To determine Moody's adjusted leverage trend for 2022, we first calculate the Total Debt and EBITDA for both 2021 (ending 2022-01-01) and 2022 (ending 2023-01-01).

**1. Calculate Total Debt**
*Total Debt = Long-term Borrowings + Current Borrowings*
- **2021:** 2,390,852,000 EUR + 375,221,000 EUR = 2,766,073,000 EUR
- **2022:** 1,695,362,000 EUR + 638,944,000 EUR = 2,334,306,000 EUR
Total Debt decreased by approximately 431.8 million EUR.

**2. Calculate EBITDA**
*EBITDA ≈ Profit/Loss From Operating Activities + Depreciation and Amortisation Expense*
- **2021:** 218,863,000 EUR + 241,940,000 EUR = 460,803,000 EUR
- **2022:** 239,721,000 EUR + 249,276,000 EUR = 488,997,000 EUR
EBITDA increased by approximately 28.2 million EUR.

**3. Calculate Leverage Ratio (Gross Debt / EBITDA)**
- **2021 Leverage Ratio:** 2,766,073,000 / 460,803,000 ≈ 6.00x
- **2022 Leverage Ratio:** 2,334,306,000 / 488,997,000 ≈ 4.77x

*(Using Net Debt / EBITDA would similarly yield a drop from approximately 5.14x to 4.03x due to steady cash balances of 398M and 365M respectively).*

Since the adjusted leverage ratio decreased from 6.00x in 2021 to 4.77x in 2022, driven by both a strong reduction in debt and an increase in EBITDA, the company's leverage profile strengthened.

<answer>Improving</answer>