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 work through the key components:

**EBITDA Calculation:**

EBITDA ≈ Profit from Operating Activities + Depreciation, Amortization & Provisions

For 2022 (period 2022-01-01 to 2023-01-01):
- Operating Profit: 533,800M EUR
- Amortisation, Depreciation and Provisions: 667,100M EUR
- EBITDA ≈ 533,800 + 667,100 = 1,200,900M EUR

For 2021 (period 2021-01-01 to 2022-01-01):
- Operating Profit: 611,700M EUR
- Amortisation, Depreciation and Provisions: 612,100M EUR
- EBITDA ≈ 611,700 + 612,100 = 1,223,800M EUR

EBITDA decreased slightly from ~1,224M to ~1,201M.

**Debt Calculation:**

Moody's adjusted debt typically includes financial liabilities plus lease liabilities (and potentially pension adjustments).

As of 2023-01-01 (end of 2022):
- Noncurrent Financial Liabilities: 5,689,900M
- Current Financial Liabilities: 650,100M
- Noncurrent Lease Liabilities: 55,100M
- Current Lease Liabilities: 21,300M
- Pension obligations: 92,000M
- Less: Cash: 1,942,400M (Moody's typically doesn't net all cash, but let's consider gross debt first)
- Gross Debt ≈ 5,689,900 + 650,100 + 55,100 + 21,300 + 92,000 = 6,508,400M

As of 2022-01-01 (end of 2021):
- Noncurrent Financial Liabilities: 3,716,000M
- Current Financial Liabilities: 499,700M
- Noncurrent Lease Liabilities: 53,200M
- Current Lease Liabilities: 43,400M
- Pension obligations: 105,400M
- Gross Debt ≈ 3,716,000 + 499,700 + 53,200 + 43,400 + 105,400 = 4,417,700M

**Leverage Ratios:**

End of 2022: 6,508,400 / 1,200,900 ≈ 5.4x
End of 2021: 4,417,700 / 1,223,800 ≈ 3.6x

The leverage has increased significantly from approximately 3.6x to 5.4x. The main driver is the massive increase in noncurrent financial liabilities (from 3,716M to 5,690M), largely driven by new borrowings of 2,127M in 2022.

Even if we net some cash:
- End 2022 net debt: 6,508,400 - 1,942,400 = 4,566,000M → 4,566/1,201 ≈ 3.8x
- End 2021 net debt: 4,417,700 - 885,600 = 3,532,100M → 3,532/1,224 ≈ 2.9x

Either way, leverage has clearly increased. Additionally:
- Cash flow from operations dropped dramatically from 1,045M to 36M
- Working capital deteriorated significantly (-928M vs +48M)
- EBITDA decreased slightly while debt increased substantially

This clearly indicates a **deteriorating** leverage trend.

<answer>Deteriorating</answer>