Moody’s-adjusted leverage would consider net debt to EBITDA. Based on the provided 2022 figures, Terna shows robust profitability with Profit Loss Attributable To Owners Of Parent 857m and cash flows from operating activities 2.323b, while long-term borrowings decreased slightly from 8.835b to 8.417b and short-term borrowings decreased. Given strong operating cash flow and modest debt increase avoided, leverage likely improved or remained stable. Considering reductions in net debt and solid EBITDA proxy from profit before tax 1.233b and depreciation/amortisation around 725.7m, Moody’s adjusted leverage trend for 2022 would be Improving. <answer>Improving</answer>