To estimate Moody’s adjusted leverage trend for 2022, we need to look at the change in leverage from the beginning of the year (2022-01-01) to the end of the year (2023-01-01). 

Moody’s adjusted leverage is typically calculated as Adjusted Debt / Adjusted EBITDA. 

1. **Adjusted Debt**: 
We use total financial debt, which includes long-term borrowings and current borrowings (including the current portion of noncurrent borrowings). 
- End of 2022 (2023-01-01): Long-term borrowings (1,695,362,000) + Current borrowings (638,944,000) = 2,334,306,000 EUR.
- End of 2021 (2022-01-01): Long-term borrowings (2,390,852,000) + Current borrowings (375,221,000) = 2,766,073,000 EUR.
Debt decreased significantly year-over-year.

2. **EBITDA**: 
A standard proxy for EBITDA from the income statement data is Operating Profit (Profit Loss From Operating Activities) + Depreciation And Amortisation Expense.
- For 2022: 239,721,000 + 249,276,000 = 488,997,000 EUR.
- For 2021: 218,863,000 + 241,940,000 = 460,803,000 EUR.
EBITDA increased year-over-year.

3. **Leverage Ratio (Debt / EBITDA)**:
- End of 2021 Leverage: 2,766,073,000 / 460,803,000 ≈ 6.00x
- End of 2022 Leverage: 2,334,306,000 / 488,997,000 ≈ 4.77x

(Note: Even if we consider the 1 billion EUR asset/liability related to the Transitional Gas Price Stabilization Regime as debt-like items—which is a wash on the balance sheet since both the asset and liability are exactly 1,000,000,000 EUR—the leverage still improves drastically to 5.82x from 8.17x).

Because total debt decreased and EBITDA increased, the adjusted leverage ratio fell from approximately 6.0x to 4.8x. This indicates a strongly improving leverage trend for 2022.

<answer>Improving</answer>