To estimate the Moody’s adjusted leverage trend for Acciona S.A. in 2022, we examine the evolution of debt and earnings:

1. **Debt Levels**: We analyze the "Noncurrent Liabilities" and "Current Liabilities." 
   - Total Noncurrent Liabilities increased from 7,131,000,000 EUR (2022-01-01) to 8,467,000,000 EUR (2023-01-01).
   - Total Current Liabilities increased from 6,915,000,000 EUR to 7,824,000,000 EUR.
   - Significant components of debt (Noncurrent and Current Loans Received) show growth:
     - Noncurrent portion: 2,073,000,000 EUR to 2,624,000,000 EUR.
     - Current portion: 280,000,000 EUR to 553,000,000 EUR.
   - Overall, absolute debt levels have risen substantially.

2. **Earnings (Profitability)**:
   - "Profit Loss From Operating Activities" increased from 829,000,000 EUR to 1,334,000,000 EUR.
   - "Profit Loss Before Tax" increased from 575,000,000 EUR to 869,000,000 EUR.
   - "Revenue" grew from 8,104,000,000 EUR to 11,195,000,000 EUR.

3. **Analysis**: While the company's profitability and revenue grew significantly, the expansion of the business (evidenced by the increase in "Property Plant And Equipment" from 8.07 billion to 9.49 billion EUR) was funded by a proportional or larger increase in total liabilities. Moody's adjusted leverage typically considers total debt relative to EBITDA. Although operating profit improved, the scale of debt growth (Total Liabilities rose from ~14 billion to ~16.3 billion) outpaces the growth in earnings margins, indicating that the leverage metric is likely under pressure or rising as the company invests in its asset base. Given the significant rise in absolute debt levels compared to the growth in earnings, the trend is viewed as deteriorating.

<answer>Deteriorating</answer>