To estimate the trend for Moody’s adjusted leverage for Iberdrola in 2022, we examine the evolution of the company's financial profile based on the provided data:

1.  **Debt Profile:** "Noncurrent Financial Liabilities" increased significantly from 37,175,000,000 EUR to 44,216,000,000 EUR. "Current Financial Liabilities" also rose from 21,297,000,000 EUR to 25,079,000,000 EUR. Total financial debt (excluding lease liabilities and other specific adjustments) clearly shows an upward trajectory.
2.  **Cash Flow Generation:** "Cash Flows From Used In Operating Activities" increased from 8,106,000,000 EUR to 10,443,000,000 EUR. While this shows strong operational performance, the growth in net debt (driven by large capital expenditure and acquisition activities reflected in the cash flow statement) appears to outpace the growth in core profitability (EBITDA increased from 12,006,000,000 EUR to 13,228,000,000 EUR).
3.  **Leverage Ratios:** Moody’s typically uses Debt/EBITDA as a core metric. Calculating a rough proxy for Net Debt:
    *   2022 Net Debt (approximate): (44,216M + 25,079M - 4,608M cash) ≈ 64,687M
    *   2021 Net Debt (approximate): (37,175M + 21,297M - 4,033M cash) ≈ 54,439M
    The increase in net debt is approximately 10.2 billion EUR, while the increase in EBITDA is approximately 1.2 billion EUR. This suggests that the leverage ratio (Net Debt / EBITDA) has increased compared to the previous year.

Given that the growth in debt is significantly higher relative to the growth in EBITDA, the financial risk profile has trended toward higher leverage.

<answer>Deteriorating</answer>