To estimate Moody’s adjusted leverage trend for 2022, I need to look for changes in debt relative to earnings and cash flow, as well as movements in equity.

Here’s the reasoning:

1.  **Debt Levels**:
    *   Total noncurrent financial liabilities decreased from €15,114M (2022-01-01) to €13,999M (2023-01-01).
    *   Current financial liabilities increased from €1,698M to €2,302M.
    *   In total, financial liabilities (noncurrent + current) went from €16,812M to €16,301M, which is a slight decrease in absolute terms.

2.  **Earnings (EBITDA)**:
    *   EBITDA increased from €3,529M (2021) to €4,954M (2022).

3.  **Leverage Ratio**:
    *   A rough Debt/EBITDA calculation:
        *   2021: €16,812M / €3,529M ≈ 4.76x.
        *   2022: €16,301M / €4,954M ≈ 3.29x.
    *   This shows a significant improvement in the leverage ratio, driven primarily by strong EBITDA growth.

4.  **Cash Flow**:
    *   Operating cash flow improved substantially from €1,001M to €4,242M.
    *   Free cash flow after investing activities turned from positive €1,896M (2021, largely due to a large divestment) to negative -€1,486M (2022), but on an organic basis, the higher operating cash flow better supports the debt.

5.  **Equity**:
    *   Total equity increased from €8,873M to €9,979M, strengthening the balance sheet.

The substantial increase in EBITDA and operating cash flow, alongside reduced total financial liabilities, points toward an improving leverage profile.

<answer>Improving</answer>