To estimate the trend in Moody’s adjusted leverage (Debt/EBITDA) for VERBUND AG in 2022, we examine the evolution of the core components:

1.  **EBITDA:** Reported EBITDA increased significantly from 1,578,959,000 EUR in 2021 to 3,160,679,000 EUR in 2022. This represents a growth of approximately 100%.
2.  **Debt (Financial Liabilities):** 
    *   Noncurrent financial liabilities increased from 1,202,154,000 EUR (at the start of 2021/end of 2020 context) to 1,834,155,000 EUR at the end of 2022.
    *   Current financial liabilities increased from 84,056,000 EUR to 1,462,453,000 EUR.
    *   Total reported financial debt (Current + Noncurrent) rose from roughly 1.286 billion EUR to 3.296 billion EUR. 
3.  **Leverage Ratio Analysis:** While the absolute amount of debt increased substantially (partly due to high derivative-related margin calls impacting cash and requiring financing), the EBITDA growth was exceptionally strong (doubling year-over-year). Even with the increase in gross financial liabilities, the EBITDA expansion outpaced the growth in debt metrics, leading to an improvement in the leverage profile for the 2022 fiscal year compared to 2021.

Given that the operating performance growth (EBITDA) was robust enough to absorb the increase in financial liabilities, the leverage trend is considered to be improving.

<answer>Improving</answer>