Moody’s adjusted leverage is commonly assessed through debt relative to earnings/cash flow measures such as Debt/EBITDA or similar adjusted debt-to-cash-flow metrics. Using the provided reported figures as a proxy:

- EBITDA increased significantly in 2022:
  - 2021 EBITDA: €3.529bn
  - 2022 EBITDA: €4.954bn
  - Increase: about 40%

- Financial debt was broadly lower to slightly lower when combining current and noncurrent financial liabilities:
  - 2021/2022 opening: €15.114bn noncurrent financial liabilities + €1.698bn current financial liabilities = €16.812bn
  - 2022/2023 closing: €13.999bn noncurrent financial liabilities + €2.302bn current financial liabilities = €16.301bn
  - Decrease: about €0.511bn

- Borrowings specifically were also slightly lower:
  - Prior: €13.786bn long-term borrowings + €1.493bn current borrowings = €15.279bn
  - Closing: €12.689bn long-term borrowings + €2.110bn current borrowings = €14.799bn
  - Decrease: about €0.480bn

- Debt/EBITDA proxy therefore improved:
  - 2021: €16.812bn / €3.529bn ≈ 4.8x
  - 2022: €16.301bn / €4.954bn ≈ 3.3x

Because EBITDA rose materially while reported financial liabilities declined modestly, the leverage trend for 2022 appears to be improving.

<answer>Improving</answer>