Moody’s adjusted leverage is computed as adjusted debt (including financial liabilities, IFRS‑16 lease liabilities, concession liabilities, provisions and deferred tax liabilities) divided by EBITDA.  
- FY 2021 adjusted debt ≈ 26.4 bn EUR, EBITDA ≈ 3.33 bn EUR → leverage ≈ 7.9 ×.  
- FY 2022 adjusted debt ≈ 37.0 bn EUR, EBITDA ≈ 5.38 bn EUR → leverage ≈ 6.9 ×.  

Although absolute debt grew substantially, EBITDA grew faster, causing the leverage ratio to fall (from ~7.9 × to ~6.9 ×). This indicates an improving trend in Moody’s adjusted leverage for 2022.

<answer>Improving</answer>