Moody’s adjusted leverage is typically assessed directionally using debt relative to an earnings/cash-flow measure such as EBITDA or FFO. Using the reported data, Enel’s leverage trend in 2022 appears to have worsened.

Key indicators:

- Debt increased materially:
  - Long-term borrowings rose from €54.5bn to €68.2bn.
  - Short-term borrowings rose from €13.3bn to €18.4bn.
  - Current portion of long-term borrowings declined from €4.0bn to €2.8bn.
  - Total borrowings therefore increased from about €71.8bn to about €89.4bn, up roughly €17.6bn.

- Operating performance improved, but not enough to offset debt growth:
  - Operating profit increased from €7.6bn to €11.2bn.
  - A rough EBITDA proxy using operating profit plus depreciation/amortisation/impairment rose from about €16.1bn to €18.6bn.
  - This is an increase of about 15%, while total borrowings increased about 25%.

- Estimated debt / EBITDA worsened:
  - 2021: €71.8bn / €16.1bn ≈ 4.5x
  - 2022: €89.4bn / €18.6bn ≈ 4.8x

- Cash flow also weakened:
  - Operating cash flow declined from €9.9bn to €8.7bn.
  - Investing cash outflows increased from €10.9bn to €13.6bn.
  - This suggests weaker internal funding and greater reliance on debt.

Although revenue and operating profit increased significantly, the sharper increase in borrowings and weaker operating cash flow indicate a deteriorating adjusted leverage profile.

<answer>Deteriorating</answer>