Moody’s adjusted leverage typically reflects a company’s debt relative to its earnings, often using metrics like Debt/EBITDA. From the data:

- **Debt trend**:  
  Short-term and long-term financial liabilities (excluding derivatives and leases) can be approximated.  
  - Total financial debt 2022-01-01: Short-term 591,188,000 + Long-term 5,785,707,000 = 6,376,895,000  
  - Total financial debt 2023-01-01: Short-term 142,437,000 + Long-term 6,402,913,000 = 6,545,350,000  
  This indicates an increase in debt.

- **Earnings trend (EBITDA proxy)**:  
  Operating profit + Depreciation & Amortization:  
  - 2021: 583,231,000 + 445,251,000 = 1,028,482,000  
  - 2022: 641,338,000 + 479,186,000 = 1,120,524,000  
  EBITDA increased, which helps leverage.

- **Leverage ratio change**:  
  - 2022-01-01: 6,376,895 / 1,028,482 ≈ 6.20  
  - 2023-01-01: 6,545,350 / 1,120,524 ≈ 5.84  
  The ratio declined, implying leverage improved.

Because the proportionate increase in EBITDA outpaced the increase in debt, adjusted leverage would likely be viewed as **improving**.

<answer>Improving</answer>