To estimate the trend for Moody’s adjusted leverage, we need to compare the leverage ratio for 2022 against the leverage ratio for 2021. Moody's adjusted leverage is typically calculated as Adjusted Debt / Adjusted EBITDA. 

1. **Net Debt Calculation**: 
We approximate Net Debt as Total Financial Debt minus Cash & Cash Equivalents.
- For 2022 (end of year): Long-term borrowings (8,416,700,000) + Current portion of long-term borrowings (1,909,300,000) + Short-term borrowings (444,100,000) + Noncurrent financial liabilities (247,200,000) + Current financial liabilities (44,900,000) - Cash and Cash Equivalents (2,155,100,000) = 8,907,100,000 EUR.
- For 2021 (end of year): Long-term borrowings (8,835,000,000) + Current portion of long-term borrowings (1,640,000,000) + Short-term borrowings (1,947,000,000) + Noncurrent financial liabilities (83,700,000) + Current financial liabilities (45,800,000) - Cash and Cash Equivalents (1,566,800,000) = 10,984,700,000 EUR.

2. **EBITDA Calculation**:
We approximate EBITDA as Profit Loss From Operating Activities + Depreciation, Amortisation and Impairment.
- For 2022: 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR.
- For 2021: 1,200,400,000 + 654,400,000 = 1,854,800,000 EUR.

3. **Leverage Ratio Calculation** (Net Debt / EBITDA):
- For 2022: 8,907,100,000 / 2,059,200,000 ≈ 4.32x
- For 2021: 10,984,700,000 / 1,854,800,000 ≈ 5.92x

Comparing the two periods, the adjusted leverage ratio dropped significantly from approximately 5.92x in 2021 to 4.32x in 2022. A decrease in the leverage ratio indicates that the company's leverage is Improving.

<answer>Improving</answer>