Moody’s adjusted leverage is typically assessed using a debt-to-EBITDA-type measure, adjusted for Moody’s analytical treatments. With only the annual report facts provided, a reasonable proxy is to compare debt against EBITDA-like operating cash generation.

Key changes in 2022 vs 2021:

- Operating performance improved:
  - Revenue increased from €2.5345bn to €2.8981bn, up about 14%.
  - Profit from operating activities increased from €1.2004bn to €1.3335bn, up about 11%.
  - EBITDA proxy, using operating profit plus depreciation/amortisation/impairment, increased:
    - 2021: €1.2004bn + €0.6544bn = €1.8548bn
    - 2022: €1.3335bn + €0.7257bn = €2.0592bn
    - Increase of about 11%.

- Reported borrowings decreased materially:
  - 2021 year-end borrowings proxy:
    - Long-term borrowings €8.835bn
    - Short-term borrowings €1.947bn
    - Current portion of long-term borrowings €1.640bn
    - Total = €12.422bn
  - 2022 year-end borrowings proxy:
    - Long-term borrowings €8.4167bn
    - Short-term borrowings €0.4441bn
    - Current portion of long-term borrowings €1.9093bn
    - Total = €10.7701bn
  - Borrowings fell by about €1.652bn, or roughly 13%.

- Leverage proxy improved:
  - 2021 debt / EBITDA proxy: €12.422bn / €1.8548bn ≈ 6.7x
  - 2022 debt / EBITDA proxy: €10.7701bn / €2.0592bn ≈ 5.2x

Although Moody’s adjusted debt could include additional adjustments and the group issued €989m of perpetual hybrid bonds, the available data point strongly to lower leverage because debt decreased while EBITDA increased. Therefore, the Moody’s adjusted leverage trend for 2022 is best estimated as improving.

<answer>Improving</answer>