To estimate Moody’s adjusted leverage trend for Acciona SA in 2022, we need to calculate the leverage ratio for the current year (ending 2023-01-01, which represents the 2022 fiscal year) and the prior year (ending 2022-01-01, which represents the 2021 fiscal year).

Moody’s adjusted leverage is typically defined as **Adjusted Debt / Adjusted EBITDA**.

**Step 1: Calculate Adjusted Debt**
Adjusted Debt generally includes interest-bearing debt (both current and non-current) and may include other adjustments like lease liabilities or preferred equity depending on the specific methodology. For a standard estimation using the provided data:
*   **Debt Components:**
    *   Noncurrent Loans Received
    *   Current Loans Received And Current Portion Of Noncurrent Loans Received
    *   Noncurrent Lease Liabilities
    *   Current Lease Liabilities
    *   Participaciones Preferentes (Preferred Securities/Debt-like instruments): "Participaciones Preferentes Obligaciones YOtros Valores Negociables" (Both Current and Noncurrent). Moody's often treats hybrid instruments like preferred shares as debt if they have mandatory distributions or are perpetual. Given the label "Obligaciones" (Bonds/Obligations), these are likely treated as debt.

*   **2022 Fiscal Year (Data at 2023-01-01):**
    *   Noncurrent Loans: 2,624 million EUR
    *   Current Loans: 553 million EUR
    *   Noncurrent Lease Liab: 439 million EUR
    *   Current Lease Liab: 72 million EUR
    *   Noncurrent Preferred/Debt Securities: 3,101 million EUR
    *   Current Preferred/Debt Securities: 1,139 million EUR
    *   **Total Adjusted Debt 2022** = 2,624 + 553 + 439 + 72 + 3,101 + 1,139 = **7,928 million EUR**

*   **2021 Fiscal Year (Data at 2022-01-01):**
    *   Noncurrent Loans: 2,073 million EUR
    *   Current Loans: 280 million EUR
    *   Noncurrent Lease Liab: 430 million EUR
    *   Current Lease Liab: 68 million EUR
    *   Noncurrent Preferred/Debt Securities: 2,364 million EUR
    *   Current Preferred/Debt Securities: 1,666 million EUR
    *   **Total Adjusted Debt 2021** = 2,073 + 280 + 430 + 68 + 2,364 + 1,666 = **6,881 million EUR**

**Step 2: Calculate Adjusted EBITDA**
EBITDA is Earnings Before Interest, Taxes, Depreciation, and Amortization.
From the Income Statement data:
*   **Profit Loss From Operating Activities** is often a starting point, but we need to add back D&A.
*   Alternatively, calculate from Revenue and Expenses.
    *   Revenue - Operating Expenses (excluding D&A) = EBITDA.
    *   Or: Profit from Operating Activities + Depreciation/Amortization.

Let's use the provided "Profit Loss From Operating Activities" and add back "Dotacion Amortizacion YVariacion De Provisiones" (Depreciation, Amortization, and Provision changes). Note: "Dotacion... Provisiones" includes provision changes which are non-cash but might not be strictly D&A. However, in many simplified contexts, this line item serves as the D&A proxy. A more precise EBITDA calculation would be:
EBITDA = Revenue - Raw Materials - Employee Benefits - Other Expense (excluding D&A/Provisions).
The line "Other Expense By Nature" likely includes D&A and provisions. The line "Dotacion Amortizacion YVariacion De Provisiones" is explicitly broken out.
Let's assume:
EBITDA = Profit Loss From Operating Activities + Dotacion Amortizacion YVariacion De Provisiones.
*Wait*, "Profit Loss From Operating Activities" is usually EBIT. If we add back D&A, we get EBITDA.
Let's check the sign. "Dotacion" is an expense. So it was subtracted to get Operating Profit. Adding it back gives EBITDA.

*   **2022 Fiscal Year (2022-01-01 to 2023-01-01):**
    *   Profit Loss From Operating Activities: 1,334 million EUR
    *   Dotacion Amortizacion YVariacion De Provisiones: 762 million EUR
    *   **EBITDA 2022** = 1,334 + 762 = **2,096 million EUR**
    *   *Refinement*: Moody's often adds back other non-cash items or adjusts for equity income. "Resultado De Puesta En Equivalencia Operativa" (Equity method income) is 159 million. This is non-cash operating income included in Operating Profit. Strictly speaking, EBITDA should exclude equity income if we are looking at core operational cash generation, or we treat it as part of EBITDA. However, the cash flow from these is in investing/operating depending on dividends. Let's stick to the standard EBITDA proxy first.
    *   Also, "Impairment Loss" is -15 million (a gain/reversal). This reduced expenses, increasing profit. To get to a cash-like metric, we might subtract this gain. But it's small.
    *   Let's use **2,096 million EUR** as the base EBITDA.

*   **2021 Fiscal Year (2021-01-01 to 2022-01-01):**
    *   Profit Loss From Operating Activities: 829 million EUR
    *   Dotacion Amortizacion YVariacion De Provisiones: 714 million EUR
    *   **EBITDA 2021** = 829 + 714 = **1,543 million EUR**

**Step 3: Calculate Leverage Ratios**

*   **2022 Leverage** = Adjusted Debt / EBITDA = 7,928 / 2,096 ≈ **3.78x**
*   **2021 Leverage** = Adjusted Debt / EBITDA = 6,881 / 1,543 ≈ **4.46x**

**Step 4: Determine Trend**
The leverage ratio decreased from approximately 4.46x in 2021 to 3.78x in 2022.
A decrease in leverage indicates that the company is generating more earnings relative to its debt burden, or paying down debt faster than it is accumulating, or a combination. In this case, EBITDA grew significantly (from 1,543 to 2,096, a ~36% increase) while Debt grew moderately (from 6,881 to 7,928, a ~15% increase). The denominator grew faster than the numerator.

Therefore, the leverage trend is **Improving**.

<answer>Improving</answer>