-01-01):
- Adjusted Debt/EBITDA ≈ 6,479,116 / 1,028,482 ≈ 6.30x

For 2022 period (using balance sheet at 2023-01-01):
- Adjusted Debt/EBITDA ≈ 6,615,591 / 1,120,524 ≈ 5.90x

Also considering net debt:
At 2022-01-01: Cash = 1,391,763M → Net debt ≈ 6,479,116 - 1,391,763 = 5,087,353M
At 2023-01-01: Cash = 451,946M → Net debt ≈ 6,615,591 - 451,946 = 6,163,645M

Net Debt/EBITDA:
- 2021: 5,087,353 / 1,028,482 ≈ 4.95x
- 2022: 6,163,645 / 1,120,524 ≈ 5.50x

On a net debt basis, leverage has deteriorated significantly (from ~4.95x to ~5.50x), driven largely by the significant decrease in cash (used for acquisitions - note the large investing cash outflows of 1,283,826M including 874,741M in acquisitions).

On a gross debt basis, leverage improved slightly from ~6.30x to ~5.90x due to EBITDA growth outpacing debt growth.

However, Moody's typically focuses on gross debt adjusted metrics for utilities. The gross debt increased modestly while EBITDA grew more significantly. But when considering the massive cash drawdown and the net leverage picture, plus the large acquisition spending funded partly by cash, the overall picture is mixed to deteriorating.

Given the significant increase in net debt (cash declined by ~940M) and the large acquisition-driven increase in total obligations, despite EBITDA growth, the net leverage deteriorated materially from ~4.95x to ~5.50x. Moody's would likely view the increased acquisition-related debt burden and cash drawdown as deteriorating leverage.

<answer>Deteriorating</answer>