I'll analyze Moody's adjusted leverage trend for ERG S.P.A. in 2022 by examining key components of leverage: debt and EBITDA.

## Key Metrics Analysis

### EBITDA (Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense)
- 2022: €499,430,000
- 2021: €396,680,000
- **Increase of ~26%** - significant improvement

### Debt Analysis
Looking at financial liabilities:

**Non-current financial liabilities:**
- End 2022 (2023-01-01): €1,751,255,000 + €0 (fair value) + €150,955,000 (lease) = €1,902,210,000
- End 2021 (2022-01-01): €2,064,088,000 + €44,763,000 (fair value) + €122,663,000 (lease) = €2,231,514,000

**Current financial liabilities:**
- End 2022 (2023-01-01): €389,716,000 + €76,644,000 + €6,362,000 (lease) = €472,722,000
- End 2021 (2022-01-01): €1,342,688,000 + €170,857,000 + €6,282,000 (lease) = €1,519,827,000

**Total gross debt:**
- End 2022: ~€2,374,932,000
- End 2021: ~€3,751,341,000
- **Significant decrease of ~37%**

### Net Debt (subtracting cash)
- End 2022: €2,374,932,000 - €392,811,000 = ~€1,982,121,000
- End 2021: €3,751,341,000 - €860,352,000 = ~€2,890,989,000

### Leverage Ratios (Gross Debt/EBITDA)
- End 2022: €2,374,932,000 / €499,430,000 ≈ 4.8x
- End 2021: €3,751,341,000 / €396,680,000 ≈ 9.5x

### Net Debt/EBITDA
- End 2022: ~€1,982,121,000 / €499,430,000 ≈ 4.0x
- End 2021: ~€2,890,989,000 / €396,680,000 ≈ 7.3x

The significant reduction in debt (partly from the sale of discontinued operations generating €1.26B in cash from losing control of subsidiaries) combined with substantially higher EBITDA shows a dramatic improvement in leverage. The company also had significant net repayments of borrowings (current borrowings decreased by €1B, non-current borrowings repaid €350M).

The leverage ratio improved from approximately 7-9x to 4-5x, representing a substantial deleveraging.

<answer>Improving</answer>