To estimate Moody's adjusted leverage trend for EDP, S.A. in 2022, we must look at the change in Adjusted Debt compared to Adjusted EBITDA.

1. **EBITDA:**
A proxy for EBITDA can be found in the line item "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE":
- For 2021: €3,723 million
- For 2022: €4,524 million
This represents a solid year-over-year EBITDA growth of approximately 21.5%.

2. **Debt:**
To calculate total reported financial borrowings:
- For 2021: Long-term borrowings (€15,300M) + Current borrowings (€1,518M) = €16,818 million.
- For 2022: Long-term borrowings (€15,783M) + Current borrowings (€4,240M) = €20,023 million.

Even when accounting for typical Moody's adjustments such as pension obligations and lease liabilities (using Right-of-Use assets as a proxy), we can observe the trend. 
Pension provisions decreased from €1,120 million in 2021 to €771 million in 2022, and lease liabilities increased from €1,007 million in 2021 to €1,320 million in 2022.
- Gross Adjusted Debt for 2021 roughly equates to €18,945 million.
- Gross Adjusted Debt for 2022 roughly equates to €22,114 million. 
This is a year-over-year gross debt growth of about 16.7%. 

When netting out cash and cash equivalents, the Net Debt grew even slower:
- Cash 2021: €3,222 million -> Net Adjusted Debt 2021: ~€15,723 million.
- Cash 2022: €4,900 million -> Net Adjusted Debt 2022: ~€17,214 million (+9.5%).

3. **Leverage (Debt / EBITDA):**
- Gross Leverage 2021: ~18,945 / 3,723 ≈ 5.09x
- Gross Leverage 2022: ~22,114 / 4,524 ≈ 4.89x
- Net Leverage 2021: ~15,723 / 3,723 ≈ 4.22x
- Net Leverage 2022: ~17,214 / 4,524 ≈ 3.80x

Because the company's EBITDA grew at a significantly faster rate (21.5%) than its adjusted debt profile (9.5% to 16.7%), the resulting leverage ratios (both on a gross and net basis) decreased. This indicates an improvement in the company's ability to cover its debt.

<answer>Improving</answer>