Moody's adjusted leverage is typically influenced by net debt/EBITDA and the direction of leverage. From the data:
- Net debt not directly given, but we have comprehensive income, EBITDA proxies: EBITDA (Beneficio Bruto De Explotacion Ebitda) 13228 million EUR for 2022-2023.
- Net income 5131 million continuing operations; profit attributable to owners 4339 million.
- Cash flows from operating activities 10443 million; investing cash flow -10154 million; financing cash flow 151 million; overall cash position improved to cash and equivalents 4,638 million.

Leverage trend would rely on debt levels: Noncurrent Liabilities 67,714 million; current liabilities 28,839 million; total liabilities high, but we need trend. The company issued more debt in past periods but also generated significant EBITDA, and cash flow from operations is strong (10.4B). There is no explicit net debt figure, but given large cash flows and maintenance of leverage around mid-1x EBIT or moderate, it appears leverage stabilized or modestly improved as cash flow supports deleveraging potential.

Therefore, Moody’s adjusted leverage trend for 2022 is: Stable. 

<answer>Stable</answer>