I need to analyze ENI's leverage trend for 2022 based on the financial data provided. Let me focus on key leverage metrics.

First, let me understand the dates: The data uses 2023-01-01 and 2022-01-01 as balance sheet dates, which represent year-end 2022 and year-end 2021 respectively. The income statement and cash flow data with ranges like "2022-01-01 - 2023-01-01" represents the 2022 fiscal year.

Let me calculate key leverage metrics:

**Debt/EBITDA or Debt/Cash Flow metrics:**

From the balance sheet, let me look at debt components:

**2022 (as of 2023-01-01):**
- Short-term borrowings: 4,446M EUR
- Current portion of long-term borrowings: 3,097M EUR
- Long-term borrowings: 19,374M EUR
- Total debt = 4,446 + 3,097 + 19,374 = 26,917M EUR

**2021 (as of 2022-01-01):**
- Short-term borrowings: 2,299M EUR
- Current portion of long-term borrowings: 1,781M EUR
- Long-term borrowings: 23,714M EUR
- Total debt = 2,299 + 1,781 + 23,714 = 27,794M EUR

So total debt decreased from 27,794M to 26,917M, a decrease of about 877M or ~3%.

**Total Assets and Equity:**
- 2022: Assets = 152,130M, Equity = 55,230M
- 2021: Assets = 137,765M, Equity = 44,519M

Equity increased significantly from 44,519M to 55,230M (by ~24%), while assets grew by ~10.4%.

**Debt-to-Equity ratio:**
- 2022: 26,917 / 55,230 = 0.49x
- 2021: 27,794 / 44,519 = 0.62x

This improved significantly.

**Debt-to-Total Assets:**
- 2022: 26,917 / 152,130 = 17.7%
- 2021: 27,794 / 137,765 = 20.2%

Also improved.

**Profitability and Cash Generation (2022 fiscal year):**
- Profit Loss From Operating Activities: 17,510M EUR (2022) vs 12,341M (2021) - significant improvement
- Cash Flows From Operating Activities: 17,460M EUR (2022) vs 12,861M (2021) - strong improvement
- Profit Loss: 13,961M EUR (2022) vs 5,840M (2021) - more than doubled

**Interest coverage and cash flow metrics:**
- Operating cash flow / Total debt:
  - 2022: 17,460 / 26,917 = 0.65x
  - 2021: 12,861 / 27,794 = 0.46x

**Key observations for Moody's adjusted leverage:**
1. Total debt decreased slightly in absolute terms
2. Equity increased substantially (24%) due to strong retained earnings
3. Operating profitability and cash flows improved dramatically
4. Debt/Equity ratio improved from 0.62x to 0.49x
5. Operating cash flow coverage of debt improved significantly

**Additional considerations for Moody's:**
- They typically adjust debt for pension deficits, operating leases, etc.
- Lease liabilities: Current 884M + Noncurrent 4,067M = 4,951M (2022) vs 948M + 4,389M = 5,337M (2021) - leases decreased slightly
- Provisions increased: Other long-term provisions went from 13,593M to 15,267M

Even with adjustments, the fundamental trend is clear: debt is slightly down or stable, while equity, earnings, and cash flows are up significantly. The deleveraging is driven by strong operational performance and earnings retention.

The trend is clearly **Improving** from a leverage perspective.

<answer>Improving</answer>