To estimate Moody’s adjusted leverage trend for EDP, S.A. for 2022, we analyze the relationship between its debt and earnings/cash flow.

1.  **Debt Analysis:**
    *   "Longterm Borrowings" increased from 15,299,588,000 EUR (2022-01-01) to 15,782,604,000 EUR (2023-01-01).
    *   "Current Borrowings And Current Portion Of Noncurrent Borrowings" increased significantly from 1,518,348,000 EUR to 4,239,869,000 EUR.
    *   "Other Noncurrent Financial Liabilities" increased from 3,039,975,000 EUR to 5,159,496,000 EUR.
    *   Total liabilities increased from 37,016,587,000 EUR to 44,981,803,000 EUR. 
    *   The overall debt burden, including financial liabilities, grew substantially during the year.

2.  **Earnings/EBITDA Analysis:**
    *   "Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" (a proxy for operating profit/EBITDA before items) increased from 1,930,785,000 EUR to 2,529,993,000 EUR (approx. 31% growth).
    *   While earnings grew, the growth in debt (particularly short-term borrowings and other financial liabilities) outpaced the growth in operating results. 

3.  **Leverage Trend:**
    *   Moody’s leverage metrics typically focus on Debt/EBITDA and CFF/Debt. The sharp rise in borrowings relative to the increase in operating profit suggests that the company’s net debt profile has expanded significantly. Even with operational improvements, the increase in total financial liabilities and the change in current borrowings represent a meaningful increase in financial risk compared to 2021. Therefore, the leverage trend is considered to be deteriorating.

<answer>Deteriorating</answer>