To determine Moody's adjusted leverage trend for ENEL - SPA, we assess the change in the company's Debt-to-EBITDA ratio from 2021 to 2022. 

**Step 1: Calculate EBITDA**
EBITDA can be approximated by adding back "Depreciation, Amortisation And Impairment Loss Recognised In Profit Or Loss" to "Profit Loss From Operating Activities".
- **2021 EBITDA**: EUR 7,551 million + EUR 8,507 million = EUR 16,058 million
- **2022 EBITDA**: EUR 11,193 million + EUR 7,447 million = EUR 18,640 million
EBITDA grew by approximately 16.1% year-over-year.

**Step 2: Calculate Gross Debt**
Gross Debt consists of "Longterm Borrowings", "Shortterm Borrowings", and the "Current Portion Of Longterm Borrowings".
- **2021 Gross Debt**: EUR 54,500 million + EUR 13,306 million + EUR 4,031 million = EUR 71,837 million
- **2022 Gross Debt**: EUR 68,191 million + EUR 18,392 million + EUR 2,835 million = EUR 89,418 million
Debt increased significantly by approximately 24.5%.

**Step 3: Evaluate Leverage Trend (Debt / EBITDA)**
- **2021 Leverage**: EUR 71,837 million / EUR 16,058 million ≈ 4.47x
- **2022 Leverage**: EUR 89,418 million / EUR 18,640 million ≈ 4.80x

*(Note: Including "Noncurrent Provisions For Employee Benefits" as adjusted debt or deducting "Cash And Cash Equivalents" for a net debt measure would yield 2021 Net Leverage at ~3.9x and 2022 Net Leverage at ~4.2x, following the exact same trend).*

Because total debt increased at a much faster rate than EBITDA, the leverage ratio increased in 2022, pointing to a deteriorating leverage profile.

<answer>Deteriorating</answer>