**Reasoning**

1. **Adjusted debt (Moody’s)** – Add all interest‑bearing obligations:
   - Financial liabilities (non‑current + current)
   - Lease liabilities (non‑current + current)
   - Employee‑benefit provisions and other long‑term provisions (treated as debt‑like)

2. **Net debt** = Adjusted debt – cash & cash equivalents.

3. **EBITDA** = Profit from operating activities + amortization/depreciation/provisions.

| Year | Adjusted debt (€ M) | Cash (€ M) | Net debt (€ M) | EBITDA (€ M) | Net‑debt / EBITDA |
|------|--------------------|-----------|----------------|-------------|-------------------|
| 2021 (end‑2021) | 4,312.3 + 53.2 + 43.4 + 105.4 + 528.0 = 4,312.3 + (53.2+43.4+105.4+528.0) = 4,312.3 + 729.0 = 5,041.3? Wait, recalc – Adjusted debt = financial liabilities (3,716.0 + 499.7 = 4,215.7) + lease liabilities (53.2 + 43.4 = 96.6) + provisions (105.4 + 528.0 = 633.4) = 4,215.7 + 96.6 + 633.4 = 4,945.7. | 885.6 | 4,060.1 | 611.7 + 612.1 = 1,223.8 | 4,060.1 / 1,223.8 ≈ 3.3× |
| 2022 (end‑2022) | Financial liabilities (5,689.9 + 650.1 = 6,340.0) + lease liabilities (55.1 + 21.3 = 76.4) + provisions (92.0 + 565.6 = 657.6) = 6,340.0 + 76.4 + 657.6 = 7,074.0. | 1,942.4 | 5,131.6 | 533.8 + 667.1 = 1,200.9 | 5,131.6 / 1,200.9 ≈ 4.3× |

4. **Trend** – Net‑adjusted‑debt/EBITDA rose from roughly **3.3×** in 2021 to **4.3×** in 2022, while EBITDA fell slightly and cash increased but was outweighed by a larger rise in debt. The increase in leverage indicates a **deteriorating** trend.

**Conclusion:** Moody's adjusted leverage for HERA S.P.A. in 2022 is **Deteriorating**.

<answer>Deteriorating</answer>