Based on the financial data provided from Fortum Oyj's 2022 annual report, we can evaluate the Moody's adjusted leverage trend by looking at the company's debt and earnings.

First, let's look at the company's core earnings through the reported "Comparable EBITDA":
- **2021 Comparable EBITDA:** 2,016,000,000 EUR
- **2022 Comparable EBITDA:** 2,436,000,000 EUR
This shows that comparable operating performance (EBITDA) increased by roughly 21% year-over-year.

Next, we look at the gross financial debt, which is roughly the sum of non-current and current financial liabilities:
- **End of 2021 (2022-01-01):** 8,701,000,000 EUR (Non-current) + 8,519,000,000 EUR (Current) = 17,220,000,000 EUR
- **End of 2022 (2023-01-01):** 3,658,000,000 EUR (Non-current) + 4,127,000,000 EUR (Current) = 7,785,000,000 EUR

Due to the deconsolidation of Uniper, Fortum shed massive amounts of liabilities (total liabilities dropped dramatically from roughly 136 billion EUR to 15.9 billion EUR), and its gross financial debt was cut by more than half.

With total debt decreasing substantially from 17.2 billion EUR to 7.8 billion EUR, and Comparable EBITDA simultaneously rising from 2.0 billion EUR to 2.4 billion EUR, the Debt-to-EBITDA leverage ratio decreased significantly. A lower leverage ratio indicates a stronger ability to pay off incurred debt.

<answer>Improving</answer>