To estimate Moody's adjusted leverage trend for 2022, we need to compare the leverage ratio at the beginning of 2022 (end of 2021) with the leverage ratio at the end of 2022. Moody's adjusted leverage is typically calculated as Adjusted Debt / (Adjusted Debt + Equity), or more commonly Debt / EBITDA. However, using the balance sheet approach with available data, we compare the ratio of Net Debt to Total Capitalization, or simply Debt to Equity/Assets. 

Let's calculate the Net Debt to Total Capitalization (Net Debt / (Net Debt + Equity)):
1. **End of 2021 (Start of 2022)**:
   - Total Financial Debt = Longterm Borrowings (5,896,170,000) + Other Noncurrent Financial Liabilities (57,264,000) + Current Borrowings (1,391,722,000) + Other Current Financial Liabilities (752,703,000) = 7,097,859,000 EUR
   - Cash and Cash Equivalents = 481,772,000 EUR
   - Net Debt = 7,097,859,000 - 481,772,000 = 6,616,087,000 EUR
   - Total Equity = 3,491,953,000 EUR
   - Leverage Ratio = Net Debt / (Net Debt + Equity) = 6,616,087,000 / (6,616,087,000 + 3,491,953,000) = 65.4%

2. **End of 2022 (Start of 2023)**:
   - Total Financial Debt = Longterm Borrowings (5,491,124,000) + Other Noncurrent Financial Liabilities (52,631,000) + Current Borrowings (721,845,000) + Other Current Financial Liabilities (983,432,000) = 7,249,032,000 EUR
   - Cash and Cash Equivalents = 1,574,427,000 EUR
   - Net Debt = 7,249,032,000 - 1,574,427,000 = 5,674,605,000 EUR
   - Total Equity = 4,894,276,000 EUR
   - Leverage Ratio = Net Debt / (Net Debt + Equity) = 5,674,605,000 / (5,674,605,000 + 4,894,276,000) = 53.7%

Alternatively, looking at Net Debt to EBITDA (using Profit Loss From Operating Activities as a proxy for EBITDA since D&A is already added back in cash flow adjustments to ~544M):
- 2021 EBITDA ~ 991,970,000 + 522,114,000 (D&A) ≈ 1,514,084,000 EUR -> Net Debt/EBITDA ≈ 4.4x
- 2022 EBITDA ~ 961,554,000 + 544,992,000 (D&A) ≈ 1,506,546,000 EUR -> Net Debt/EBITDA ≈ 3.8x

Both the Net Debt to Capitalization ratio (65.4% -> 53.7%) and Net Debt to EBITDA (4.4x -> 3.8x) show a significant decline in leverage throughout 2022. This indicates that the leverage trend for 2022 is improving.

<answer>Improving</answer>