Moody’s adjusted leverage is typically net debt/EBITDA or similar, and trend depends on EBITDA and debt changes. From the data:
- EBITDA 2021-2022 increased from 1,578,959,000 to 3,160,679,000 EUR (growth).
- Profit before tax grew; net income grew.
- Interest expense rose to 101,703,000; cash flows from operations rose to 2,019,859,000.
- Net debt not directly provided, but liabilities increased; equity increased.
- Cash flows from financing show large dividends and borrowings, suggesting leverage could be stable or slightly worsened, but improving EBITDA suggests capacity to service debt.

Overall, the strong jump in EBITDA contrast with higher financing activities but still positive operating cash flow, implying improving leverage profile. Therefore: Improving.

<answer>Improving</answer>