I need to analyze Acciona SA's leverage trend for 2022 based on the financial data provided. Let me calculate key leverage metrics and compare them year-over-year.

First, let me identify the relevant data:

**Debt/Financial Obligations:**
- Noncurrent portion of noncurrent loans: 2022: 2,073M EUR → 2023: 2,624M EUR (increase)
- Current loans received: 2022: 280M EUR → 2023: 553M EUR (increase)
- Noncurrent lease liabilities: 2022: 430M EUR → 2023: 439M EUR (slight increase)
- Current lease liabilities: 2022: 68M EUR → 2023: 72M EUR (slight increase)
- Participaciones preferentes (noncurrent): 2022: 2,364M EUR → 2023: 3,101M EUR (significant increase)
- Participaciones preferentes (current): 2022: 1,666M EUR → 2023: 1,139M EUR (decrease)

**Total Debt-like obligations:**
- 2022: 2,073 + 280 + 430 + 68 + 2,364 + 1,666 = 6,881M EUR
- 2023: 2,624 + 553 + 439 + 72 + 3,101 + 1,139 = 7,928M EUR

**Equity:**
- 2022: 5,557M EUR
- 2023: 6,304M EUR

**Total Assets:**
- 2022: 19,603M EUR
- 2023: 22,595M EUR

**EBITDA proxy (Operating profit + depreciation/amortization):**
- 2022 operating profit: 829M EUR; 2023 operating profit: 1,334M EUR
- Depreciation/amortization: 2022: 714M EUR; 2023: 762M EUR
- EBITDA 2022: 829 + 714 = 1,543M EUR
- EBITDA 2023: 1,334 + 762 = 2,096M EUR

**Key Leverage Ratios:**

1. **Debt/Equity:**
   - 2022: 6,881 / 5,557 = 1.24x
   - 2023: 7,928 / 6,304 = 1.26x
   - Slight increase, relatively stable

2. **Debt/EBITDA:**
   - 2022: 6,881 / 1,543 = 4.46x
   - 2023: 7,928 / 2,096 = 3.78x
   - Improvement due to EBITDA growth

3. **Total Liabilities/Total Assets:**
   - 2022: (19,603 - 5,557) / 19,603 = 14,046 / 19,603 = 71.7%
   - 2023: (22,595 - 6,304) / 22,595 = 16,291 / 22,595 = 72.1%
   - Slight increase

4. **Net Debt calculation (Debt - Cash):**
   - 2022: 6,881 - 2,318 = 4,563M EUR
   - 2023: 7,928 - 2,360 = 5,568M EUR
   - Increase in net debt

5. **Net Debt/EBITDA:**
   - 2022: 4,563 / 1,543 = 2.96x
   - 2023: 5,568 / 2,096 = 2.66x
   - Improvement

**Analysis for Moody's Adjusted Leverage:**

Moody's typically focuses on:
- Debt/EBITDA trends
- Debt/EBITDA improved from ~4.5x to ~3.8x
- Net Debt/EBITDA improved from ~3.0x to ~2.7x
- However, total debt increased significantly (6,881M to 7,928M, +15.2%)
- Total assets grew even more (19,603M to 22,595M, +15.3%)

The key consideration is that while nominal debt increased, EBITDA grew much faster (35.8% growth vs 15.2% debt growth). This means coverage ratios improved.

However, looking at the balance sheet structure:
- Noncurrent liabilities grew from 7,131M to 8,467M (+18.7%)
- Current liabilities grew from 6,915M to 7,824M (+13.1%)
- Total liabilities grew from 14,046M to 16,291M (+16.0%)

Equity grew 13.4%, which is less than liability growth of 16.0%.

But the critical factor for Moody's is typically Debt/EBITDA or similar cash flow coverage metrics. The strong EBITDA growth (from operational improvement - revenue up 38% from 8,104M to 11,195M) drives leverage improvement on a cash flow basis.

Looking more carefully at the P&L:
- Revenue growth: 38.1%
- Operating profit growth: 60.9%
- EBITDA growth: 35.8%

This strong operational performance improves debt servicing capacity despite higher absolute debt levels.

For Moody's specifically, they adjust debt to include certain off-balance sheet items and make other adjustments. The "Participaciones Preferentes" (preferred shares/participations) are treated as debt-like by rating agencies.

The trend in Debt/EBITDA is clearly improving. Net debt/EBITDA also improved. The interest coverage (EBITDA/Interest) would have improved significantly.

However, I need to be careful - total leverage in terms of debt-to-capital or debt-to-equity is relatively stable or slightly worse. But for credit ratings, cash flow metrics (Debt/EBITDA) are typically most important.

Given that:
- Debt/EBITDA improved from ~4.5x to ~3.8x
- Net Debt/EBITDA improved from ~3.0x to ~2.7x
- EBITDA growth significantly outpaced debt growth

The trend appears to be **Improving** from a credit quality perspective, as the company's ability to service its debt has strengthened materially.

<answer>Improving</answer>