To assess Moody’s adjusted leverage trend, I typically look at changes in debt relative to a measure of earnings (such as EBITDA), while factoring in adjustments like underfunded pensions, operating leases, or other off-balance-sheet items.  

From the data:  
- “Other Noncurrent Financial Liabilities” — which includes long-term debt — increased from €4,322m to €5,867m, a significant rise.  
- Current financial liabilities went from €746m to €1,022m.  
- Gross debt is notably higher at the end of 2022.  
- EBITDA improved from €1,428m to €1,505m, but this increase is modest relative to the jump in debt.  
- There’s also an increase in “Noncurrent Provisions for Employee Benefits” and “Other Longterm Provisions,” which Moody’s might treat as debt-like.  

This suggests that debt grew faster than EBITDA, so leverage would have increased, implying a deteriorating trend.  

<answer>Deteriorating</answer>