Let’s break down the key indicators relevant to Moody’s adjusted leverage for 2022 compared to 2021 based on the data provided.

**1. Debt and leverage-related items:**
- **Noncurrent Financial Liabilities** increased from €3.72 billion to €5.69 billion.
- **Current Financial Liabilities** increased from €0.50 billion to €0.65 billion.
- **Noncurrent Lease Liabilities** rose slightly from €53.2 million to €55.1 million.
- **Current Lease Liabilities** decreased from €43.4 million to €21.3 million.
- **Cash and Cash Equivalents** increased significantly from €885.6 million to €1.94 billion.

On a net debt basis (financial liabilities minus cash), the increase in cash partially offsets the higher debt, but total gross debt clearly rose.

**2. Earnings performance:**
- **Profit from operating activities** fell from €611.7 million to €533.8 million.
- **EBITDA proxy** (Operating profit + Depreciation/Amortization/Provisions):  
  - 2021: €611.7M + €612.1M = €1,223.8M  
  - 2022: €533.8M + €667.1M = €1,200.9M — slightly lower.

**3. Leverage trend:**
- Since debt went up materially while operating earnings declined slightly, the debt/EBITDA ratio will be higher in 2022.
- Higher leverage = Deteriorating.

<answer>Deteriorating</answer>