Moody’s adjusted leverage is typically assessed using a debt-to-earnings/cash-flow measure, such as adjusted debt to EBITDA or funds from operations. With the data provided, a reasonable proxy is gross interest-bearing debt relative to EBITDA.

For Ørsted:

- EBITDA increased from DKK 24.296bn in 2021 to DKK 32.057bn in 2022, an increase of about 32%.
- Gross borrowings increased from:
  - 2021 year-end: long-term borrowings DKK 31.502bn + short-term borrowings DKK 19.493bn = DKK 50.995bn
  - 2022 year-end: long-term borrowings DKK 60.451bn + short-term borrowings DKK 2.830bn = DKK 63.281bn
  - Increase of about 24%

Debt rose, but EBITDA rose faster. Using gross borrowings / EBITDA:

- 2021: 50.995 / 24.296 ≈ 2.10x
- 2022: 63.281 / 32.057 ≈ 1.97x

This indicates a modest reduction in leverage. Although liabilities and noncurrent debt increased substantially, the operating earnings base improved enough that the leverage proxy declined year over year. Therefore, the adjusted leverage trend is best estimated as improving.

<answer>Improving</answer>