To estimate Moody’s adjusted leverage trend, use a debt-to-cash-flow style proxy. A common approximation is:

- Adjusted debt proxy = total borrowings = long-term borrowings + current borrowings
- Cash-flow proxy = cash flows from operations, or EBITDA-like operating cash generation

For ENGIE:

**Debt / borrowings**
- 2021 year-end borrowings: €30.458bn + €10.590bn = **€41.048bn**
- 2022 year-end borrowings: €28.083bn + €12.508bn = **€40.591bn**

Borrowings were slightly lower, down about **1.1%**.

**Operating cash flow**
- 2021 cash flows from operating activities: **€7.313bn**
- 2022 cash flows from operating activities: **€8.586bn**

Operating cash flow increased about **17.4%**.

**Leverage proxy**
- 2021 debt / CFO: 41.048 / 7.313 ≈ **5.61x**
- 2022 debt / CFO: 40.591 / 8.586 ≈ **4.73x**

This indicates leverage declined meaningfully. Even using EBITDA-like current operating cash generation, operating cash flow before working capital increased from €9.807bn to €12.415bn, while borrowings were broadly flat to slightly down. Therefore, Moody’s adjusted leverage trend for 2022 would most likely be **improving**.

<answer>Improving</answer>