Moody's adjusted leverage is computed as net adjusted debt (financial liabilities plus operating‑lease liabilities minus cash and short‑term financial assets) divided by adjusted EBITDA.  

**Step 1 – Identify adjusted debt**  
- Financial liabilities: other non‑current plus other current financial liabilities.  
  • End 2021 (2022‑01‑01): 4,791,979 k + 285,222 k = 5,077,201 k EUR.  
  • End 2022 (2023‑01‑01): 4,722,263 k + 619,418 k = 5,341,681 k EUR.  
- Operating‑lease obligations: the increase in right‑of‑use assets (53,096 k → 90,397 k) signals a rise in lease liabilities, adding roughly 37 M EUR to adjusted debt in 2022.  
- Cash and equivalents: 680,820 k (2022‑01‑01) → 559,908 k (2023‑01‑01).  
- Short‑term financial assets: 407,944 k → 342,085 k.  

**Step 2 – Compute net adjusted debt**  
- 2021‑year‑end net debt = 5,077,201 – 680,820 – 407,944 ≈ 3,988,437 k EUR.  
- 2022‑year‑end net debt = 5,341,681 + 37,000 – 559,908 – 342,085 ≈ 4,476,688 k EUR (rounded).  
Net adjusted debt rose by about 488 M EUR (≈ 12 %).

**Step 3 – Determine adjusted EBITDA**  
EBIT (operating profit) = 565,851 k EUR (2022) and 581,101 k EUR (2021).  
Depreciation & amortisation = 594,636 k EUR (2022) and 546,626 k EUR (2021).  
Adjusted EBITDA = EBIT + D&A:  
- 2021: 1,127,727 k EUR.  
- 2022: 1,160,487 k EUR – only a modest 2.9 % increase.

**Step 4 – Calculate the leverage ratio**  
- 2021 net‑debt/EBITDA ≈ 3.54×.  
- 2022 net‑debt/EBITDA ≈ 4,476,688 / 1,160,487 ≈ 3.86×.  

The ratio increased by roughly 0.32 turns, indicating a worsening balance between debt and earnings capacity.

**Step 5 – Additional supporting metrics**  
- Funds from operations (cash flow from operating activities) fell from 759,521 k EUR (2021) to 726,703 k EUR (2022), reducing debt coverage.  
- Cash on hand declined sharply, amplifying the net‑debt rise.  

All indicators point to a **deteriorating** adjusted leverage trend for ACEA in 2022.

<answer>Deteriorating</answer>