We can approximate Moody's adjusted leverage by looking at net debt (financial liabilities minus cash) relative to EBITDA.  

- For FY 2021 (end‑of‑2021 balance sheet): total financial liabilities ≈ 106.8 bn EUR, cash ≈ 7.6 bn EUR → net debt ≈ 99.2 bn EUR. EBITDA for FY 2021 = 4.9 bn EUR → net‑debt/EBITDA ≈ 20×.  
- For FY 2022 (end‑of‑2022 balance sheet): total financial liabilities ≈ 12.9 bn EUR, cash ≈ 3.9 bn EUR → net debt ≈ 9.0 bn EUR. EBITDA for FY 2022 = 1.84 bn EUR → net‑debt/EBITDA ≈ 4.9×.  

Even though EBITDA fell, the massive reduction in debt (especially large derivative and other financial liabilities) drove the net‑debt/EBITDA ratio down sharply, indicating a clear improvement in the adjusted leverage position.  

<answer>Improving</answer>