Moody’s adjusted leverage is typically assessed as debt relative to an earnings/cash-flow proxy such as EBITDA, with adjustments including leases and other debt-like obligations. Using the available data, leverage clearly worsened in 2022.

Key indicators:

- Net debt increased sharply from €0.941 billion at the start of 2022 to €7.440 billion at the end of 2022.
- Borrowings rose substantially:
  - Long-term borrowings increased from €5.805 billion to €11.586 billion.
  - Current borrowings were broadly similar, increasing slightly from €1.324 billion to €1.361 billion.
- Lease liabilities also increased:
  - Noncurrent lease liabilities rose from €1.473 billion to €2.107 billion.
  - Current lease liabilities rose from €0.362 billion to €0.498 billion.
- EBITDA-like earnings improved only modestly. Recurring operating profit increased from €1.693 billion to €1.962 billion, and adding depreciation/amortisation plus right-of-use depreciation gives an approximate EBITDA increase from about €4.111 billion to €4.636 billion.
- The increase in debt was therefore much larger than the increase in EBITDA, implying a higher debt/EBITDA ratio.

Approximate leverage illustration:
- 2021/early-2022 net debt / EBITDA ≈ €0.941bn / €4.111bn ≈ 0.2x
- 2022/end-2022 net debt / EBITDA ≈ €7.440bn / €4.636bn ≈ 1.6x

Even if using gross debt including leases, the trend is also worse. This points to a deteriorating Moody’s adjusted leverage trend for 2022.

<answer>Deteriorating</answer>