**Reasoning**

Moody’s adjusted leverage is calculated as Adjusted Debt ÷ EBITDA.  
Using the data provided:

* **EBITDA (profit from operating activities before interest, taxes, depreciation and amortisation)**  
  - FY 2022: €499.43 million  
  - FY 2021: €396.68 million  

* **Adjusted Debt** – for a energy‑utility such as ERG, Moody’s includes financial liabilities (both current and non‑current) plus operating‑lease liabilities and other debt‑like provisions (e.g., decommissioning).  

| Component (€ million) | 2021 (end‑2021) | 2022 (end‑2022) |
|------------------------|----------------|----------------|
| Non‑current financial liabilities (fair‑value through P&L) | 44.8 | 0.0 |
| Other non‑current financial liabilities | 2,064.1 | 1,751.3 |
| Non‑current lease liabilities | 122.7 | 151.0 |
| Current financial liabilities (fair‑value through P&L) | 170.9 | 76.6 |
| Other current financial liabilities | 1,342.7 | 389.7 |
| Current lease liabilities | 6.3 | 6.4 |
| **Total financial debt** | **3,751.5** | **2,375.0** |

Adding the decommissioning provisions (treated as debt‑like by Moody’s) changes the numbers only modestly (≈ €60 M in 2021 → ≈ €93 M in 2022). Even without this adjustment, the debt picture is dramatically lower.

* **Adjusted Leverage Ratio (Debt ÷ EBITDA)**  
  - 2021: ≈ 3,751 M ÷ 396.7 M ≈ 9.5 x  
  - 2022: ≈ 2,375 M ÷ 499.4 M ≈ 4.8 x  

The ratio fell by roughly **50 %** while EBITDA rose by about **26 %**. Such a large swing in both numerator and denominator indicates a clear improvement in credit‑quality metrics.

Therefore, the trend for Moody’s adjusted leverage in 2022 is **Improving**.

<answer>Improving</answer>