To determine Moody's adjusted leverage trend for 2022, we need to compare the adjusted leverage at the beginning of 2022 (end of 2021) with the adjusted leverage at the end of 2022. 

Moody's adjusted leverage is typically calculated as Adjusted Total Debt / Adjusted Total Capital (or Total Capitalization), where Total Capital = Adjusted Total Debt + Adjusted Equity. We also look at the Debt-to-EBITDA trend as a complementary measure.

**1. Beginning of 2022 (End of 2021) Leverage:**
- **Adjusted Total Debt:** This includes reported financial liabilities (both current and noncurrent). Some adjustments may include operating leases or other items, but using the reported financial debt is the standard baseline.
  - Noncurrent Financial Liabilities (2022-01-01): 3,716,000,000 EUR
  - Current Financial Liabilities (2022-01-01): 499,700,000 EUR
  - Noncurrent Lease Liabilities (2022-01-01): 53,200,000 EUR
  - Current Lease Liabilities (2022-01-01): 43,400,000 EUR
  - Total Adjusted Debt (Start) = 3,716 + 499.7 + 53.2 + 43.4 = **4,312.3 million EUR**

- **Adjusted Equity:** 
  - Total Equity (2022-01-01): **3,416.8 million EUR**

- **Total Capital (Start)** = Debt + Equity = 4,312.3 + 3,416.8 = **7,729.1 million EUR**
- **Debt/Capital Ratio (Start)** = 4,312.3 / 7,729.1 ≈ **55.8%**

- **EBITDA (2021):**
  - Profit Loss From Operating Activities (2021): 611.7 million EUR
  - Depreciation & Amortisation (2021): 469.9 million EUR
  - EBITDA (2021) = 611.7 + 469.9 = **1,081.6 million EUR**
- **Debt/EBITDA (Start)** = 4,312.3 / 1,081.6 ≈ **3.99x**

**2. End of 2022 Leverage:**
- **Adjusted Total Debt:**
  - Noncurrent Financial Liabilities (2023-01-01): 5,689,900,000 EUR
  - Current Financial Liabilities (2023-01-01): 650,100,000 EUR
  - Noncurrent Lease Liabilities (2023-01-01): 55,100,000 EUR
  - Current Lease Liabilities (2023-01-01): 21,300,000 EUR
  - Total Adjusted Debt (End) = 5,689.9 + 650.1 + 55.1 + 21.3 = **6,416.4 million EUR**

- **Adjusted Equity:** 
  - Total Equity (2023-01-01): **3,644.7 million EUR**

- **Total Capital (End)** = Debt + Equity = 6,416.4 + 3,644.7 = **10,061.1 million EUR**
- **Debt/Capital Ratio (End)** = 6,416.4 / 10,061.1 ≈ **63.8%**

- **EBITDA (2022):**
  - Profit Loss From Operating Activities (2022): 533.8 million EUR
  - Depreciation & Amortisation (2022): 478.6 million EUR
  - EBITDA (2022) = 533.8 + 478.6 = **1,012.4 million EUR**
- **Debt/EBITDA (End)** = 6,416.4 / 1,012.4 ≈ **6.34x**

**3. Trend Assessment:**
Comparing the start and end of 2022, both leverage metrics have significantly increased:
- Debt/Capital increased from ~55.8% to ~63.8%.
- Debt/EBITDA increased from ~3.99x to ~6.34x.

This drastic increase in leverage ratios is primarily driven by a massive surge in noncurrent financial liabilities (which nearly doubled, jumping from 3.7 billion to 5.7 billion EUR, reflecting large debt-funded capital expenditures or acquisitions) while EBITDA slightly contracted. Therefore, the adjusted leverage trend for 2022 is clearly deteriorating.

<answer>Deteriorating</answer>