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 2022 (period 2022-01-01 to 2023-01-01):
- Operating Profit: 961,554M EUR
- D&A: 544,992M EUR
- EBITDA = 961,554 + 544,992 = 1,506,546M EUR

For 2021 (period 2021-01-01 to 2022-01-01):
- Operating Profit: 991,970M EUR
- D&A: 522,114M EUR
- EBITDA = 991,970 + 522,114 = 1,514,084M EUR

**Debt Calculation:**

Moody's adjusted debt typically includes total reported debt plus adjustments for operating leases, pensions, etc. Using the balance sheet data:

For end of 2022 (2023-01-01):
- Long-term borrowings: 5,491,124M
- Current borrowings: 721,845M
- Other noncurrent financial liabilities: 52,631M
- Other current financial liabilities: 983,432M
- Total debt ≈ 5,491,124 + 721,845 + 52,631 + 983,432 = 7,249,032M EUR

For end of 2021 (2022-01-01):
- Long-term borrowings: 5,896,170M
- Current borrowings: 1,391,722M
- Other noncurrent financial liabilities: 57,264M
- Other current financial liabilities: 752,703M
- Total debt ≈ 5,896,170 + 1,391,722 + 57,264 + 752,703 = 8,097,859M EUR

**Leverage Ratios:**

End 2022: 7,249,032 / 1,506,546 = ~4.81x
End 2021: 8,097,859 / 1,514,084 = ~5.35x

The debt decreased significantly from ~8.1B to ~7.2B, while EBITDA remained relatively stable (slight decrease). The leverage ratio improved from ~5.35x to ~4.81x.

However, let me also consider a simpler approach focusing on gross borrowings only:

End 2022: (5,491,124 + 721,845) = 6,212,969M
End 2021: (5,896,170 + 1,391,722) = 7,287,892M

Leverage end 2022: 6,212,969 / 1,506,546 = 4.12x
Leverage end 2021: 7,287,892 / 1,514,084 = 4.81x

Either way, leverage improved notably due to significant debt reduction. The company also had a large equity increase (from capital-related transactions of ~961M EUR including what appears to be a capital raise through treasury share transactions of ~1B EUR).

The trend is clearly **improving** - debt decreased materially while EBITDA remained roughly stable, leading to lower leverage ratios.

<answer>Improving</answer>