To estimate Moody's adjusted leverage trend for 2022, we need to look at the changes in the company's debt and earnings capacity during the 2022 period (from 2022-01-01 to 2023-01-01) compared to the 2021 period (from 2021-01-01 to 2022-01-01).

1. **Moody's Adjusted Debt**:
Moody's typically adjusts debt by including items like operating lease liabilities, pension obligations, and sometimes preferred stock/non-controlling interests depending on the exact methodology, but the core component is financial liabilities. 
- **2021 period**: Noncurrent Financial Liabilities (15,114M) + Current Financial Liabilities (1,698M) = 16,812M EUR. Adding noncurrent lease liabilities (1,325M) and current lease liabilities (196M), we get 18,333M EUR.
- **2022 period**: Noncurrent Financial Liabilities (13,999M) + Current Financial Liabilities (2,302M) = 16,301M EUR. Adding noncurrent lease liabilities (1,309M) and current lease liabilities (177M), we get 17,787M EUR.
Total adjusted debt decreased from approximately 18,333M EUR to 17,787M EUR.

2. **Moody's Adjusted Earnings (EBITDA)**:
Moody's adjusted EBITDA generally starts with reported EBITDA and makes adjustments for non-cash items, pension costs, and other factors, but reported EBITDA serves as a strong proxy for the trend.
- **2021 period EBITDA**: 3,529M EUR
- **2022 period EBITDA**: 4,954M EUR
Reported EBITDA grew significantly by over 40% (from 3,529M to 4,954M).

3. **Leverage Trend**:
- **2021 Leverage Ratio (Proxy)**: ~18,333 / 3,529 ≈ 5.2x
- **2022 Leverage Ratio (Proxy)**: ~17,787 / 4,954 ≈ 3.6x

With debt decreasing and EBITDA increasing substantially, the leverage ratio clearly declined from 2021 to 2022. Therefore, the leverage trend for 2022 is improving.

<answer>Improving</answer>