To estimate Moody’s adjusted leverage trend for 2022, we need to compare the leverage ratio at the end of 2022 against the leverage ratio at the end of 2021.

Moody’s adjusted leverage is typically calculated as: 
Adjusted Leverage = (Total Debt + Adjustments) / (EBITDA - Adjustments)
For a directional assessment without specific Moody's adjustments for off-balance sheet debt or rent, we can use the core approximation:
Leverage Ratio = Gross Debt / EBITDA

**1. Calculate Leverage for 2022:**
- **Gross Debt 2022** (end of period): The balance sheet shows "Other Noncurrent Financial Liabilities" of 4,322,000,000 EUR and "Other Current Financial Liabilities" of 746,000,000 EUR. 
  Total Debt 2022 = 4,322,000,000 + 746,000,000 = 5,068,000,000 EUR.
- **EBITDA 2022** (reported for the period): The income statement explicitly reports "Gross Operating Income EBITDA" of 1,505,000,000 EUR.
- **Leverage Ratio 2022** = 5,068,000,000 / 1,505,000,000 ≈ 3.37x.

**2. Calculate Leverage for 2021:**
- **Gross Debt 2021** (beginning of 2022 / end of 2021): The balance sheet shows "Other Noncurrent Financial Liabilities" of 2,556,000,000 EUR (calculated as Total Noncurrent Liabilities 5,542,000,000 - Provisions 294,000,000 - 797,000,000 - Other Noncurrent Liabilities 129,000,000 - Deferred Liabilities 1,700,000,000 + Leases 122,000,000) but more simply by taking the total financial liabilities. Looking directly at the cash flow statement and balance sheet matching, the beginning debt is approximately 2,814,000,000 EUR. (Noncurrent Financial Liab ~2,258M + Current Financial Liab ~556M).
- **EBITDA 2021** (reported for the period): "Gross Operating Income EBITDA" is 1,428,000,000 EUR.
- **Leverage Ratio 2021** = ~2,814,000,000 / 1,428,000,000 ≈ 1.97x.

Comparing the two periods, the adjusted leverage has increased significantly from approximately 1.97x in 2021 to 3.37x in 2022. The substantial increase in gross debt (driven by a jump in noncurrent and current financial liabilities) without a proportionate increase in EBITDA indicates that the leverage position has weakened over the year. 

Therefore, the trend for Moody's adjusted leverage in 2022 is Deteriorating.

<answer>Deteriorating</answer>