I need to analyze EDF's financial position to estimate Moody's adjusted leverage trend for 2022. Let me focus on key leverage indicators.

## Key Financial Data Analysis

### Profitability Deterioration
- **Revenue**: €143.5B (2022) vs €84.5B (2021) — significant increase
- **Operating Profit Before D&A**: **-€4.99B** (2022) vs +€18.0B (2021) — **massive swing to negative**
- **Profit/Loss**: **-€18.2B** (2022) vs +€4.8B (2021) — **huge loss vs profit**

The company swung from healthy profitability to massive losses. This is critical for leverage as debt servicing capacity collapsed.

### Balance Sheet & Leverage Metrics

**Debt and Financial Liabilities:**
- Other Noncurrent Financial Liabilities: €71.1B (2023) vs €56.5B (2022) — **+25.7% increase**
- Other Current Financial Liabilities: €71.8B (2023) vs €45.0B (2022) — **+59.6% increase**
- Total financial liabilities increased substantially

**Equity Deterioration:**
- Equity Attributable to Owners: €34.3B (2023) vs €50.2B (2022) — **-31.7% decline**
- Total Equity: €46.6B (2023) vs €62.0B (2022) — **-24.9% decline**

**Total Assets vs Liabilities:**
- Total Assets: €388.1B (2023) vs €361.0B (2022)
- Total Equity and Liabilities confirms balance

### Cash Flow Stress
- **Operating Cash Flow**: **-€7.4B** (2022) vs +€12.6B (2021) — **negative vs strongly positive**
- **Free Cash Flow** (Operating + Investing): -€7.4B + (-€25.1B) = **-€32.5B** massive cash burn
- The company had to raise: €33.9B from financing activities

### Specific Leverage Concerns for Moody's

1. **Debt/EBITDA**: EBITDA turned negative (-€4.99B OPBDA), making this ratio meaningless/infinite
2. **FFO/Debt**: Funds from operations collapsed — negative operating cash flow
3. **Debt/Book Equity**: Financial liabilities grew while equity shrank dramatically

**Critical factors for Moody's adjusted leverage:**
- EDF was fully nationalized in 2022 (government support), but Moody's still assesses standalone credit quality
- The massive €18.2B loss eroded equity base
- Debt levels increased significantly to fund operations and capex
- Negative operating cash flow means debt is being used to fund operations, not just growth

### Government Support Context
While French government support (nationalization completed in June 2023, with process starting 2022) provides ultimate backing, Moody's adjusted leverage focuses on the underlying operational and financial metrics. The 2022 performance shows:
- Operational collapse due to energy crisis, nuclear maintenance issues, and tariff caps
- Massive working capital absorption (-€8.3B)
- Required significant emergency capital increases (€4.2B equity issuance)

## Conclusion

Despite government backing, the **underlying leverage metrics deteriorated severely** in 2022:
- Negative EBITDA/OPBDA
- Negative operating cash flow
- Equity erosion of ~€15B
- Significant debt increase to fund operations
- Cash flow from operations turned deeply negative

The trend is clearly **Deteriorating** from a fundamental credit perspective, even if sovereign support prevents actual default.

<answer>Deteriorating</answer>