Moody’s adjusted leverage is measured by the ratio of adjusted debt to EBITDA.  

**Adjusted debt (2022‑12‑31)**  
- Short‑term financial liabilities (excl. other current): 142 437 k €  
- Long‑term financial liabilities (excl. other non‑current): 6 402 913 k €  
- Other current financial liabilities: 290 k €  
- Other non‑current financial liabilities: 34 k €  
- Add 8 × annual lease outflow (27 865 k €) → 222 920 k €  

Total adjusted debt ≈ 6 545 674 k € + 222 920 k € = **6 768 594 k €**.  

**EBITDA (2022)**  
Operating profit = 641 338 k €  
Depreciation, amortisation & impairment = 479 186 k €  
EBITDA = 1 120 524 k €.  

**Adjusted leverage (2022)** = 6 768 594 k € / 1 120 524 k € ≈ **6.04×**.  

**Prior‑year comparison (2021‑12‑31)**  
Adjusted debt (approx.) = 6 383 468 k € + 8 × 21 529 k € = 6 555 700 k €  
EBITDA (2021) = 583 231 k € + 445 251 k € = 1 028 482 k € → leverage ≈ **6.38×**.  

The ratio fell from roughly 6.38× to 6.04×, indicating a **reduction in leverage** despite a rise in absolute debt. Supporting this, revenue grew modestly (core business revenue +4 %), while operating profitability improved (EBIT margin ≈ 29 % vs 27 % in 2021) and EBITDA margin rose to about 51 % from 48 %.  

Overall, the trend points to an **improvement** in Moody’s adjusted leverage.

<answer>Improving</answer>