To estimate the trend of Moody's adjusted leverage for A2A S.p.A. for 2022, we analyze the company's adjusted debt and adjusted EBITDA. Moody's adjusted leverage is typically calculated as Adjusted Gross Debt / Adjusted EBITDA. 

1. **Adjusted Debt Calculation:**
   We calculate the reported gross debt by summing non-current and current financial liabilities, then adjusting for standard items such as pension liabilities (Noncurrent Provisions For Employee Benefits).
   - **2021 (Ending 2021-12-31 / 2022-01-01):**
     Other Noncurrent Financial Liabilities: €4,322 million
     Other Current Financial Liabilities: €746 million
     Noncurrent Provisions For Employee Benefits: €294 million
     *Adjusted Gross Debt 2021:* 4,322 + 746 + 294 = €5,362 million

   - **2022 (Ending 2022-12-31 / 2023-01-01):**
     Other Noncurrent Financial Liabilities: €5,867 million
     Other Current Financial Liabilities: €1,022 million
     Noncurrent Provisions For Employee Benefits: €248 million
     *Adjusted Gross Debt 2022:* 5,867 + 1,022 + 248 = €7,137 million

   Adjusted gross debt significantly increased by approximately 33% year-over-year, largely due to a substantial increase in borrowings during 2022.

2. **Adjusted EBITDA Calculation:**
   Using the reported Gross Operating Income (EBITDA) as the primary indicator:
   - **2021 EBITDA:** €1,428 million
   - **2022 EBITDA:** €1,505 million

   EBITDA experienced a smaller comparative growth of approximately 5.4%.

3. **Leverage Ratio (Debt / EBITDA):**
   - **2021 Leverage:** €5,362M / €1,428M ≈ 3.75x
   - **2022 Leverage:** €7,137M / €1,505M ≈ 4.74x

Because the gross debt expanded at a vastly higher rate than the operational earnings (EBITDA), the adjusted leverage ratio increased from 3.75x to 4.74x. An increasing leverage ratio signifies higher financial risk and a deteriorating leverage profile. 

<answer>Deteriorating</answer>