Let’s break this down step-by-step.  

Moody’s adjusted leverage usually refers to **Debt / EBITDA**, but Moody’s makes adjustments — for instance, including leases, hybrid capital treatment, and sometimes pensions or provisions.  

From the data:

- **Long-term borrowings** went from 31,502m DKK (2021) to 60,451m DKK (2022) — a sharp increase.  
- **Short-term borrowings** fell from 19,493m DKK to 2,830m DKK, likely due to reclassification to long-term or repayment.  
- **Total borrowings** (long + short) increased from ~51bn DKK to ~63.3bn DKK.  
- **Lease liabilities** (noncurrent + current) increased modestly from ~7.5bn DKK to ~8.3bn DKK.  
- **EBITDA** (Operating profit before depreciation) grew from 24,296m DKK to 32,057m DKK.  

So:
- Debt went up ~24%.  
- EBITDA went up ~32%.  
- The increase in EBITDA outpaced the increase in debt, which would **lower** the leverage ratio.  

Given the significant rise in EBITDA relative to debt, Moody’s adjusted leverage likely **improved** for 2022.

<answer>Improving</answer>