Moody’s adjusted leverage is typically assessed as debt relative to an earnings/cash-flow measure such as EBITDA or funds from operations. Using the available report data as a proxy:

- Operating performance improved significantly in 2022:
  - Revenue rose from €49.982bn to €62.265bn.
  - Ordinary operating profit rose from €4.723bn to €6.824bn.
  - Profit from operating activities rose from €4.438bn to €6.489bn.
  - Operating cash flow rose from €7.806bn to €9.387bn.
  - Approximate EBITDA, using operating profit plus depreciation/amortisation, increased from about €7.657bn in 2021 to about €10.102bn in 2022.

- Debt increased only modestly:
  - Noncurrent bonds declined from €22.212bn to €20.425bn.
  - Other noncurrent borrowings increased from €2.757bn to €3.205bn.
  - Short-term borrowings increased from €5.769bn to €6.368bn.
  - Lease liabilities were broadly stable.
  - Total borrowings/lease liabilities were roughly flat to slightly lower or only modestly changed depending on classification.

- Cash also increased:
  - Cash and cash equivalents rose from €11.065bn to €12.578bn.
  - This supports lower net leverage.

Because earnings and cash flow improved materially while debt did not rise proportionately, adjusted leverage would likely have decreased in 2022. Therefore, the leverage trend is improving.

<answer>Improving</answer>