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 provided data as a proxy:

- Gross profit / EBITDA-like measure increased only modestly:
  - 2021 Gross Profit: €1,256.1 million
  - 2022 Gross Profit: €1,305.0 million
  - Increase: about 3.9%

- Operating profit declined:
  - 2021 operating profit: €581.1 million
  - 2022 operating profit: €565.9 million
  - Decrease: about 2.6%

- Profit before tax and net profit also declined:
  - Profit before tax fell from €503.0 million to €497.9 million
  - Net profit fell from €352.3 million to €311.2 million

- Debt / financial liabilities appear to have increased overall on a current basis, despite a small fall in non-current financial liabilities:
  - Other noncurrent financial liabilities decreased from €4,792.0 million to €4,722.3 million
  - Other current financial liabilities increased from €285.2 million to €619.4 million
  - Combined financial liabilities increased from about €5,077.2 million to €5,341.7 million, up about 5.2%

- Cash declined:
  - Cash and cash equivalents fell from €680.8 million to €559.9 million
  - This implies net debt likely increased more than gross debt.

Because debt and net debt increased while EBITDA-like profitability improved only slightly and operating/net profit weakened, adjusted leverage likely worsened in 2022.

<answer>Deteriorating</answer>