I need to estimate Moody's adjusted leverage trend for 2022 (the fiscal year ending January 1, 2023).

Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA.

Let me analyze the key components:

**EBITDA Analysis:**
- 2022 EBITDA: €1,842M (down from €4,913M in 2021)
- Comparable EBITDA: €2,436M in 2022 vs €2,016M in 2021
- The reported EBITDA dropped significantly due to items affecting comparability (-€593M in 2022 vs +€2,897M in 2021)

**Debt Analysis:**
Looking at financial liabilities:
- Non-current financial liabilities: €3,658M (2023-01-01) vs €8,701M (2022-01-01)
- Current financial liabilities: €4,127M (2023-01-01) vs €8,519M (2022-01-01)
- Total financial liabilities: ~€7,785M (end 2022) vs ~€17,220M (end 2021)

However, the massive decrease in total assets from €149.7B to €23.6B suggests significant deconsolidation (Uniper disposal/discontinued operations). This makes direct comparison complicated.

**Key considerations for Moody's adjusted leverage:**

1. **Massive losses from discontinued operations**: -€11.3B in 2022, indicating the Uniper crisis
2. **Overall net loss**: -€10.3B in 2022
3. **Equity declined significantly**: from €13.7B to €7.7B
4. **Continuing operations EBITDA dropped**: from €4,913M to €1,842M

For Moody's adjusted leverage on continuing operations:
- Gross debt (continuing) decreased substantially (from ~€17.2B to ~€7.8B)
- But EBITDA also fell dramatically

Let me estimate rough leverage:
- 2021 (end): Debt ~€17.2B / EBITDA €4.9B ≈ 3.5x
- 2022 (end): Debt ~€7.8B / EBITDA €1.8B ≈ 4.3x

Even using comparable EBITDA:
- 2021: €17.2B / €2.0B ≈ 8.5x
- 2022: €7.8B / €2.4B ≈ 3.3x

The picture is mixed depending on the metric. However, considering:

1. The enormous losses from Uniper (discontinued operations) of -€11.3B
2. The massive equity erosion (equity dropped from €13.7B to €7.7B)
3. Fortum had to absorb significant financial stress from the Uniper situation
4. Cash flows from operating activities went from +€4.97B to -€8.77B (including discontinued)
5. The company's overall financial profile weakened substantially despite deconsolidation reducing reported debt

Moody's would likely consider the overall group impact including the Uniper disaster. The massive losses, equity erosion, and the financial stress from supporting Uniper through margin calls and guarantees would indicate deteriorating credit quality. Even though continuing operations showed improving comparable EBITDA, the overall leverage position and financial flexibility deteriorated.

<answer>Deteriorating</answer>