To estimate Moody’s adjusted leverage trend, use a debt-to-EBITDA style view.

**1. Debt trend**
Relevant reported borrowings and lease liabilities:

- 2022 year-end debt-like items:
  - Short-term borrowings: €4.446bn
  - Current portion of long-term borrowings: €3.097bn
  - Current lease liabilities: €0.884bn
  - Long-term borrowings: €19.374bn
  - Noncurrent lease liabilities: €4.067bn  
  - Total debt-like liabilities ≈ **€31.868bn**

- 2021 year-end debt-like items:
  - Short-term borrowings: €2.299bn
  - Current portion of long-term borrowings: €1.781bn
  - Current lease liabilities: €0.948bn
  - Long-term borrowings: €23.714bn
  - Noncurrent lease liabilities: €4.389bn  
  - Total debt-like liabilities ≈ **€33.131bn**

So reported gross debt decreased by about **€1.263bn**, or roughly **4%**.

**2. Earnings / EBITDA trend**
A simple EBITDA proxy is operating profit plus depreciation and amortisation plus impairment/write-off charges.

- 2022:
  - Operating profit: €17.510bn
  - D&A: €7.205bn
  - Impairment: €1.140bn
  - Write-offs: €0.599bn  
  - EBITDA proxy ≈ **€26.454bn**

- 2021:
  - Operating profit: €12.341bn
  - D&A: €7.063bn
  - Impairment: €0.167bn
  - Write-offs: €0.387bn  
  - EBITDA proxy ≈ **€19.958bn**

EBITDA increased by about **33%**.

**3. Leverage direction**
Approximate gross debt / EBITDA:

- 2021: €33.131bn / €19.958bn ≈ **1.66x**
- 2022: €31.868bn / €26.454bn ≈ **1.20x**

Leverage clearly declined, driven by stronger earnings and slightly lower debt. Therefore, Moody’s adjusted leverage trend for 2022 would be **Improving**.

<answer>Improving</answer>