I need to estimate Moody's adjusted leverage trend for 2022. Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA.

Let me analyze the key components:

**EBITDA:**
- 2021: €1,578,959,000
- 2022: €3,160,679,000
- This represents a ~100% increase in EBITDA

**Debt (Financial Liabilities):**
- End of 2021 (Jan 2022): Noncurrent Financial Liabilities: €1,834,155,000 + Current Financial Liabilities: €1,462,453,000 = €3,296,608,000
- End of 2022 (Jan 2023): Noncurrent Financial Liabilities: €2,844,559,000 + Current Financial Liabilities: €1,109,297,000 = €3,953,856,000

Moody's typically adjusts debt by adding operating lease obligations and pension obligations, and adjusts EBITDA similarly.

**Lease adjustments (Right-of-use assets as proxy):**
- End 2021: €103,826,000
- End 2022: €146,613,000

**Pension/Provisions (Noncurrent Provisions - likely includes pensions):**
- End 2021: €832,928,000
- End 2022: €619,486,000 (decreased significantly)

**Approximate Moody's Adjusted Debt:**
- End 2021: ~€3,296,608 + pension adjustments + lease adjustments ≈ ~€4,200M (rough)
- End 2022: ~€3,953,856 + pension adjustments + lease adjustments ≈ ~€4,700M (rough, but pension provisions decreased)

**Leverage ratio estimates:**
- 2021 Adjusted Leverage: ~€4,200M / €1,579M ≈ 2.7x
- 2022 Adjusted Leverage: ~€4,700M / €3,161M ≈ 1.5x

Even with the increase in gross debt (~€657M increase), the EBITDA doubled from ~€1.58B to ~€3.16B. The pension provisions actually decreased by ~€213M.

The leverage ratio improved significantly:
- Even using simple Debt/EBITDA: 3,297/1,579 = 2.1x → 3,954/3,161 = 1.3x
- With Moody's adjustments, the trend would still show substantial improvement

The massive increase in EBITDA (driven by high electricity prices in 2022) far outweighs the moderate increase in debt, leading to a clear improvement in leverage.

<answer>Improving</answer>