## Reasoning

Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA. Let me estimate these figures for both years to determine the trend.

### Adjusted Debt
Moody's typically includes:
- Total reported debt (short-term + long-term borrowings)
- Lease liabilities (operating and finance)
- Pension obligations and other adjustments

**End of 2021 (2022-01-01):**
- Long-term borrowings: 5,805M
- Current borrowings: 1,324M
- Current overdrafts: 351M
- Non-current lease liabilities: 1,473M
- Current lease liabilities: 362M
- Total debt + leases: 5,805 + 1,324 + 351 + 1,473 + 362 = 9,315M

**End of 2022 (2023-01-01):**
- Long-term borrowings: 11,586M
- Current borrowings: 1,361M
- Current overdrafts: 418M
- Non-current lease liabilities: 2,107M
- Current lease liabilities: 498M
- Total debt + leases: 11,586 + 1,361 + 418 + 2,107 + 498 = 15,970M

This is a massive increase in debt, largely driven by the acquisition activity (€6.27B in cash used for obtaining control of subsidiaries in 2022, likely the Equans acquisition).

### Adjusted EBITDA
Moody's adjusted EBITDA typically starts with operating profit and adds back D&A, and makes other adjustments.

**FY2021 (2021-01-01 to 2022-01-01):**
- Operating profit: 1,733M
- D&A: 2,065M
- ROU depreciation: 353M
- EBITDA (approximate): 1,733 + 2,065 + 353 = 4,151M
- Less lease depreciation for Moody's (they may subtract lease payments instead): Moody's typically adds back lease depreciation but then also treats lease payments as debt service. For leverage, they include leases in debt and include lease-related EBITDA.
- Approximate Moody's EBITDA: ~4,151M

**FY2022 (2022-01-01 to 2023-01-01):**
- Operating profit: 1,872M
- D&A: 2,228M
- ROU depreciation: 446M
- EBITDA (approximate): 1,872 + 2,228 + 446 = 4,546M

### Leverage Calculation

**End of 2021:**
- Adjusted Debt / EBITDA ≈ 9,315 / 4,151 ≈ 2.2x

**End of 2022:**
- Adjusted Debt / EBITDA ≈ 15,970 / 4,546 ≈ 3.5x

The leverage has increased significantly from approximately 2.2x to 3.5x. This is a substantial deterioration, primarily driven by the large increase in debt related to the Equans acquisition (goodwill jumped from €7.4B to €12.6B, and total assets went from €44.6B to €60.6B). Net debt went from €941M to €7,440M.

Even though EBITDA grew modestly, the debt increase far outpaced earnings growth, leading to a clear deterioration in leverage metrics.

<answer>Deteriorating</answer>