To determine the trend of Moody's adjusted leverage for HERA S.P.A. in 2022, we analyze the changes in both the company's debt levels and its earnings proxy (EBITDA). 

1. **EBITDA Approximation:**
   - **2021:** Profit/Loss from Operating Activities (611.7M EUR) + Amortisation, Depreciation And Provisions (612.1M EUR) = ~1,223.8M EUR.
   - **2022:** Profit/Loss from Operating Activities (533.8M EUR) + Amortisation, Depreciation And Provisions (667.1M EUR) = ~1,200.9M EUR.
   *EBITDA contracted slightly year-over-year.*

2. **Debt Calculation:**
   - **2021:** Noncurrent Financial Liabilities (3,716.0M EUR) + Current Financial Liabilities (499.7M EUR) + Noncurrent Lease Liabilities (53.2M EUR) + Current Lease Liabilities (43.4M EUR) = Gross Debt of ~4,312.3M EUR.
     Netting out Cash and Cash Equivalents (885.6M EUR) leaves a Net Debt of ~3,426.7M EUR.
   - **2022:** Noncurrent Financial Liabilities (5,689.9M EUR) + Current Financial Liabilities (650.1M EUR) + Noncurrent Lease Liabilities (55.1M EUR) + Current Lease Liabilities (21.3M EUR) = Gross Debt of ~6,416.4M EUR.
     Netting out Cash and Cash Equivalents (1,942.4M EUR) leaves a Net Debt of ~4,474.0M EUR.
   *Both Gross Debt and Net Debt increased substantially during the period.*

3. **Leverage Trend Analysis:**
   - **2021 Gross Leverage:** 4,312.3M / 1,223.8M = **~3.52x** (Net Leverage: ~2.80x)
   - **2022 Gross Leverage:** 6,416.4M / 1,200.9M = **~5.34x** (Net Leverage: ~3.73x)

Driven by a significant increase in total borrowings to manage working capital and other financial needs, combined with a slight decline in operating profitability, the leverage ratio increased markedly. An increase in the debt-to-EBITDA ratio indicates a deteriorating leverage position.

<answer>Deteriorating</answer>