To estimate the trend in Moody’s adjusted leverage for EDP, S.A. in 2022, we must analyze the change in the ratio of Adjusted Debt to Adjusted EBITDA (or a similar earnings metric) from 2021 to 2022. Moody's adjusted leverage typically uses Debt / (EBITDA + other adjustments). We will approximate this using the provided financial data.

**Step 1: Calculate Adjusted Debt (Net Debt or Gross Debt)**
Moody's often looks at Gross Debt or Net Debt. Let's look at the balance sheet items for "Longterm Borrowings" and "Current Borrowings".

*   **2021 (End of 2021 / Start of 2022):**
    *   Long-term Borrowings: 15,299,588,000 EUR
    *   Current Borrowings: 1,518,348,000 EUR
    *   Total Gross Debt (approx): 15,299,588,000 + 1,518,348,000 = 16,817,936,000 EUR
    *   Cash and Cash Equivalents: 3,222,409,000 EUR
    *   Net Debt (approx): 16,817,936,000 - 3,222,409,000 = 13,595,527,000 EUR

*   **2022 (End of 2022 / Start of 2023):**
    *   Long-term Borrowings: 15,782,604,000 EUR
    *   Current Borrowings: 4,239,869,000 EUR
    *   Total Gross Debt (approx): 15,782,604,000 + 4,239,869,000 = 20,022,473,000 EUR
    *   Cash and Cash Equivalents: 4,900,205,000 EUR
    *   Net Debt (approx): 20,022,473,000 - 4,900,205,000 = 15,122,268,000 EUR

*   **Change in Debt:**
    *   Gross Debt increased by ~3.2 billion EUR.
    *   Net Debt increased by ~1.5 billion EUR.
    *   This indicates an increase in the numerator of the leverage ratio.

**Step 2: Calculate Adjusted EBITDA (or Proxy)**
A common proxy for the denominator in leverage ratios is EBITDA. We can derive EBITDA from "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" (which is effectively EBITDA before other adjustments) or construct it from Operating Profit.

Let's use the line item: "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE". This represents EBITDA before specific adjustments.

*   **2021:** 3,723,050,000 EUR
*   **2022:** 4,523,539,000 EUR

Let's also look at "Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" (EBIT):
*   **2021:** 1,930,785,000 EUR
*   **2022:** 2,529,993,000 EUR

And Depreciation/Amortization:
*   **2021:** 1,731,755,000 EUR
*   **2022:** 1,979,007,000 EUR

EBITDA (2021) ≈ 1,930,785,000 + 1,731,755,000 = 3,662,540,000 EUR (Close to the 3,723M figure provided).
EBITDA (2022) ≈ 2,529,993,000 + 1,979,007,000 = 4,509,000,000 EUR (Close to the 4,523M figure provided).

*   **Change in EBITDA:**
    *   Increase from ~3,723M to ~4,523M.
    *   Percentage increase: (4,523 - 3,723) / 3,723 ≈ 21.5%

**Step 3: Analyze the Leverage Ratio Trend**

*   **2021 Leverage (Net Debt / EBITDA):**
    *   13,595,527,000 / 3,723,050,000 ≈ **3.65x**

*   **2022 Leverage (Net Debt / EBITDA):**
    *   15,122,268,000 / 4,523,539,000 ≈ **3.34x**

*   **2021 Leverage (Gross Debt / EBITDA):**
    *   16,817,936,000 / 3,723,050,000 ≈ **4.52x**

*   **2022 Leverage (Gross Debt / EBITDA):**
    *   20,022,473,000 / 4,523,539,000 ≈ **4.43x**

**Reasoning:**
Although the absolute debt levels (both gross and net) increased significantly in 2022, the company's earnings (EBITDA) grew at a faster percentage rate (approx. 21.5%) compared to the growth in Net Debt (approx. 11.2%) and Gross Debt (approx. 19.0%). Consequently, both the Net Debt/EBITDA and Gross Debt/EBITDA ratios decreased from 2021 to 2022. A decrease in the leverage ratio indicates an improvement in the company's ability to cover its debt obligations with its operating earnings. Therefore, the leverage trend is improving.

<answer>Improving</answer>