I'll analyze Moody's adjusted leverage trend for 2022 by examining key metrics that Moody's typically uses to assess leverage.

## Key Metrics Analysis

### Debt Levels
**2022 (end):**
- Long-term Borrowings: €13,786M
- Current Borrowings: €1,493M
- Total Borrowings: ~€15,279M
- Lease Liabilities (NC + C): €1,325M + €196M = €1,521M

**2023 (end):**
- Long-term Borrowings: €12,689M
- Current Borrowings: €2,110M
- Total Borrowings: ~€14,799M
- Lease Liabilities (NC + C): €1,309M + €177M = €1,486M

Total debt decreased from ~€16,800M to ~€16,285M, a modest reduction.

### EBITDA
- 2021-2022: €3,529M
- 2022-2023: €4,954M (significant increase of ~40%)

### Debt/EBITDA (approximate Moody's adjusted)
- 2022: ~€16,800M / €3,529M ≈ 4.8x
- 2023: ~€16,285M / €4,954M ≈ 3.3x

This represents a significant improvement in leverage.

### Cash Flow from Operations
- 2021-2022: €1,001M (weak, impacted by working capital)
- 2022-2023: €4,242M (massive improvement)

### FFO/Debt
Operating cash flows improved dramatically, and debt decreased modestly. This means FFO/Debt improved substantially.

### Interest Coverage (EBITDA/Interest)
- 2022: €3,529M / €598M ≈ 5.9x
- 2023: €4,954M / €837M ≈ 5.9x (stable despite higher interest costs)

### Overall Assessment
The leverage trend for 2022 (comparing the fiscal year ending 2023 vs 2022) shows:
1. EBITDA grew ~40%
2. Debt declined modestly
3. Debt/EBITDA improved from ~4.8x to ~3.3x
4. Operating cash flow improved dramatically
5. Equity increased from €8,873M to €9,979M

All key Moody's leverage indicators point to significant improvement.

<answer>Improving</answer>