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

Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA. Let me analyze the key components.

**Debt Analysis:**

Total borrowings (noncurrent + current):
- 2023-01-01: Noncurrent borrowings (10,776) + Current borrowings (877) + Noncurrent lease liabilities (120) + Current lease liabilities (64) = 11,837M EUR
- 2022-01-01: Noncurrent borrowings (9,513) + Current borrowings (1,096) + Noncurrent lease liabilities (115) + Current lease liabilities (58) = 10,782M EUR

Gross debt increased from ~10,782M to ~11,837M EUR, an increase of ~1,055M.

Net debt (subtracting cash):
- 2023-01-01: 11,837 - 5,130 = 6,707M
- 2022-01-01: 10,782 - 5,536 = 5,246M

Net debt increased significantly from ~5,246M to ~6,707M, up ~1,461M (~28% increase).

**EBITDA Analysis:**

Operating profit before impairment and disposals + Amortisation/Depreciation:
- 2022 (ending Jan 2023): 429 + 299 = 728M EUR
- 2021 (ending Jan 2022): 340 + 270 = 610M EUR

EBITDA improved from ~610M to ~728M, an increase of ~118M (~19%).

**Leverage Ratios:**

Gross Debt/EBITDA:
- 2023-01-01: 11,837 / 728 = ~16.3x
- 2022-01-01: 10,782 / 610 = ~17.7x

This shows slight improvement on gross leverage basis.

Net Debt/EBITDA:
- 2023-01-01: 6,707 / 728 = ~9.2x
- 2022-01-01: 5,246 / 610 = ~8.6x

This shows deterioration on net leverage basis.

However, Moody's typically adjusts for project finance debt (infrastructure project debt is non-recourse). Looking at ex-infrastructure project metrics:

Ex-infrastructure debt:
- 2023-01-01: 2,883 + 803 = 3,686M (+ lease liabilities 184M = 3,870M)
- 2022-01-01: 2,151 + 1,049 = 3,200M (+ lease liabilities 173M = 3,373M)

Cash ex-infrastructure:
- 2023-01-01: 4,962M
- 2022-01-01: 5,329M

Net corporate debt is negative (net cash) in both years, but the net cash position deteriorated:
- 2023-01-01: 3,870 - 4,962 = -1,092M (net cash)
- 2022-01-01: 3,373 - 5,329 = -1,956M (net cash)

The net cash position decreased significantly from 1,956M to 1,092M.

Also, total debt increased while EBITDA improvement was more moderate. The company increased its borrowings substantially (including other noncurrent financial liabilities going from 72M to 838M), cash decreased, and infrastructure investments grew significantly.

On balance, while EBITDA improved, debt grew faster, and the net debt position deteriorated materially. The cash flow from operations improved but significant investments in infrastructure projects (-784M vs -239M) and other investing activities consumed cash. The overall leverage trend appears to be deteriorating.

<answer>Deteriorating</answer>