Moody’s adjusted leverage typically compares total debt (especially gross debt) to a measure of earnings such as EBITDA.  
Looking at the data:

- **EBITDA** (Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense) increased from €396.68 million in 2021 to €499.43 million in 2022 → positive trend.
- **Total Equity** increased from €1,568.6 million to €2,054.7 million, and **Noncurrent Liabilities** decreased, which suggests deleveraging on the balance sheet.
- **Other Noncurrent Financial Liabilities** (a proxy for long-term debt) decreased from €2,064 million to €1,751 million.
- **Current Financial Liabilities** also dropped sharply.
- Cash flow from operating activities improved significantly, from –€40.8 million in 2021 to +€502.5 million in 2022.
- **Finance Costs** decreased, and the **Net Finance Income/Cost** improved.

With higher EBITDA and lower debt levels, the leverage ratio (Debt/EBITDA) is almost certainly falling, which would be considered an **improving** trend.

<answer>Improving</answer>